Banks and financial sectors have employed a better way of reaching their customers. The adoption of Transactional Bulk SMS service, one of the greatest benefits of technology has seen shorter queues form in financial institutions compared to the past. Bank customers don’t have to go to their respective banks to get some services such as depositing and withdrawing or even sending money.
Thanks to this platform as now banks can easily communicate with their customers in a faster and more efficient way. This, in other words, is the part of mobile banking. Banks and financial institutions are using mobile banking as a competitive tool. Customers tend to prefer a bank that interacts with them in a more personalized way. This service is, therefore, a marketing tool for financial institutions.
What is the use of Bulk SMS service in the financial sector?
The Bulk messaging service is a simple and a cost-effective channel of communication in SMS marketing. It is rendered as a fast method of exchanging information. It is therefore broken down into promotional and transactional SMS service.
Uses of transactional service are as follows:
- Notifies customers on transactions such as:
- Balance changes
- ATM Withdrawals
- Status of deposit
- Payment reminders
- To auto-generate security codes or OTPs.
- To authenticate the user during an online transaction.
- Inform customers about any change in their account activities.
On the other hand, promotional SMS service is used to:
- Inform users about the exchange rates
- Make users aware of policy changes.
- Inform users about new offers that the financial institution has.
How does it ensure transparency and security?
For instance, assuming there were no transactional bulk SMS services and you have an online portal for your bank account. By bad luck, someone gets access to your email and password to the portal. You would never get to know that someone accessed your account maliciously until you log in yourself and notice a difference in say, the balance of your money. How tragic would that be?
Here are some of the security and transparency benefits one enjoys through bulk SMS services:
- Security codes are auto-generated when an account is being created for verification purposes.
- An OTP is sent to the owner of the account every time a login or transaction on the online bank platform is done.
- Security codes are also sent to the user to confirm the change of passwords.
Customers have the power to confirm or deny any transaction taking place by using their mobile phones.
Bulk SMS service is a tremendous solution to the challenge of communication between banks and financial institutions. This has made interaction fast and efficient because the mobile service works in real time. Financial institutions now do not have to incur huge costs in order to interact with their customers. Customers, on the other hand, need not worry about frequent trips to the bank for petty transactions.
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