Financial services and banks are currently presented with the major challenge of protecting customer identity data against malicious attacks from the internet / online banking applications.  In addition to that, banks should enhance user experience as well as offering secure data, outsourcing the bulk of transfers and maintaining customer loyalty - all at the same time.

SMS is also the preferred mechanism to send quick alerts on transactions and account updates, and in many other applications:

• Product releases, account and brokerage alerts.
• Balance, withdrawal, overdraft and payment reminders.
• Mortgage and insurance update alerts.
• Direct response marketing.
• mTAN, OTP and SIM Card authentication for access into online banking applications.
• SMS as an internal communication tool for employees.

A practical example

The Situation

A large european Bank provides banking products like credit and financing to lower income earners throughout Nigeria with a specific focus on developing and assisting start-up entrepreneurs and traders with the banking services they need to get started and sustain their business.

Only about 26 percent of people around the world have access to formal financial services -- microfinance banks like this have figured out how to offer mobile services to help hard working business owners across regions that may not have access to proper banking services.

The Solution

After implementing SMS solutions, the bank now able to offer mobile services to help hard working business owners across regions that may not have access to proper banking services.

The Results

Mobile text banking provides real-time visibility to manage financial affairs, reduce fraud, lower call center costs, increase revenue potential, as well as offer under- and un-banked citizens the ability to bank where the opportunity hadn't existed.

The bank have now made it easier for customers to bank with them   - as customers' opt-in, the bank automatically sends text messages to registered mobile phone numbers immediately when transactions occur.

By offering compelling banking services to the underbanked population, the Bank sees tremendous growth potential as existing customers sign up and new customers look for compelling text banking services via mobile.