Businesses have come a long way from using pens, papers, and physical registers for keeping customer records. With time we have shifted to more advanced means when it comes to managing customer relationships. Digitalization today is the norm and is considered equivalent to progress. As much as customers prefer in-person service, they also enjoy the provision of online services that enable them to receive assistance from the comfort of their phones, no matter where they are placed physically.
Financial Technology or FinTech, as it is commonly known, is the perfect example of how various communication technology can be used to enhance customer engagement. It can simply be explained as the use of technology in financial services such as banks, investment management, etc. Here it is important to note that you are in some way or the other linked to the financial institutions that this technology is catering to. Even if you have not opted for Net Banking, which at this point may seem like the most obvious use of FinTech, in the past two years you have made many purchases online, be it groceries, clothes, or anything that you may have required, you have made the use of FinTech for the payments you may have made online.
Thus, anyone who is connected to a bank is one way or another affected by FinTech. While continuously growing and changing, FinTech has managed to use SMS to its advantage. Let us look at some of the ways in which it is using bulk SMS to increase customer engagement.
FinTech and the use of SMS
1. Using SMS to enhance security
Security is the key concern in online transactions. To address this concern, FinTech used SMS to conduct a Two-factor Authentication. This implies that one has to go through 2 steps before one can log into their account. E.g., making use of OTP in the process of logging in along with the phone number, email id, or name. This reduces the chances of fraud.
2. Sending reminders
FinTech also uses messages to send payment reminders, such as when the payment of your phone bill is due, etc. Bulk SMS service is used to send these reminders. Giving the option to OPT for reminders gives the service more valuable as it lets the customer decide and choose and, to a great extent, avoid the possibility of being spammed.
3. SMS Alerts
Services of the SMS service provider or bulk SMS service provider such as MTalkz, are also used to send alerts to customers regarding any new payments, any requests for payments, any money received from somewhere; this provides a good way for real-time communication with the customers, along with protection from any fraud, so if they have not made the payment they can immediately claim it as a fraud.
FinTech: Using Bulk SMS Service to its Advantage
Using bulk SMS to promote new products:
Whenever a new product is launched, it can often be marketed through the use of the bulk SMS service. The high rates at which SMS are opened are promising that messages are a sure-shot marketing strategy. The added advantage of gaining the customer’s trust is that it allows the customer themselves to Opt-in for these messages. This promotion of a new product through bulk SMS not only is an effective way to engage existing customers but also new potential customers.
Customization of the messages
This helps increase customer engagement as this creates a more personal experience for the customer. This bond creates a relatively more loyal customer as it shows consideration towards them. Further, they would also recommend the service to people they know, hence bringing in more potential customers.
Customer engagement and customer service
Along with bringing in promotion and personalization, bulk SMS service has also enabled a two-way conversation between the customer and the business. This is done by sending feedback links to get the customer’s experience. Along with this, customer service has also been facilitated to a great extent by the use of SMS, increasing efficiency and speed.
Bulk SMS Service is changing the face of FinTech, which is now also finding new and improved ways of customer engagement by making the most of the features offered by the bulk SMS service provider. Mtalkz is one such service provider which allows you to manage your customer relationships better, and it is known to have over 1000 international connections. The impact of SMS cannot be emphasized enough. To make the best of bulk SMS services, contact Mtalkz or visit their page to get more information.