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SMS in Finance? A good deal!

SMS in Finance? A good deal!

Especially in the financial sector, security and trust are extremely important. For banks, collection agencies, accountants and insurers, this is an extra reason to protect their clients against fraudulent practices. SMS is a fast and reliable tool for this. In more than one way, because you can also use the SMS Gateway to increase your customer service. An SMS message, sent at exactly the right moment, offers your clients useful reminders to take care of their financial affairs. Did you know that the response to an SMS is three times higher than an e-mail? 

First, a general tip about SMS: the secure upload function via SMS. This is the perfect tool for organisations to collect documents. In the financial sector, where a lot of official documents circulate, this offers a lot of convenience for your clients. How does secure uploading by SMS work? It’s very simple. You send your client(s) an SMS with a link to the document in question. They can upload the document to a secure environment, simply from their mobile device. This provides extra convenience because they choose when, where and how they complete an interaction. And it saves you time and money. Ideal for credit card applications, new insurance policies and overdue invoices. 

SMS for debt collectors
Research has shown that people with financial problems benefit from receiving reminders. Sending a text message as a reminder therefore helps them – in a non-intrusive way – not to get into trouble. If the arrears have become too big, collection agencies come into the picture. But even then, SMS messages are an extra and effective means to achieve a quick collection. Because SMS is fast, visible and safe in use. And moreover, it is easily scalable. So it not only helps your client, it also increases your collection percentage and reduces costs. 

The advantages of SMS for collection agencies at a glance:
Easy and fast: with just one SMS API, you can integrate SMS into your existing payment and collection system.
Cost-saving: with SMS service, much less telephone and paper communication is needed.
Secure: you can, for instance, validate the customer’s identity via a One Time Password (OTP) or Two Factor Authentication (2FA).
Scalable: with Spryng’s SMS platform you can easily scale up or down campaigns.
24/7: payments can be processed at any time and are not dependent on opening hours or available staff.
Ethical and personal: an SMS message is appealing but not intrusive. Payments or redemptions are communicated in a direct and discrete way.
Personalised per customer: you can mention your customer’s name and unique account details in the SMS message, for an even more personalised process.
Measuring: you receive clear reports and feedback about the SMS sent.

SMS for banks
The many applications of SMS in the financial sector show that SMS is a useful tool for banks to serve their clients even better:
Balance updates: you can send automatic balance updates to your account holders via SMS, directly to their phones.
Red-line alert: send a warning by SMS if your customers have (almost) reached their spending limit.
Bank security: SMS messages are of great value in combating fraudulent activities. Think of an SMS alert with overseas or very large transactions, the use of One Time Passwords, 2FA and so on.
Appointment reminder: to prevent ‘no-shows’, your financial advisors and account managers can easily set up an automated appointment reminder. This is also an extra service to your clients!

SMS for Accountancy and Accounting
SMS is also indispensable for administration offices, bookkeepers and accountants. Consider these applications, for example:
Payment reminders: Letters are often sent when payments are overdue, but this costs a lot of time and money. E-mails are often ignored. A simple SMS message solves all these problems. It is personal, has an open rate of almost 100 percent and is cheap.
Reports: Every month or every quarter you probably send reports to your customers. Sometimes such a document needs a response. SMS is an excellent tool for that! Given the high ‘Open rate’ of SMS, your client is more likely to read it than post or e-mail. An SMS message also reassures your customer (knowing that the report is in the inbox or in the post).
Wage slips: Send an SMS message as soon as the payslip is ready. That’s a nice extra service to employees!

SMS for insurance companies
Imagine that a car insurance company receives a phone call from a customer who has been in an accident. The car is damaged, the customer asks for advice and help. Wouldn’t it be nice if your call centre staff could immediately send an SMS to this customer with a link to a digital claim form? That way, the customer can fill in all the information on the spot, take pictures and send all the information back to you via his mobile phone. In a safe way. For you as the insurance company, this is also convenient, because you have all the information immediately to hand. This way, the claim settlement can take place quickly. 

But there are more applications of SMS from which insurers and insured parties can greatly benefit:
Policy renewal: You want to make the annual policy renewal process as easy as possible for your clients. Spryng’s SMS gateway enables you to automatically remind clients when their policy is due for renewal. Quickly, safely and instantly. And just from their mobile phone.
Application procedure: When applying for a policy, customers can receive quotes via SMS. That saves a lot of work! They can also be notified immediately of the progress, so they can track their policy.
Callback requests: Give your customers the freedom to request more information or be called back via SMS.
Additional services: With SMS messages, you can also offer additional services to your existing clients. Or create a follow-up for prospects and former clients.

Another smart communication tool for Finance: WhatsApp!
WhatsApp for Business is another smart communication tool to reduce late payments, for example. Spryng’s API is fast, secure and officially supported. And you can send images and videos effortlessly. We would love to tell you more about it in a personal meeting. Or in an app if you prefer 😉

Want to schedule an appointment today?
For example, to brainstorm without obligation about the possibilities of SMS and Whatsapp for your organisation? Then you’ve come to the right place. We are the only ISO and NEN certified SMS provider in Europe, and would be happy to explain all the do’s & don’ts of messaging for your industry and company. Mail or call +31 20 770 3005


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