We almost automatically feel our hearts increase whenever we conduct a financial transaction. We are all aware of the reason—security and trust are constant concerns. In short, when money is involved, quick communication is important. Trust is built through clear communication with clients, and SMS plays an important role in the financial and banking sectors.

More and more financial institutions and banking sectors are now getting comfortable using SMS gateways to stay in touch with their customers. There are many reasons for this, one of them being that SMS is one of the most reliable and fastest ways to reach both existing and potential customers.

In this blog, we will explain all the benefits of using bulk SMS for banking and financial organizations.

Let's get started, shall we?

The Benefits of Bulk SMS for Banking & Financial Sector in Saudi Arabia

Gaining customer trust through bulk SMS is essential to the banking and financial services industry. Customers can receive special offers, reminders, account activity notifications, and more.

• Cost-effective

  When it comes to communicating with large or even small contact groups, bulk SMS services offer an effective way to respond. When customers learn about a company's new service, it has a positive impact on them. Financial institutions and banking sectors can increase revenue while using bulk SMS services.

• Improve customer service

  Banking and financial sectors can quickly inform their clients about their new plans or policies with bulk SMS services. Through SMS alerts, they can inform their clients about new offers, damage compensations, etc.

• Controls fraud

  Regular contact is beneficial for the banking and financial sector in Saudi Arabia. This bulk SMS helps both customers and businesses stay in touch regularly.

What are the use cases of bulk SMS for banking and financial sectors?

The following are the use cases of bulk SMS for the banking and financial sectors.

Send Account Activity and ATM Alerts

Customers no longer have to wait for months to receive their bank statements. With transactional SMS services, consumers can get real-time account activity updates so they can manage their finances better.

Provide customers with transactional SMS banking alerts so they are aware of account activity. These warnings consist of:

• Alerts for low balances
• Account transactions
• Withdrawals from ATMs
• Using debit/credit cards
• Account activity that is unusual

Boost Security Using SMS Service for OTPs

Online banking needs to be safe, which is why one-time passwords are important. OTP SMS Service is used by banks and online payment systems to verify user transactions.

Cybersecurity threat cases are increasing rapidly. OTP SMS Service is a security technique that gives financial transactions an additional layer of safety.

Customers must therefore get OTPs quickly to conduct online transactions without interruptions. Customers can receive OTPs for safe bank transactions that are authentic and quick by using bulk SMS.

As a result of this online protection, customers' trust in your banking services would increase immensely.

Send reminders

Your clients deal with a variety of issues every day. They might find it difficult to keep up with everything. Schedule payment reminders for your consumers by using bulk SMS services for businesses.

Additionally, you can assist your clients in managing their finances for the future, while reminding customers with their current bank balance. To enable immediate payment from your customers, include a direct payment link in the messaging.

Improve customer support via 2-way SMS service

According to a survey, 78% of clients prefer SMS as a way of communication with companies. Be it receiving updates and reminders, notifications or product launch messages.

By using a 2-way SMS service, businesses can guarantee their presence on a communication channel that their customers prefer.

With Bulk SMS provider businesses can set up customer support for their business. The procedure is easy:

• Create a virtual phone number dedicated to customer service.
• Customers can initiate the support process by just sending a SMS.
• They can then select a specific term to use for their inquiry, feedback, or support ticket request.
• When the consumer makes a request, the customer service department receives it and handles it.

Attract new customers with SMS marketing.

The use of bulk SMS for sending transactional messages, reminders, and OTPs has been the focus up until now.

Bulk SMS, however, has yet another important application and advantage for the banking industry.

Yes, that is feasible SMS marketing will be a better approach and the right decision for banking sectors to reach their customers to provide their services.

For example, there are no fees for ATM withdrawals or for using online banking.

Simply ask your customer to reply to your SMS using the common keyword. You provide a coupon to them. Ask your customers to reply to your SMS with a common keyword, and in return, they receive a coupon. As soon as they redeem it, you've gained a new client and strengthened your customer base!

Promote new services and special offers.

Do you know that selling to an existing customer has a success rate of 60–70%, whereas selling to a new customer only has a success rate of 5-10%?

This implies that your customer database is a goldmine. This can be accomplished by using bulk SMS services to advertise your new goods and services.

Use SMS to inform your customers about new deals, bank loans, and other important notifications.

Conclusion

Bulk SMS will simplify all your banking procedures—but only if you use a reputable and safe SMS provider such as Connect Saudi. It is one of the most suitable bulk SMS companies for your banking and financial sector in Saudi Arabia.

Connect Saudi's user-friendly bulk SMS service and quick delivery guarantee that you will never have another unhappy customer.

Get in touch with us right now to begin increasing your income!