Two Factor Authentication
Send SMS to customers to confirm their identity when accessing accounts for the first time or from a new / different device or browser. Two factor authentication or 2FA adds a second layer of security that requires the customer’s usual username and password to be input online in addition to a unique code sent to their phone or email. Using 2FA makes it more difficult for fraudsters to gain access to accounts and steal personal data.
1 in 3 customers have interacted with a financial services company via mobile messaging with authentication acting as a key driver
Communicate securely via SMS with customers who have just opened a new online account and guide them through the setup process. Customer onboarding with SMS presents a multitude of options to set up payments, billing preferences, direct debits and payment reminders to name just a few. Using SMS to communicate with customers as they go through the process in real-time builds customer confidence in the security of the product and reduces the risk of unlawful interference.
44% of consumers prefer to press a button and initiate a text conversation rather than wait on hold with an agent
Get in touch with customers to let them know when their balance falls below, or reaches a certain level. Set up weekly, daily or monthly alerts via SMS to communicate account information with customers and empower them to manage their finances better. Up to date information on account balance enables customers to stay on top of their finances 24 hours a day 7 days a week at home or abroad.
78% of people wish they could have a text conversation with a business
Send customers SMS alerts in real-time when they are close to, or have just gone into their overdraft and allow them to manage their finances better. Give customers the opportunity to transfer money between accounts to cover unexpected overdrafts and enable them to cover any payments they know are coming up before any unplanned charges are applied.
Forecasts suggest that by 2020 customers will use their mobile to check current accounts 2.3 billion times
Close to £0 Notifications
Advise customers via SMS when they are close to a £0 balance to help them plan their finances better and avoid unwanted bank charges. Encourage customers to set alert limits in online banking and enable them to think twice before making a spontaneous purchase and instead advocate that they keep money in their account to cover a bill payment or direct debit that might be coming up.
More than one-quarter (27%) of Millennials are completely reliant on a mobile banking app
High Value Transaction Alerts
Send SMS to customers in real-time when a high value or suspicious transaction takes place on their account, allow them to respond and confirm whether or not they were responsible for the transaction. If the account has been compromised, send a follow up text providing a phone number to call and report the fraud or send instructions on what to do next.
SMS decreases the price of a customer service call from $6 - $20 per call to pennies per SMS session
Setting up new payments
Allow customers to authenticate the setting up of payments to new people or businesses via SMS. Protect customers from fraudulent attempts to access their account information by verifying customer identity with a text message to confirm with the registered account holder whether or not the transaction on their account is genuine.
20% of financial services companies use SMS to ensure business continuity and add to their multichannel capabilities
Give customers the opportunity to stay on top of their finances by sending mini statements via SMS. Include the last six transactions made on the account and enable customers to get a snapshot of their account, make sure transactions are all genuine and check to see if there’s enough money to cover any bill payments coming up. Allow customers to set up the day of the week and the time of day that is most convenient for them to receive the information.
Nearly half of UK adults now use online banking through their mobile phone or an app
Notify customers when they have payments due to come out of their account and enable them to ensure sufficient funds are in the account to avoid going into overdraft and incurring unwanted bank charges. Allow customers to respond to payment reminder notifications with an authorization code if they’d like to pay the bill directly by text as well as receive confirmation that the payment has been made.
75% of Millennials are at least somewhat reliant on a mobile banking app to interact with their bank for paying bills