Do you operate a bank, mortgage company, credit union, brokerage or other financial institution and want to improve your customer communication efforts? Sending important messages via SMS texting is one of the most efficient ways to serve and connect with your customers.
With a 209% higher response rate than email, phone or Facebook, text messages are the preferred method of reaching customers. Today we’ll look at several ways finance professionals can take advantage of SMS finance texts to communicate important business information and build lifelong customers.
Investment advisors, insurance agents and bank representatives love using SMS to keep in touch with their customers. Here are nine ways your financial institution can use text messaging to assist customers and employees.
Introduce yourself to new customers and let them know how much you appreciate their business. Thank customers for subscribing to your SMS finance services and provide contact information for future communication or services with a follow-up text.
Enabling customers to reach you via text for customer support can be a godsend — for your customers and your business alike. Eliminate long hold times by providing automatic responses for everyday transactions like current balance, office hours, account balances and more.
Have you changed your terms and conditions or other policies? Send customers a link to policy change documents rather than printing and distributing via email or snail mail.
When customers perform transactions online, sending a confirmation text verifies the transaction and helps them feel safe.
Use SMS to ask for signatures on documents or confirm the receipt of documents already signed.
Speaking with live representatives about appointments is antiquated thanks to SMS technology. Confirm, cancel or reschedule appointments via SMS for maximum convenience.
Are late payments affecting your bottom line? Keep accounts current by sending payment reminders to customers whose payments are due (or overdue).
Want to keep your finger on the pulse of your marketing efforts? Sending SMS surveys helps you learn about your customers, adjust marketing plans, and tweak practices to meet clients’ needs all year round.
Are you holding an investment seminar, workshop or trade show that you want your customers to attend? Communicating event details via text message is an effective way to garner attention, signups and confirm attendance.
Using SMS messaging services can benefit finance service providers in many ways.
In a word, yes. Regulatory agencies like the FTC, FCC and FINRA strictly regulate text messaging for financial services firms. Fines from these agencies can be steep, ranging from $500 to $1500 per violation.
Make sure your company is following TCPA (Telephone Consumer Protection Act) compliance guidelines:
Review our TCPA Compliance Checklist to ensure you comply with TCPA requirements before you implement SMS finance texting.
Now that we’ve established that financial institutions are subject to TCPA requirements, there are some exceptions. Emergency or urgent updates are exempt from the TCPA; however, marketing that promotes products or services must follow TCPA guidelines.
The following types of messages do not require opt-out instructions or prior express written consent.
Financial institutions can:
Read The Complete Guide to SMS Compliance
Keep these tips top of mind for successful business texting:
Disclaimer: Please note that this is not legal advice and is for informational purposes only. It is not intended to substitute for advice from qualified legal counsel, nor is it to assist you or help you be compliant as you assume 100% responsibility in all legal matters.
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