10 Mobile Messaging Use Cases for Banks and the Finance Industry

Banks have well and truly embraced mobile messaging ­– but most of them haven’t tapped into its full potential. Not by a long way.

SMS messaging is the natural channel for interactions that need easy, in-the-moment engagement.

Two-factor authentication and payment alerts are classic mobile messaging use cases – but just the tip of the iceberg.

Messaging opens up huge opportunities for great customer experiences – the kind that banks and other finance players simply can’t achieve with app notifications or email alone.

The rise of rich messaging formats like RCS for Android phones and Apple Business Chat for iOS expand those CX possibilities even further.

Here are a few of our favorite use cases:

Payment alerts

People like to know when important payments have reached their destination safely – or when a payment they’re expecting has landed in their own account. Think rent or regular household bills. A proactive SMS alert gives them peace of mind.

Payment authentication

If a payment looks like it could be fraudulent (based on factors like the amount, timing or location) any bank would want to double check with the customer ­– without causing them inconvenience. Payment authentication messages do this easily, even when your customers are abroad or out of data and WiFi range.

Status updates

When someone’s in the process of getting a mortgage or making an insurance claim, they want to be kept informed. Automated status updates let them know when certain milestones have been reached – so they don’t have to waste time calling up your service center.

Customer onboarding

Whether it’s a loan application or a new banking product, getting a customer set up can be complicated. With SMS, you can enter a simple, two-way interaction that takes them through the process without those complex forms.

Renewal reminders

When it’s time to renew a policy or make a payment, a simple SMS gets their attention. From there, you can send them to a simple renewals or payments page – no more missed deadlines.

User authentication

Need to check a customer is who they say they are? Unique authentication codes and one-time passwords are an easy, secure way to grant them access.

Feedback surveys

Motivating customers to give you feedback can be tough. Mobile messaging cuts the barriers dramatically. After a customer interaction, send them a simple survey instantly. If they’re not happy with your service, it’s a great way to capture that feedback and address it­ – before they head to Twitter or a review site.

Changing personal details

When a customer’s personal details aren’t kept up to date, it causes headaches for everyone. Make it easy for them to keep you informed with automated messages and simple instructions.

Promotions and discounts

SMS promotions can help you convert prospects into new customers, and new customers into loyal ones. But you can also use it to reward your long-term customers with discounts and incentives. Try offering special rates to your long-term customers, so they never get itchy feet.

Up-selling and cross-selling

Banks have plenty of data on their customers. If they use it right, they can send personalized, timely offers that their customers actually want to receive. Got a customer who’s just opened up a junior savings account? Send them a message with educational materials about your college savings plans. Make it easy for them to start that conversation with you.

Don’t stop now

So there you have them ­­– ten mobile messaging use cases for banks and other financial services companies.

May 8th, 2020
3 min read