FinTech or Financial technology refers to the process of how advancements in technologies are used to enhance financial services. To automate and facilitate the management of financial operations, it uses certain data, processes and algorithms. Financial technology affects both businesses and consumers and is widely used in various sectors like banking, fundraising and investment management. With the growth in digital literacy and the high demand for online financial activities like money transfers, online banking, online shopping etc., the number of FinTech services are also increasing and changing. SMS is the most powerful tool that is benefitting the Fintech industry.
Use of Bulk SMS in Fintech Industry
Here are some of the bulk SMS use cases that can be applied to the FinTech industry:
Two Factor Authentication
Two Factor authentication helps to ensure the security of the accounts and their owners. It is commonly used in retail banking where SMS password or codes helps to facilitate the financial transactions.
Bulk SMS service is used to send reminders to the credit card holders or the person who prefers online payments. Thus, it helps to make FinTech more efficient.
Real-time information about withdrawals and deposits helps to prevent fraudulent activities.
How SMS Improves FinTech
Around 83% of messages are opened and read within 90 seconds, making bulk SMS one of the best communication channels for industries as text messages are surely bound to be delivered and read. With the increase in unfair practices and frauds and growing concern of people on this issue, SMS seems to be a foolproof solution in FinTech. By updating and alerting the customers regularly, financial institutions and other sectors using FinTech guarantee security and safety to their customers.
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The Reason why SMS is Important for the FinTech Industry
Here is the list of reasons why using bulk SMS service is important for the FinTech companies, which includes:
To promote new products or services, various financial institutions opt for bulk SMS services to reach out to a vast number of targeted customers or the existing ones. SMS helps to ensure the faster provision of information to the customers.
SMS helps to create a personal bond between the customer and the company or business. Moreover, customers are willing to engage more actively if they feel that the promotions are customized to serve their best interests.
Using SMS services helps to promote highly efficient two-way conversation. This makes it extremely simple for the business to gather customer insight, feedback and other information.
Customer service teams can use SMS service to simplify their communication and respond to any customer inquiries quickly and efficiently.
SMS service continues to evolve, making itself a valuable asset in this digital era. It is one of the powerful tools for security and fraud prevention, especially for the FinTech industry. With the growing demand for SMS services, the bulk SMS service providers are rising continuously. mTalkz is the best bulk SMS service provider in India that is known to have more than 1000 international connections. With more than 12000 TPS and direct connectivity with the Telco’s, it helps to ensure fast delivery of the messages. Moreover, it ensures the users scale up their business with its effective service. If you are planning to contact a bulk SMS service provider for your business, visit the mTalkz website to avail the best possible SMS service with a high delivery rate!