In recent years, SMS has become increasingly important for the banking sector. The peak was probably this year, when bulk mail masters most banks replaced the physical token with the digital one. This change has made SMS for banks truly indispensable . Let’s analyze in detail how SMS banks are used.
SMS Banks: Many Uses in a Single Tool
One Time Password Generation
The transition to digital tokens meant that banks had to find a suitable, safe and reliable way to send OTPs ( one-time passwords ) to their customers. The OTP is a temporary password generated automatically by the system that can be used only once. The choice for communicating the one-time code generally falls on the bank’s own app and/or sending it via SMS. Using SMS for this purpose has allowed the level of security to be significantly increased. In fact, the OTP code is sent via SMS to the account holder’s personal smartphone. Sending the OTP via SMS is linked to when customers want to:
- log in to your home bank
- confirm a wire transfer order
- modify your personal data
Account opening and balance updates
With SMS for banks, you can ensure that your customer receives a periodic update on the progress of opening their account or a notification about their balance . In this way, customers are always informed, without having to access their bank account or contact Customer Care. The advantage is a saving in terms of both time and resources thanks to SMS for banks.
Warning about reaching overdraft
For those who have a credit card with a spending limit or a current account with an overdraft, it is essential to receive an alert SMS when you the rise of artificial intelligence are close to the maximum spending limit or have almost exceeded the overdraft set by your bank. This is an additional service offered to customers and, usually, much appreciated because it increases the levels of transparency and trust.
Transaction Security Messages
Notifying customers of every transaction performed, withdrawals made or incoming transfers via SMS is one of the most widespread and appreciated uses. In addition to offering precise and timely information, this SMS banking service guarantees greater control over all banking movements. Also not to be underestimated is the ability to understand and therefore act more promptly in the event of a theft.
Appointment reminders
Using SMS as an appointment reminder is another popular usage in the banking sector. In this case, SMS are sent to customers to remind them of appointments scheduled at the branch, whether they are for applying for a mortgage, making investments or opening an account.
Mortgage Application Updates
The process for applying for a mortgage is long and tortuous. For this reason, it is advisable to update the customer , informing him of the progress of the job data application . In this way, the number of phone calls received by the customer is reduced, because he knows exactly what stage his practice is at. This also makes the work more fluid, with a saving of time and economic resources.