SMS for the financial services sector
Keep customers up to date with real-time information about their bank account with SMS
With 4 out of 10 people in the UK regularly using mobile banking apps to access their accounts, it’s unsurprising that SMS is becoming an essential part of the financial services sector. By 2023, it is predicted that 72% of the UK adult population will use their smartphones to access their bank account.
Debit card payments have overtaken cash as the most popular way to purchase items. With debit card payments on the rise and spending with cash declining, it’s becoming integral that customers are informed when they are overspending.
Through our SMS service, customers can receive a message when their bank balance has gone overdrawn. This can help them avoid any unwanted overdraft fees. Other notifications such as when a large transaction has taken place or cash has been transferred into the account can also be sent through SMS.
Unauthorised financial fraud losses increased by 16% in 2018 to a total of £845 million, with bank and card companies preventing £1.16 billion in additional fraudulent attempts. SMS can be used to create a two-factor authentication process to protect banks and customers from fraudulent attempts.
If a customer is logging on to an online banking platform from a new device, our SMS service can send a verification code to the customer’s phone number, creating an additional security authentication. This SMS may contain a code, which must be entered into the online platform to verify that the attempted login is from the customer and not fraudulent activity.
Financial applications can take a while to be processed, on average, mortgage applications take 18-40 days to be approved. Due to complex processes with several stages, it’s important to keep customers updated with information as to their application status.
With SMS boasting an impressive 95% open rate, customers will quickly and easily be updated when their application passes through to the next stage of checks. If the information is sensitive, a message directing the customer to sign-in online and check their application can be sent out. This reduces the risk of fraudulent attempts, as a result of the message being read by an unauthorised person.
TextAnywhere works with commercial sector organisations to provide secure and reliable SMS services. Our API allows for easy and seamless integration within an organisations own system. Contact us today to take a Free Trial of our SMS services, or you can call us on 08451 221 302 or email us on firstname.lastname@example.org.