Here Are The Greatest Benefits of Bulk SMS For Financial Services & Banks

Swift communication is paramount especially when money is involved. And speed is just one of the benefits of bulk SMS for financial services.

More and more financial institutions are switching to SMS for customer communication.

The reasons are many. Including the fact that SMS is one of the most reliable and quickest ways to reach new and old customers.

This article shares all the other advantages of bulk SMS for your financial institution. And as you read along, you will also see examples of how other organisations have used bulk SMS to get ahead.

Let’s dive right into it.

See The Best SMS Templates For Financial Services

What are the key benefits of bulk SMS for financial services?

SMS is a valuable tool for the financial services industry to build your customers’ trust. You can notify customers of their account activity, send promotions, reminders and more. 

Here are the five key benefits of using SMS for financial services: 

• Sending and receiving information via SMS is cost-effective. It is an inexpensive tool that takes less of your time and energy compared to email. 
• The 2-way SMS service helps resolve customer queries by automating the support process. This eliminates the need for extensive call centres and help desks. 
• Your customers can track their account activity in real-time with SMS. This way, you strengthen your customers’ trust by preventing fraudulent transactions. 
• Set yourself apart from competitors with SMS. Use the rich set of use cases that go beyond basic transactional notifications. 
• SMS improves customer loyalty. Personalised messages or a simple follow-up or thank-you SMS to your customers can go a long way.

Also Read: 8 SMS Marketing Mistakes To Avoid at All Costs

How can banking companies use text messaging services?

The benefits of SMS for you and your business are many. But you can gain from bulk SMS only if you know how to use SMS in different ways.

Following are some ways your financial institution can use SMS to reap the benefits: 

Send account activity and ATM alerts

Gone are the days when customers waited for months to receive their bank statements. Customers now want real-time updates of their account activity to manage their finances. 

Keep customers informed about their account activities through SMS banking alerts. These alerts include:

• Low/high balance alerts
• Account transactions
• ATM withdrawals
• Debit/credit card use
• Unusual account activities 

Tighten security via SMS OTP 

One-time passwords are important for making online banking secure. Online payment systems and banks use OTP to authenticate customers’ transactions.

Cybersecurity threats are increasing at an alarming rate. OTP is a security measure that adds an extra layer of security to financial transactions.

Thus, customers must receive OTPs within seconds to complete online transactions without delays. Use SMS for quick OTP delivery to customers for authentication of bank transactions.  

This protects your customers online and strengthens their trust in your banking services. 

Also Read: The Best 7 OTP Service Providers To Secure Your Customers

Automate reminders

Your customers deal with many things daily. It can get overwhelming for them to keep track of everything. As a result, your customers can forget about important payment deadlines. 

If you’re someone from the financial industry, you’d know late payments are frustrating. They cost you time, opportunity, and money.

So, save yourself and your customers from trouble. A simple SMS reminder is a solution to this. 

Integrate the SMS software and automate payment reminders to your customers. 

You can further help your customers stay on top of their finances. Add a direct payment link to the SMS so your customers can pay instantly.

Enhance customer support via 2-way SMS

According to a survey, 78% of customers want to communicate with businesses via SMS. 

Ensure your presence on your customer’s preferred communication channel through 2-way SMS. 

You can set up SMS for customer support. The process is pretty simple: 

1. Set up a dedicated virtual number for customer support. 
2. The customers would send an SMS to start the support process. 
3. They can then choose a specific keyword for an enquiry, feedback, or request for a support ticket. 
4. The customer service department receives the customer’s request to address and resolve it.

Attract new customers with SMS marketing

So far, the focus was on using bulk SMS for transactions, reminders, and OTPs. 

But there is another significant use and benefit of bulk SMS for the banking sector. SMS can bring in more customers for you. 

Yes, that’s possible. The answer is promotional SMS marketing campaigns for financial services. 

All you need to do is offer customers an incentive for opting into your text marketing service. 

The incentive can be anything. For example, free ATM withdrawals or exemption on online banking charges. Or rewards when they fill their car with fuel.

All your customer needs to do is respond to your SMS via your shared keyword. They receive a coupon from you. Once they redeem it, they become your new customer.

Also Read: Bulk SMS Marketing: The Best Way to Fuel Your Business Growth

Promote new services and special offers

Do you know that the success rate of selling to an existing customer is 60-70%, while selling to a new customer is 5-20%?

This means that your database of existing customers is a goldmine. You can achieve this by promoting your new products and services through SMS. 

Tell your customers about new offers, bank loans and more through text and voice messages.

Also Read: 10 Free SMS Templates For Excellent Customer Service Experience

Send documents via SMS

Attach important documents in the SMS that you send your customers. SMS reduces paper waste and saves your customers a trip to the bank or your office.

Make things easy for your customers for a positive customer experience. This can improve customer loyalty and retention rate.

Choose a secure bulk SMS platform for all your financial institution needs

Ofcourse, SMS will make all your banking processes smoother, only if you have a reliable and secure SMS service. 

SMSCountry fits that description perfectly.

With SMSCountry’s simple interface and lightning speed delivery, you’ll never have an unhappy customer again.

Contact us or create a free account and start increasing your cash flow.

