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How are P2P lending and fintech companies using SMS?

- 5 MIN READ - 04 Dec 2015

Nowadays 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 transactional and post-transaction confirmational notifications and
security based one time PIN codes (2-step verification).

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

Fraud prevention with 2-step verification

Two-step authentication as a best practice means to help protect 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”

Transactional confirmations with PIN codes

When service users attempts to finish higher risk transaction (e.g approving loan application) then system will send one-time PIN code for confirmation.

Hello! Your pin code is: XXXXX”

Onboarding new users

When new users sign up for your service then system will send out welcoming SMS messages 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 system will send out 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 users requested loan application get approved or declined then system sends out notification message 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 forgot 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.

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