SMS messaging is a powerful mobile communication tool that allows financial service institutions to interact with their customers in a cost-effective, timely way.
Global messaging volumes in the financial service industry will continue to grow and its estimated that it will be more than 1.6 trillion in 2015.
The most popular ways how financial institutions use SMS messaging:
- On-time passwords and PIN codes
- Opt-in marketing and special promotions
- Payment behavior improving reminders
- High-value withdrawal and payment notifications
The SMS has the unique advantage of reach. The vast majority of handsets support SMS, whereas less than half support mobile Web and even fewer support mobile applications. This mix may change over time as advanced handsets become more widely available, but text messaging is and will continue to be the most used feature of a smartphone.