Unsure about the choice? Then request a demo or check out our blog on the best bulk SMS providers in the market. 

Frequently Asked Questions

How do I send an SMS message?

Here are easy steps to send an SMS message:

• Go to the Messages app on your phone or computer.
• Enter the phone number or contact name of the recipient.
• Type your message in the text field.
• Click send.

Alternatively, you can use third-party SMS services like SMSCountry to send bulk SMS messages.

How do I ask for payment via SMS?

Here are the steps to ask for payment via SMS in bullet points:

• Use payment request SMS templates.
• Send a payment request via text message by entering the customer’s mobile number, selecting an amount, and clicking “Send.”

How do I text a client for payment?

Here are some tips for asking for payment via SMS:

• Keep it short and friendly
• Include the necessary information (amount due, due date, payment options)
• Use payment request templates to make it easier
• Didn’t receive a response? Follow up with a phone call
• Maintain a professional and polite tone

How do you write a follow-up SMS?

To write a follow-up SMS:

• Start with a friendly greeting: Address the client by name and use a friendly tone.
• Remind them of the payment: Mention the amount due and the due date.
• Provide payment options: Include information on how to pay.
• Be polite and professional: Keep the tone polite and professional.
• Follow up if necessary: Follow up with a phone call or another SMS if you don’t receive a response.

How do you write a message to customers?

Here are smart tips on how to write the perfect follow-up SMS:

• Use a concise and friendly tone
• Focus on the customer’s needs and preferences to create a personalized experience.
• Use a clear subject line and state your purpose up front.
• Include a compelling call to action
• Use positive and constructive language in sensitive matters.
• Maintain professionalism and respect throughout the message.
• Highlight key details promptly to ensure immediate attention.
• Use shortcodes to simplify the process.
• Employ appropriate emojis to add personality and convey emotions effectively.
• Send the message as soon as possible to demonstrate your commitment to timely communication.
• Avoid generic greetings or anonymous introductions.
• Use an upbeat tone to create a positive and engaging atmosphere when appropriate.
• Proofread and edit before sending.

How do I send a bulk SMS message?

SMSCountry offers Promotional, Transactional, 2-Way SMS, OTP messaging, and Whatsapp solutions and APIs. Here is a guide on how to send bulk SMS messages with SMSCountry:

1. Log in to your SMSCountry account.
2. Click on the “Send SMS” button and select the “Bulk SMS” option.
3. Upload your contact list or create one.
4. Compose your message in the text field and preview it.
5. Schedule the message for delivery or send it immediately.
6. Track your message’s delivery status.
7. You can also watch tutorials on how to send your first SMS marketing campaign and valuable tips for sending promotional SMS on our YouTube channel.

How can I convince my client to send me money?

To convince your clients to send you money:

• Before asking for payment, ensure you’ve delivered exceptional work.
• Send a short, direct, and polite email to request payment from your client.
• No response? Follow up with a phone call to negotiate your payment.
• Use a friendly and non-threatening tone when asking for payment.
• Use payment request email templates
• Provide information on payment options
• Be professional and respectful
• Use SMS messages to send timely payment reminders to your clients.
• Personalise customer interactions for better relationships.
• Use shortcodes.
• Be transparent about purchasing details – discounts and deals.
• Proofread and edit your message

How do I ask a client for payment on Whatsapp?

How to ask a client for payment on WhatsApp using SMSCountry WhatsApp Business API:

1. Sign up/log in to your SMSCountry account to set up the WhatsApp Business API or use our WhatsApp chat solution.
2. Start by thanking the customer for their business and acknowledging that they received your invoice or service.
3. Use a professional and easy way to create and send your payment request via WhatsApp using PayRequest.
4. Ensure that the client has the latest WhatsApp version downloaded on their device. In addition, the service is available for banks that support UPI (Universal Payment Interface).
5. Open WhatsApp and tap on ‘More options’ in the top right corner and then tap on Payments.
6. Tap on Send Payment and select Enter a UPI ID or UPI number, then enter the UPI ID or UPI number.
7. Tap on Verify and send the payment request to the client.
8. Follow up with a phone call if you don’t receive a response.

How do you ask for payment from a difficult client?

SMS is cost-effective and has a higher response rate than phone calls. To ask a payment from a difficult client, here’s what to do:

• Ensure that you have the client’s phone number and that they have opted in to receive SMS messages from you.
• Use a user-friendly SMS payment method that facilitates customer payment in a few clicks.
• Send a polite and concise SMS message requesting payment from the client
• Provide complete payment information to make it easy for your customers to pay you
• Use SMS to send payment reminders to overdue customers
• Personalize customer interactions to build relationships with clients
• Use SMS to send bulk messages to customers, making it easier to reach a large audience
• Use a reliable SMS service provider like SMSCountry to ensure your messages are delivered on time and with high open rates

How do I tell my client I haven’t received a payment?

If you haven’t received payment from a client, be professional and polite. Here are some steps you can take.

• Greet the client and thank them for their business.
• Inform the client that you have not received payment yet and ask if they have any updates on the payment status.
• Provide payment details, such as the amount due, the due date, and the payment method.
• Offer to assist the client with any questions or concerns about the payment process.
• Close the message by thanking the client for their attention and expressing your hope that the payment will be resolved soon.