Messente avatar logo

Impact of SMS in P2P and Fintech

- 5 MIN READ - 04 Dec 2015

A2P messaging is steadily growing among FinTech and P2P industries as they use it in various service processes. The key growth driver for the global A2P SMS market is the increasing number of businesses who are starting to use transaction and post-transaction confirmation notifications and security based one time PIN codes (2-step verification).

Based on our experience with P2P platforms and FinTech companies, these are most common ways SMS messages are used in the service process.

Fraud prevention with 2-step verification

Two-step authentication as a best practice means protecting against fraud, hacking, and data loss. Delivery of quickly expiring, one-time PIN codes confirms that the person having the passcode is the one attempting to access your service.

Hello! Your pin code is: XXXXX”

Transaction confirmations with PIN codes

When service users attempt to finish higher risk transaction (i.e. approving loan applications) then system will send one-time PIN codes for confirmation.

Hello! Your pin code is: XXXXX”

Onboarding new users

When new users sign up for your service, the system will send a welcoming SMS message with most relevant service information and contact details.

Hi Kevin! Nice to have you with us. If you need help or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Nurturing inactive users

When registered users are inactive for some period of time, then the system will send a reminder message.

“Hi Kevin! We haven't seen you for a while. If you need help getting started or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Loan application accepted or declined notifications

When user requested loan applications get approved or declined, the system sends notification messages with call for action information.

Hi Kevin! Your loan application is accepted! Please log in to your account to confirm it. If you need help or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Payment remainders

Reminders for users who have forgotten to pay monthly payment. Also sending pre-reminders messages with upcoming payment date.

Hi Kevin! Your current overdue payment is 71,24€. Please repay the debt as soon as possible. If you need help or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Marketing

New customer acquisition or campaign based marketing messages for the new prospective borrowers. 

Hi! Loans from 1K to 10K. Check if you qualify on your mobile in 30 secs: shorten URL address. Rates from 5%. opt-out: shorten URL address. If you have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”


Kaur Virunurm

Kaur Virunurm - Key account manager

Kaur deals with business and sales analysis at Messente. He likes to help key customers in optimizing messaging activies. He also is open minded entrepreneur who loves lean tech startups, fixie bikes, active sports and Jack Russel dogs.

Immediate and time critical communication with SMS messages

29 May 2017

Timeliness is key with client communication. Whether informing them of the status of a transaction, a change in service, or drawing attention to a critical aspect of the business (such as a late payment,) it is crucial to have the highest possibility of reaching the client as quickly as possible.

Uku Tomikas

Uku Tomikas

Implementing 2FA the right way and more

22 May 2017

Picking Passwords

Do you use the same password for multiple online services? I know I did. I also used to have a list of about five passwords with various complexity, which were used depending on the service. Then, I changed my behavior.

Using the same password (or pool of passwords) is definitely not secure. If your password and username, which is usually your email address, leaks from one web service, all other service using the same combination are immediately compromised.

Jaanus Rõõmus

Jaanus Rõõmus

Vendor consolidation affects the bottom line

12 May 2017

The idea of vendor or supplier consolidation is not new, although it tends to be a fad every few years. It’s as if every time a new type of product or service is created, or variation thereof, businesses onboard a new vendor partner. Eventually, someone in the business (usually in accounting) realizes that they’re paying a lot of different bills for similar products and service, and sends the business down a path of consolidation. While the benefits of consolidation seem obvious, drawbacks do exist, especially with software partners.

Yuriy Mikitchenko

Yuriy Mikitchenko

Start sending messages to

for € N/A

Contact us