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.
Do you remember waiting in lines to get your passbook updated or for withdrawing money from ATM? The rapid digitalization has entirely revolutionized the banking industry. Right from digital cards to sending money within seconds, the banking sector has come so far in providing their customer endless services. One such digital solution adopted by banks has been missed call service.
Missed call service is the shortest, easiest and the most convenient path for them to reach your customer. So, banks have utilized this service in a variety of ways to provide a prompt solution to the everyday needs of the customer’s not only this it helps them to grab the new customers and retain the existing ones.
Let’s look at a few ways in which the banking sector has efficiently utilized the missed call service-
Access to Bank Details -
You can now access your bank details such as branch code, IFSC code and account balance inquiry through miss call services provided by the bank. It helps the customer to get information anywhere and anytime and providing hassle-free transaction to every customer. Missed call alert service is the shortest route to reach the service you are looking for and hence it has become indispensable for banks these days.
The user must ensure that that his or her mobile number is updated with the bank account to be able to register for this service.
ATM Card Verifications & Activation -
Banks provide miss call services to the customers in case of ATM card verification and activation. You can activate your ATM services easily by dropping a miss call on the number specified by the bank. It helps the bank in accessing the needs of the customer and providing them with instant services. It helps the bank to customize the services according to a particular customer so that they will be able to provide the best of their services. A missed call can be easily followed up by another call, text message service, an affirmation etc.
Generate OTP PIN -
If you are looking to change the PIN of the exiting ATM give a miss call through the registered number linked to the account and get it done in no time through this service. It keeps the customer connected with the bank and ensures 10 times the engagement of the customers. Missed call solution is used by banks for marketing, for attracting new customers and also making the customer experience easier. You can share the OTP, discount code, customized message through SMS marketing with the callers who call you on your miss call number.
Loan Details -
You can easily get the loan details through miss call services such as EMI details, interest rates, mortgage requirements and loan eligibility from the bank. Whether you are a new customer or existing ones you can easily avail these services to understand the loan requirement and procedure of the bank. So, this provides one-way communication between banks and customers that help the customers gather the correct information in an informed way.
Suggested Read - How much is a missed call worth?
Scheme Related Information -
If an investor is looking for any scheme to invest, they can easily avail all the required information about the products and schemes such as ULIP, PPF etc. by using missed call service in banking industry to show their interest. You can also avail services such as mini statement, certificate statements and other services provided by the bank through miss call. Further, miss call service doesn’t need internet connectivity so it can be easily be used by every customer irrespective of geographical location.
Missed dial service has also eased the overall process of banking for customers. Instant bank statement, bill records, account balance and more information can be easily fetched with the help of a missed call. These services are cost-effective service for both customers and banks and minimal charges are levied on the banks.
The service helps the banks get quality customers which can help the banks in acquiring new customers, providing valuable feedback which will enhance the growth in the long run. Miss call services are not only used by banks but by different businesses around the globe.
So, if are a new business miss call services will help you in enhancing the customer base and market share of your business in the long run.
The importance of SMS in any field of work is undeniable as it is the best and easiest way to connect with your customers. Concerning the banking sector which deals with the public, involves policies, money transactions, and public relations.
The banking sector directly deals with a large customer base and here the idea of SMS marketing proves to be effective. The SMS creates a chain between the bank and its customer by regular updating about new policies, credit-card offers, or any new changes in the bank sector.
It covers a vast audience base and educating them with even a small change in the banking sector. Apart from this it enhances the reach and opens the path to a new customer by understanding their banking requirements, their financial planning, status, and future goals.
Here we are reflecting 7 uses of SMS in the banking sector, which are as follows –
Improve user experience –
The SMS is a basic path to reach to maximum customers because it targets a big audience and educate them about benefits, policies, and much more. It’s never been like the old days where you need to stay in a long queue to understand policies, any plans, or investments. The SMS has bridged this gap by providing all the basic information on your mobile phones by SMS. All this has improved user experience by providing all the necessary information on their mobile phones.
Target untapped audience –
The services of SMS is available for any model of phones so this enables the bank to target from lower-income group to high-income groups. And according to their needs educate them about the benefits of banking, available loans, credit card offers, and much more. SMS is the easiest way to reach an untapped audience and provide them with new financial planning, ideas, and effective policies for them.
Text notifications and alerts –
Text notifications and alerts are an effective reminder about any cash deposit, transaction from the account, changes in bank policies, and much more. It helps an individual to be updated with their account status and another new policy, offering by banks. Popping up notification is a good way to keep in touch with customers and their requirements.
Enhance customer engagement –
Be it any sector or any work area it’s important to check properly on our customers. It’s essential to remind customers of our services and as well as understanding their requirements. Keeping a regular check by updating them, putting notification and others enforce customers to look through your work and your services. The text marketing services is the easiest way to reach maximum people by regularly updating them, offering various plans which eventually increase customer engagement.
Opens platform for two-way communication –
This is the best part of SMS as it emphasizes on two-way communication. Through SMS it’s easy to reach the service provider, consulting bank regarding any queries, and much more. Any individual can reach the bank through SMS and can easily look through other essential details. It’s very important to boost two-way communication to build a healthy environment in the banking sector.
Mobile banking –
The small text contains a variety of information regarding our finances, payments, credit card dues, and much more. This SMS services has brought banking to our hands by simply clicking the link, check your details, and complete your payment due, any transaction, and much more.
This has made banking easy and with comfort at your place. It opens up the easiest path of mobile banking by providing basic to the finest details and making your banking experience easy and comfortable.
Establish trust and authentication –
Authentication is important to build customer’s trust. SMS fulfills this purpose by regularly updating the bank services, available loans, and others. Regular SMS services, update to the customer along with open-ended conversations build trust within the customers for your services. It also proves your authentication as the bank is in its reach through an SMS.
These underline benefits prove the importance of SMS in the banking sector. It bridges the gap between users and the baking sector by reaching them through SMS. This enables the customer to trust banks with their money, financial planning, and much more. Therefore, SMS has raised banking standards along with a better customer base.