SMS and Mobile Wallet Provide Innovative Solutions for Financial Services Companies

May 31, 2018 Vibes Marketing

SMS and Mobile Wallet Provide Innovative Solutions for Financial Services Companies

While a lot of the focus of mobile marketing is put on the retail industry, there are certainly other industries that can benefit from the multitude of ways to connect with consumers. One industry is financial services. Banks, lending institutions, and investment firms are quickly finding that their customers have a thirst for all things mobile.

Here are some examples of how Vibes’ financial services clients have successfully used SMS messaging and mobile wallet to offer more value to their customers.

SMS and Mobile Wallet Provide Innovative Solutions for Financial Services Companies

SMS Message Marketing Strategies for Financial Services Companies

Because of SMS’ simplicity and availability, it’s ideal for reaching the widest audience possible. Anyone with a phone has access to text messaging, and financial companies can further bolster their relationships with customers through text messaging.

1. Keep B2B Customers in the Loop

SMS and Mobile Wallet Provide Innovative Solutions for Financial Services Companies

A quick push notification to a financial services customer that his account is below a certain threshold can ensure that he doesn’t go into the red with his business checking account.

Financial institutions can send other account push notifications via SMS, providing a link for customers to click to learn more about the issue. Some examples of notifications for B2B customers include:

  • Alert for large charges to account (“reply Y if you authorized this charge; N if you did not.”)

  • Notice that check has cleared, or funds have been deposited

  • Notification for receipt of payment

This is a great value-add for business banking customers, and one that they will appreciate.

2. Request Funds and Pay Others Through Text

SMS and Mobile Wallet Provide Innovative Solutions for Financial Services Companies

 

Digital payment platforms are all the rage right now and offering payment capability to financial customers may help you win more business.

Venmo, for example, allows you to request funds and pay others through text messages and other applications. If your customers already use Venmo, they’ll be pleased to see they can use it with your mobile app.

3. Make Account Setup Easy

SMS and Mobile Wallet Provide Innovative Solutions for Financial Services Companies

Setting up a new account usually involves the user checking her email to click a link to confirm her email address. If she doesn’t have access to her email at that time, she may not be able to use her account immediately.

SMS/MMS messaging makes setting up accounts a breeze: you can send PIN and account reset information to a user’s phone via text messaging, which they will more than likely have access to at any given moment.

Mobile Wallet as a Value Add

Take your mobile marketing up a notch by activating your mobile wallet campaign and watch your financial services business thrive.

4. Tie Offers to a Card

Most consumers don’t expect perks for having a debit card with a bank, but mobile wallet offers you that opportunity. Imagine the delight of a banking customer who receives a push notification telling her that, just for being a banking customer, she can redeem a $5 virtual gift card anywhere she chooses!

Another example is offering a discount if she uses her bank-issued card at one of a set of select retailers.

Start with an email drip campaign to educate your customers on how mobile wallet works and make it easy for them to click a link in the email to engage their mobile wallet profile with your institution. From there, send relevant offers and promotions via push notifications.

5. Provide Value on the Go

Travel can be stressful, especially international. You need to secure local currency, figure out public transportation, and worry about your credit card not working in another country.

Why not be useful to your customers when they travel by offering special promotions and perks? You can send updates on travel (“There’s a strike at Gare du Nord in Paris. Consider other transportation.”), offer currency conversion calculators, and even create contactless means to buy and use transportation tickets, like for London’s Underground.

As you can see, you’re only limited by your own creativity when it comes to using SMS messaging and/or mobile wallet to engage and provide value to your financial services customers.

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