Five Benefits When Adding Messaging to Your Banking Strategy

Digital transformation is a hot topic for leading financial institutions today. Luckily, most banks and credit unions are overcoming the pressure to adapt or become extinct. Rather, these banking institutions are steadily transforming into a digital era, with many now adding messaging to their omnichannel communication strategies.

Is your financial company still on the fence? Here are five ways that adding messaging to banking strategies helps more than it hurts.

  1. Customer Loyalty Gets a Boost. Especially when it comes to Millennial and Gen Z bankers, you can better meet their needs with messaging capabilities. Without a question. When customers feel loyal to a company because of their innovative options, they are more likely to refer future customers to your services. Loyal customers are your best advertisers.
  2. Convenience for Customers, Convenience for Banks. Messaging options are not only convenient, but they are necessary. Today’s work schedules require more options than just 9–5 call-in centers, and when customers who work outside of the “normal” American hours have increased customer support options, banks also save themselves from losing customers to inconvenient banking hours while being able to keep their traditional hours.
  3. Reminders for the Busy Worker. Everyone needs a payment reminder once and a while, and text banking options take their customer’s busy schedule into account — meaning banks get paid on time and customers avoid overdraft fees.
  4. Better Customer Feedback. Top financial institutions pay attention to the words of their customers — it’s a way of keeping a leg-up in a competitive industry. A text messaging service not only provides a better mode of collecting feedback but also creates an environment for happier customers. 
  5. Saved Time = Saved Money. Everyone in the banking industry knows that sometimes the customer just wants a way to service themselves. Text banking provides self-service with built-in workflow automation features. By providing a self-help solution, banking institutions save time and money. 

Banking for a mobile world is no longer just an option. It is a necessary component of a successful omnichannel banking strategy. However, these are only some of the many reasons why adding an integrated messaging solution is a blessing, not a curse.