SMS Text Is A Non-Negotiable With Banking Customers
For community banks and credit unions, few things are more valuable than loyalty. However, as the industry evolves and competition grows, financial institutions can't afford to be left behind by their customers.
Banking customers not only want to know their money is safe and secure, but they want convenient access to their financial institution. According to the data, no platform is more engaging for customers than SMS text. While financial institutions have been able to put this off in the past, SMS text is no longer negotiable. Here's why.
The Evolution of SMS Texting
Studies show that within three years, over 90% of financial institutions will have a texting platform deployed. From those numbers, we can learn two things:
SMS text is on top of nearly every financial institution's short-term strategic plan.
Therefore, SMS text is a disproportionately important issue to banking customers.
These two things track with the data we have available to us. SMS texts have a 98% open rate, and users read 95% of SMS texts within three minutes. To give context, the average person responds to a text in 90 seconds, while taking over 90 minutes to respond to an email. SMS texting has become a strategic priority as the industry has evolved, thanks to the convenience it offers customers.
The Ease of SMS Texting
Customer data on SMS texting is striking. Nine out of ten customers want to text businesses they partner with, including their financial institution. According to recent studies, the average person sends about five text messages daily, while young adults average around 20 texts. Texting is quick, convenient, and quickly became the most common form of communication among adults.
Since 2005, the total number of text messages worldwide has increased by over 2000% while becoming less receptive to phone calls. 87% of customers won't answer calls from numbers they don't recognize, and overall, Americans pick up half of the phone calls they receive. SMS texting is easier and more convenient, delivering customers the information they need and letting them choose how to proceed.
The Importance of Two-Way SMS Texting in Banking
While texting is a vital strategic initiative, it's important to distinguish that customers desire a legitimate interaction with their financial institution through text. That is, customers don't just want to receive information from their financial institution – they want to be able to respond. Texting in this manner is called two-way SMS texting. While one-way SMS texting is an asset for marketing campaigns and notifications, two-way SMS texting is a dynamic customer service tool.
In banking, this allows customers to speak with a live agent via text rather than visiting the branch or making a phone call. Financial institutions need to break into two-way interactions to keep customers engaged but to do that, they need a secure SMS platform.
Contact Invo Solutions For More Information
At Invo Solutions, we set out to create a two-way SMS texting platform that is secure for customers and easy for financial institutions to use. Through Invo Text, financial institutions can create sequenced campaigns and have one-to-one interactions with customers, all from one dashboard.
Schedule some time with an Invo rep below to learn more!