Banking updates
Enabling consumers to manage their banking services on their mobile phones provides real convenience benefits for account holders. Banks can offer their customers a wide range of updates, reminders and notifications via outbound SMS in real-time, allowing account holders to better manage their assets and financial plans. Potential SMS banking updates include:
- Potential banking updates include:
- Periodic account balance reporting and mini-statements
- Reporting of salary and other credits to the bank account
- Successful or unsuccessful execution of a standing order
- Successful payment of a cheque issued on the account
- Insufficient funds
- Threshold notification
In addition to one-way notifications, banks can also offer customers full mobile interaction by offering 2-way SMS communications. By enabling customers to request further information or services, banks can also provide:
- Account balances and mini-statement enquiries
- Stop payment instructions on a cheque
- Requests for an ATM card or credit card to be suspended/de-activated
- Foreign currency exchange rates
- Fixed deposit interest rates
By offering banking SMS updates as a value-added service, financial institutions can increase customer retention and loyalty, as well as saving cost in customer communications. Business SMS is an ideal solution when implementing real-time banking updates, because text messaging is a simple, ubiquitous, easy-to-use and reliable technology. The global footprint provided by SMS means banks can send updated, instant information to their customers wherever they are.
Financial institutions can also combine banking updates with account transaction alerts via SMS for real-time fraud and mistake detection in banking transactions. In addition, one time passwords and mTANs also enable banks to offer strong SMS authentication procedures, safeguarding the financial assets of their customers.
