Retain And Grow Your Customer Base In Banking Sector

Maïwenn Marchand
1 Feb, 2022

Retain and grow your customer base is not always an easy task. In all types of industries, it is important to focus on the customer. Many tools are useful to ensure that your customers are satisfied. It is all about knowing your target and adapting to their preferred channels. Lately, SMS proved to be a channel that works very well.

Retain and grow your customer base with SMS

SMS is the pioneer of instant messaging and continues to grow in importance. Even though it started well before the Internet, it still has a unique ability to engender rapid reactions from virtually everyone. Particularly as it can be found on every single mobile phone on the planet. It is with smart interactions like this that a bank is able build trust and engender better customer relations.

Banking & SMS: Retain And Grow Your Customer Base

Ideal for banking activation and retention

It is clear that customers trust their mobile phone when it comes to banking. Indeed, three-quarters of Europeans now use mobile devices to keep track of their finances and make payments. Compared with just 18% in 2015. There is a long list of ways mobile phones, and SMS, can help banks retain and grow the customer base. From homebanking authentication to SMS reminders about card activation. And best of all, all interactions can be automated and integrated into your systems. Yes, SMS is the ideal way for banks to communicate with customers about important aspects relating to their account. In addition to seeing the messages, customers will react more quickly compared to an email.

Secure operations with SMS in the banking sector

An interesting case to retain with your customer base in banking sector may concern variations in their accounts. Thanks to the 98% opening rate of the SMS, banks are assured that the customer will open the message. It is therefore a good channel to warn or reassure customers about their accounts. For example, banks can send an SMS in case of important movements on an account. In short, customers are reassured that the bank is watching their money. This makes it ideal for fraud and transaction alerts above a certain amount. An SMS is also useful for informing customers when a new debit or credit card has been issued. Indeed, possibilities are numerous. Banks can communicate important information, confirm a loan request or establish Net Promoter Scores following dealings with the bank.

But the question is, can SMS marketing do more than just retain your customer base? Is it not also the ideal medium to grow your customer base?

The Belgian banking consumer has the memory of an elephant!

In a study conducted by Febelfin, the banking sector organisation, it is clear that banks still haven’t completely regained the trust of the Belgian public. Despite having made considerable efforts to be more solid and secure, only 4% of the 1000 people asked indicated that the confidence they have in their banks has increased since the financial crisis. 44% of people have roughly the same levels of trust in their bank; while 52% of those tested say the trust level in their banks is (still) lower.

Make your communication work harder

Now that we live with GDPR, we all need to be more imaginative when we want to approach new prospects. That’s why, we recommend you make full use of your regular media exposure (advertising, social media, and so on). Also, adding a code and SMS reference number when promoting special offers. You can easily imagine branding your specific SMS code words and personalising them to you and your business. You might ask teenage prospects to contact you via SMS for a free account or a prepaid credit card. If they do, you’ve obtained implicit permission to respond to their queries and requests. This opens the way to establish further contact, answer their questions and convert.

How to handle unpaid invoices

Prudence with your customer base

Now you’ll have to be careful and not use this newly granted permission for just any contact with the customer. That would be against the law. But it should be possible to take contact with customers again in the future. Provided it’s related to the original offer, or that you have, in the meantime, obtained their agreement to recontact them.

We recommend your SMS in the banking sector be direct and to the point. After all, the customer at this early stage doesn’t want to know everything about an offer, but be able to understand what’s in it for them. You can of course provide links for additional product information as needed. But don’t miss the opportunity of offering a single-click “Yes” option if you can! As this makes it easy for customers and prospects to opt in.

It’s up to you to take it from there, but don’t forget consumers today expect targeted and personalised communication. This is especially true when it comes to financial services, one in which the customer has provided very personal information. The customer expects it to be used with care.

Contact our experts

If you’d like to know how SMS can help you retain and gain customers in the banking sector, contact us.

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