Customer experience is one of the most important dimensions for measuring the success of any service industry. Higher customer engagement will help the company to grow in the long run. Banking sector which is one of the leading sectors in our country largely depends on the customer experience. With the increasing use of the internet, it has become important for the banks as well to engage the customer in the business and focus on profitable customer relationships.
SMS marketing has changed the way banks used to communicate with customers. Right from providing the information about the new banking regulations to information about new account opening SMS marketing aims to provide one-stop solutions to the banks as well as customers. It is the most effective and cost-efficient marketing tool of recent times. With the highest number of opening and conversion rates, SMS marketing has changed the entire customer experience.
Here are some SMS ideas that can help the banks to enhance the customer experience-
Updates and alerts
You can easily send updates about the new banking regulations, changes in the interest rates, the new services etc. regularly through SMS marketing. People normally use their mobile phones 24*7 hours which makes it easy for the banks to provide such information single-handedly to the customers without any delay so that they can keep themselves updated. Banks can also use SMS alerts ATM pin generation, for sending new account opening procedure and OTP generation. The new generation banks know customers touchpoints and how to cater to them.
Banks try to provide two-way communication so that banks know to whom they are catering to. SMS marketing has helped the bank to understand the customers demand and to provide day to day solutions with negligible cost.
Loan and scheme related information
Banks can easily provide loan and scheme related information through SMS. If a customer wishes to know the eligibility criteria of the loans, the documents required, collateral security interest rates and EMI instalments they can easily get such information from banks through sending an inquiry. Banks can easily render such services through SMS which will save the calling time of the customers as well as staff members.
Banks can easily provide details about the new scheme such as ULIP, Provident fund schemes, retirement schemes and the various loan facilities to different customers. Bankers can easily cater to the rising needs of the customers through SMS marketing by sending them personalized SMS which will keep them engaged in the long run with the banks.
Bank details on your fingertips
The customers can easily obtain the bank details on their fingertips information related to the debit and credit of the account, timely payment reminders, details about the branch code, IFSC code, and balances inquiry can easily be assessed through SMS services.
SMS marketing has changed the entire way the banking industry used to operate in the past and will continue to shape a different future.
Customer can access every detail sitting at home and with no cost and in a limited period. Just user need to ensure that that his or her mobile number is updated with the bank account to be able to register for this service. The service has helped the banks to enhance customer satisfaction and their engagement in the long run.
Cross-selling other financial products
SMS marketing can help the banks to cross-sell the other financial products. Banks generally sell life insurance to the customers along with the new account. This increases the scope of the banks and how they used to operate. Usually, banks have numerous products so selling different products to their existing customers is profitable for the banks as well as customers. Banks can easily advertise about the other financial products by sending those links or the information that will persuade the customer to purchase the product.
Cross-selling can help the banks in analyzing the different needs and expectations of the customers that changes from time to time. For instance- A customer tomorrow may require a scheme that will provide enough funds to finance his child education after 10 years. SMS marketing can transform the way financial institutions interact with their customers.