In a follow up to the story we showcased in January, a recent case study in americanbanker.com highlighted how SMS technology transends all age barriers and is readily accepted as a secure method of interacting with your bank to manage your financial dealings. Here, a large US bank reported that when given the choice users of all age groups were willing to accept bank communications via SMS. These results came as a surprise as the bank thought that SMS technology would be primarily of interest to teenagers and those in their 20s. Instead, an enthusiastic "yes" came back from all kinds of people: teenagers and young people certainly, but also working adults, stay-at-home moms and even retirees. It wasn't of "some" interest — it was in demand with more than 15 million customers opting in to receive bank communications by SMS.
The reasons behind this overwhelming yes vote reflect those seen by Exco InTouch in that the primary driver for the acceptance of mobile communications is due to way people use and perceive their cell phones. For most, the cell phone is a constant companion: they take it into meetings and on journeys, they take it out shopping, they take it to conferences, they even take it into the bathroom. It's the first thing that's switched on when a plane lands, and it's rare that a customer is out of range of a signal. All of this makes cell phone communication the fastest way to get a message to a customer. And while a voice call may go unanswered if the customer is in a meeting or at a social engagement, an SMS is still likely to gain their attention.
As with the Clinical domain, within the banking environment SMS messages are perceived by users to be more discreet than phone calls, in that a customer who would not appreciate their bank calling them at work to advise that their account is in danger of being overdrawn might welcome the arrival of an SMS with the same warning. For those who like to stay on top of their financial affairs, a daily text message detailing their current balance and recent transactions is a convenient way to keep in control, wherever they may be.
As with CRO’s, many banks have also found SMS messaging to be one of the most expedient ways to gain a customer's attention. For example in the event of a suspected fraud, with a properly automated system, an SMS message can be sent out to a customer within 30 to 60 seconds of a suspicious transaction occurring, which is equivalent to the time it takes you to log off from a Web site or gather your bags and walk out of a store. Typically, 60% of customers reply to these messages, 82% within five minutes of their being sent. This is a huge speed and efficiency gain over other forms of notification. With a more traditional approaches to communication (phone call, e-mail or letter) a reply may not be forthcoming for hours or even days — during which time the fraudster may have the opportunity to strike repeatedly before the bank issues a hold on the account.
Source: http://www.americanbanker.com/issues/174_227/textings-not-just-for-teens-1004300-1.html
