85% of UK adults own a smartphone, this ever-evolving and undeniable rise of mobile usage has given customers the ability to access their accounts and finances from anywhere, at any time.
The question is, how can providers support the more challenging expectations of the 24-hour customer?
Almost 20 million consumers use their bank’s app to control their finances. The ability to manage personal and business accounts from just one mobile device means that banks and lenders can support their customer in making the right investment decisions and even help with smarter spending.
Supporting the 24-hour customer
The key to this, of course, is communication. Financial providers need a channel that delivers real-time results for mobile-first consumers, enter SMS. No device commands attention like the smartphone, with UK adults looking at their phone on average 150 times a day. It is because of this that SMS as a marketing channel has grown 197% over the last two years. More and more businesses are taking advantage of the 98% read rates and unrivalled engagement offered by SMS.
Using real-time mobile messaging banks and lenders are able to notify customers who are approaching their overdraft as well as send alerts on overdue payments and confirmations of successful deposits. SMS offers far more than simple messaging. Providers can use the channel to streamline the customer journey with embedded links, enabling customers to complete transactions, updates and payments using one device.
Creating a seamless mobile experience
To support the growing digital necessity within the financial industry, integrating text messaging into an existing CRM or portal also helps to reduce the often more labour-intensive processes like loan applications and mortgages. Once integrated, SMS updates can be automated from one system, recording responses and helping to build the customer profile through one system.
As the transformation of the financial industry marches onward, those within the sector need a solution that provides data security, the highest level of customer service and personalisation, all delivered instantly and of course, digitally. SMS can really help businesses deliver all this, supporting and streamlining customer service and communications.