How Text Messaging Helps to Boost Financial Services?

Financial services refer to services provided by organizations in the financial sector. This includes banks, financial institutions, insurance companies, insurance agencies, stock market advisors, wealth management advisors, etc. All these are customer-centric companies and their activities revolve around customers. Whether it is for marketing to acquire new customers or to retain existing customers, these organizations need to have an effective system for customer communication. Texting service for business is a simple and effective way to communicate with customers.

Texting for customer communication

Business texting involves the use of text messages or Short message service (SMS) for communication with customers. A business text message is considered one of the most effective ways of communicating with customers for the following reasons:

Text messages are sent instantly to the recipient’s mobile phone. It does not require internet connectivity not does it need a smartphone. This makes it a very convenient way of reaching out to people wherever they may be.

An SMS is non-intrusive unlike telephonic calls, which customers don’t like as it disturbs their work.

97% of all text messages sent are opened and read making it the perfect way of communicating with customers.

The response rate of text marketing is around 46%, making it a great way to carry out marketing.

Using keywords or shortcodes allows SMS to be used for interactive communication, where the recipient can reply to a mass text message and get information. It is possible to engage with a customer using SMS through keywords. SMS software can help do this easily. An automated text message can be sent saving manpower and time. This is what makes text messaging perfectly suited for marketing. Texting to boost financial services.

Texting to boost financial services

A financial services company can use mass texting service to reach out to all its customers and leads thus ensuring customer engagement. It is not just mass texting that is possible but personalized messages can be sent using SMS making it a very effective way of engaging with customers. The following is how texting can be used to boost financial services:

1) Send information to customers

Text messaging can be used to send information to customers. This can include alerts and notifications. A customer who wants to know the bank account balance, or the current value of stock investments, or the date when the insurance policy matures can get this information through text messages. All the customer needs to do is use a keyword to send a message to a specified number. The text messaging software would automatically fetch the information required and send it by SMS. Alerts can be sent with reminders of payment to be done, the last date for insurance payment, etc.

2) Inform about new services

Text messages can be used to inform existing customers and potential customers about new services planned. When a financial services organization offers a new service, it needs to be communicated so a customer can avail of this service. For example, an insurance company may be offering a new insurance product with enhanced coverage. This can be informed to all customers by sending a text message blast. This allows the insurer to boost sales by using text messaging for communication.

3) Provide better service

Services sector companies need to provide quality service to be able to retain customers. Customer service is available through helplines. People don’t have the patience to dial a number and then wait to be connected. SMS marketing is an easy and effective way for financial organizations to provide better services. Customers can send a keyword to get service from the organization. For example, booking a new policy can be done by sending an SMS.

4) Get feedback from customers

Feedback is critical for customer-centric organizations. Feedback helps them understand what customers want so that they can improve their services. In today’s competitive world, providing the services customers want can be the key factor to decide business success. Feedback from customers is also needed for self-evaluation. It is easy getting feedback through an SMS. Customers can send their responses as a rating to a question or by sending detailed feedback by typing as a message.

5) Interact with customers

Customer interaction can be done through SMS and telephonic calls are not needed. Customers can send messages and the business can reply to that message. This can be done using automated software or can be done manually by a customer service executive. This kind of interaction helps to engage better with customers and can help boost sales.

Text messaging can be very helpful to boost financial services. It can be used to engage with customers to retain existing customers and acquire new customers. This can help in increased sales and enhanced business. It is easy using text messages for customer engagement, all that is required is a database of customers and texting software.

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