As the name suggests, Bulk SMS banking is a service that allows clients to access information from their financial institution via their mobile phone’s push and pull text features. Push messages refer to the messages that the bank sends to the client’s phone without request for the information, while pull messages are those that the client initiates by requesting certain information.Both push and pull messages can be valuable for clients and their banking partners. Clients are able to determine which types of messages they want to sign up for and can always opt out of a particular Bulk SMS Service if they feel it’s unnecessary. Here’s a little more information about both:
Push Messages
An example of a push message would be a bank sending a client an Bulk SMS notification after a large amount was withdrawn from their account. This gives the client a timely warning, should the withdrawal be the result of fraud.Other types of push messages include things like periodic account balancing reporting, successful payment of issued checks, insufficient funds notifications, password authentication, large payments on credit card balances, and other related notices.
Pull Messages
An example of a pull message would be a client sending a text message to the bank asking for an update on their current account balance. The bank would then send an automated message back saying something like, “Your checking account balance is currently $975.36.” Other types of pull messages include things like electronic bill payment, transfer between accounts, stop payment instructions, foreign currency exchange rate request, ATM card suspension, statement request, and more.
Benefits of Text Banking
Convenience for Clients
Perhaps the biggest benefit of text banking is that it provides additional conveniences to clients. When a client can control things like transfers and balance inquiries straight from their mobile phone’s Bulk SMS platform, they’re able to streamline complicated tasks and focus on other important tasks in their personal life. Convenience is a big deal when individuals are searching for a bank. People expect a bank to offer simple, yet safe services. If they have to go through a long, drawn-out process just to find out how much money is in their account, they’re going to take their business elsewhere. Text banking is only one aspect of offering convenience, but it’s an important one.
Time Savings for Institutions
From the institution’s point of view, text banking is a significant time saving technology. Since the majority of phone calls and emails are associated with simple issues and tasks, there’s no reason for a bank to distract employees with these time-consuming tasks.When clients are able to send a simple message and receive automated updates for their requests, this reduces call center volume and frees your customer Bulk SMS Service reps to focus on clients who are physically present in branch locations. Ultimately, this ends up being a major cost-saving benefit, as institutions are able to better utilize their employees’ time on the job.
Enhanced Customer Experience
Ask any individual who has used text banking about the underlying benefit of the technology, and most will tell you about how it significantly reduces frustration. Whether it’s a real-time notification that someone has withdrawn money from their checking account or the ability to verify account balances without logging into a cumbersome online account, text banking dramatically enhances the customer experience.
Increased Loyalty
Finally, all of these factors lead to increased loyalty between clients and their banks. By offering convenient service and security, banks find it easier to facilitate relationships and build long-term client loyalty. This loyalty enhances customer lifetime value and enhances the institution’s chances of selling more products and services to clients over time. It’s a win-win situation for everyone involved.
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