Banking and Finance

Credit card account payment reminders

Late bill payments cost the finance industry a significant amount of money; not only in lost revenue but through high collection costs. The use of SMS for the delivery of payment reminders can increase response rates without having to resort to the use of expensive call centre resources.

Additionally, the cost of a text message is a fraction of traditional paper-based reminders, with the advantage of immediate delivery.

One-time pins / passwords

Two-factor authentication via one-time pins / passwords (OTP) delivered via SMS brings the benefit of increased security to Internet banking and other financial services without the costly requirement for specialised devices, e.g. CAP readers or security tokens.

Using Infobip’s secure messaging platform and SMS based two-factor authentication, financial institutions and customers gain improved protection from typical “man-in-the-middle” data mining attacks.

Transaction alerts

With the increasing occurrence of financial fraud, transaction alerts via SMS are an increasingly popular method of identifying fraudulent access to accounts. Customers are immediately notified of any transactions against an account.
Using the two-way functionality of SMS customers can respond with a cancellation request or authorise the transaction in question.

SMS notifications increase customer satisfaction, and can help reduce the costs involved
with managing potentially fraudulent transactions.