10 ways how mobile messaging is impacting financial industry

Mobile messaging has seen tremendous growth in the financial industry over the last few years. According to a recent report by Global Mobile Money, as much as 69% of mobile users have used their mobile device to carry out a banking activity while 66% have carried out some form of transaction directly from their device. Businesses in the financial industry are beginning to embrace the ubiquity of mobile technologies and are integrating SMS into their business communications

Here are the top 10 ways how enterprise mobile messaging in transforming the financial sector

Enterprise messaging solutions in DUBAI, UAE

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Two-way communication: Incoming numbers are being used to enable two-way communication between clients and their financial institute. This emables customers get feedback relevant questions or raise concerns via SMS to avoid queues or wasting time on the phone. Incoming numbers can also be used as the first step in a loan or credit card application or to update the client as to the status of the application 

Personalized communication: Personalized SMS messages can be sent to clients informing them of investment opportunities, loan details, credit card offering  or as payment reminders. 

Feedback requests: Surveys or feedback requests can also be sent via SMS.

SMS API integration: CRM platforms can be SMS enabled using an  SMS API solution, allowing staff to contact clients directly from your CRM system. This SMS communication could include anything from important account information to automated birthday wishes. 

Payment reminders: text messaging enables customers be reminded of overdue payments or credit card bills via SMS in order to reduce the number of late payments. 

Two-factor authentication: Automated SMS messages can be used to verify account log in details. 

One-time pins: Automated SMS messages can be used to send a one-time pin or OTP  to customers  mobile phone when they are making a payment or transfer. 

Banking Account activity: Automated SMS messages can be used to notify clients whenever a payment or transfer has taken place or money credited in their account

Fraud prevention: Real-time SMS alerts can aid financial companies when it comes to fraud prevention. SMS notifications can be sent to the customer instantly if there has been any activity on their account that seems out of the ordinary. The customer can then act quickly to report fraud or suspicious activity. 

Financial advice: Personalised SMS messages can be sent to clients informing them of any financial advice such as fixed deposity, investment in mutual funds,insurance proposals  and other saving schemes