Today, customers of every bank are eager to have updated information about their bank account and banking services. It’s a basic customer right to have access to accurate bank transaction information.
Currently, many banks have separate resources to handle customer relationship. This model is very expensive for the banks. This system is not customer friendly as it expects the customer presence for all types of transactions and kills customers’ valuable time.
Now a simple, fast, and anywhere/anytime bulk sms service sends instant transaction alerts to bank customers. It is an efficient and cost effective channel which can be used by banks to engage with customers. Banks can build a long term relationships with their customers by sending targeted and personalized messages. For example, a software integrated auto-reply messages of every bank transaction can increase the customer satisfaction level.
Banks can use SMS services at many instances. Few are listed below.
- Increase customer pool by advertising banking products like savings account, current account, demat account, fixed deposit, locker facility, loans, debit card, and credit card.
- Greet employees and customers on special occasions like birthdays, anniversaries, and festivals.
- Educate about SB, FD, RD, and loan interest rates to current and potential customers.
- Send online account login credentials and OTPs (one time transaction passwords).
- Send phishing awareness messages to customers.
- Update customers with daily/weekly/monthly account statements.
- Remind EMI payments, bill payments, loan repayments, and any other charges.
- Send alerts like salary credit, cheque deposit/bounce, and exceed credit limit.
- Send urgent/important notification to employees.
- Auto send ATM transactions, online transactions, account transactions, and card transactions to customers by integrating sms gateway to banking software.
- Auto send loan repayment details (type, term, principal amount, interest, etc.) to customers by integrating sms gateway to banking application.
Customers can also demand for information by sending a message from his registered mobile to the bank’s 5 or 10 digit code to get the information like account balance, report lost/stolen card, issue stop payment notice, enquire loan/credit status, enquire exchange rates, order cheque book etc, and customers will be replied with the proper information immediately. This feat can be achieved with the help of short codes or long codes.
Above mentioned are the few tips, using which banks can improve communication, banking services, customer satisfaction, and ultimately the bottom line profits.
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