How Bulk Messaging Industry Can Help Banks and Financial Institutions

They way technology has evolved the Banking industry is nothing short of a marvel. In a very short span of time, the industry has adopted all the technological evolutions. They have eliminated a lot of unnecessary human efforts.  There are no more queues and long waiting sessions. The advent of technology has made it easier for people to get their banking jobs done. These technological advances have transformed banks to financial institutions that are always available for customer’s help. As banks provide a variety of financial services under one roof, a constant customer engagement has become a necessity. Banks these days look for innovative means to engage with the customer and provide them with various facilities. Bulk SMS provides an effective way to keep the customer engaged, aware and connected to the bank.

Bulk Messaging provides additional benefits and are crucial for the banking industry. This service provides following benefits to the banking companies.

·    Cost Effective: If you want to provide customers with additional services like updates, balance information, recent schemes and security tips; bulk messaging makes it highly convenient and you can provide services at a marginal cost.

·    Target messaging: You can sort the profiles of your customer and send them specific messages accordingly. You can enhance bank’s business and provide the customer with expected benefits.

·    Continuous reach: Every person has his or her mobile phone with them at all times. You can instantly contact customers and provide them with desired information. Bulk messaging also helps the customer to keep aware and regularly update them about important information.

·    Personal Connect: They are effective as a communication medium. You can update them about their personal account balances, inform them their OTPs (One Time Passwords) and help them with their queries.

·    Automated: There are number of Transactional SMS Service Providers including MSG91 offer automated services in terms of API which make it easier and enables you to send SMS more efficiently.

In addition to the benefits, what makes bulk messaging highly effective is the multi-faceted application it offers.  Banks can use Bulk Messaging services for the following:

·    To convey about the changes in policies and rates that directly or indirectly affect the customer.

·    To inform all the concerned members and customers about a major event. For example: Opening of a new branch, Workshop etc.

·    To provide customers weekly and daily reminders regarding account balances and respective debit and credit.

·    To update customers about their reward status point.

·    They are also helpful in reminding them about their EMI payments and bill payments.

·    You can also send the customers information about the monthly applicable bank charges.

·    Update the customers about salary credit, cheque deposit, credit limit exceeded, cheque bounce alert etc.

·    Provide enquiries about account balances, lost or stolen ATM/Credit/Debit cards, loan or credit status and cheque book issuance.

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