July 27, 2022

How To Use SMS For Financial Services Customer Support

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Businesses know that sending financial-related messages to customers generally involves an exchange of sensitive information.

Businesses know that sending financial-related messages to customers generally involves an exchange of sensitive information. When it comes to payments, both customers and companies appreciate safe and quick communication. If you’re for information on how to use SMS for customer support for your financial service center, then you’re going to love the following information.

Communicating efficiently is a priority. Email can be very slow to receive a response. Reaching someone over the phone may be difficult. Many people avoid answering unknown phone calls. However, using SMS to communicate with customers has proven to be far more effective. In fact, SMS messaging has a 209% higher response rate than phone, email, and Facebook. 

SMS for financial services contact centers

Contact centers who handle sensitive financial information also use business messaging to quickly reach customers. Omnichannel platforms, such as the LiveVox Unified platform, allow agents to use SMS to connect with customers. It also provides customers with more flexibility. Self-serve SMS options allow customers to interact with customized bots to perform account-related tasks.There are several ways contact centers can apply SMS for financial services customer support. 

SMS and chatbots

Much like IVR, SMS chatbots also provide customers the ability to access their accounts quickly and easily. Chatbots can be designed to take payments or provide on-demand information. They can also route customers to appropriate agents via text. 

As virtual assistants, chatbots create customized interactions with each customer. Virtual assistants can answer FAQs through automated responses. They can also intake customer input via short surveys. The 24/7 accessibility SMS Chatbots provide make them a useful feature that contact centers use to enhance the customer experience. 

Two-factor authentication

Cyberattacks on businesses are a threat to sensitive customer financial data. It is crucial to keep credit card and bank account numbers secure. Contact centers can use two-factor authentication through SMS to increase the level of security surrounding sensitive data. This reduces the risk of hackers gaining unauthorized access to user accounts.

Reminders and notifications via SMS

SMS can also be used by financial services customer support to let customers know about upcoming financial transactions. This feature is a useful courtesy that ensures payments are received in a timely manner. 

How to use SMS messaging for customer support

SMS can be used to remind customers of automatic drafts and their selected methods of payment. Texts can also provide amounts due and their due dates. Payment notifications can also be sent via SMS. Customers can receive verification that their payments have been processed. These messages can show the date, time, and amount of their transactions. Financial customer support can also use text messaging to notify individuals about any changes to their account. 

SMS campaign management

Contact centers can also adopt SMS to execute campaigns. Customer data can be used to fill in dynamic values in each message for a personalized experience. Financial customer support can leverage SMS campaigns to send scheduled messages and generate logic-driven interactions. Support teams can send out personalized announcements, changes, and promotions all at once.

Agent SMS support

Two-way communication via SMS with agents is another way companies can use this feature to their advantage. Usually, automated SMS chatbots can handle customer queries. However, some still prefer to text with a live agent. Chatbots can connect customers to the right agent via text. This is very similar to the way an IVR system would connect someone over the phone.

How to use SMS

Frequently asked questions on using SMS

How can SMS marketing help to grow a business?

SMS marketing can be used to create targeted campaigns. Businesses can create logic to engage clients via text. It’s a  quick way to reach customers. They can use SMS to announce promotions, upcoming changes, or events. SMS can even be used to conduct sales transactions.

What are the uses of transactional SMS in banks?

Banks may use transactional SMS to relay financial-related information to customers. This data is generally sensitive. It may include information such as loan due dates or suspicious activity notifications. Overdrawn balance notifications and confirmation of updates to accounts can also be sent via SMS.

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About LiveVox

LiveVox (Nasdaq: LVOX) is a next generation contact center platform that powers more than 14 billion omnichannel interactions a year. By seamlessly unifying blended omnichannel communications, CRM, AI, and WEM capabilities, the Company’s technology delivers exceptional agent and customer experiences, while helping to mitigate compliance risk. With 20 years of cloud experience and expertise, LiveVox’s CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 650 global employees and is headquartered in San Francisco, with offices in Atlanta; Columbus; Denver; St. Louis; Medellin, Colombia; and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox or visit livevox.com.

To stay up to date with everything LiveVox, follow us at @LiveVox, visit www.livevox.com or call one of our specialists at (844) 207-6663.

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