We received a lot of feedback and questions from our last post on our latest research, Using SMS in Financial Services: Accessing Your Customers on Their Terms. Short Message Service, or SMS is a way for FSIs of all kinds to reach and serve their customers on a low-cost and immediate basis through their mobile devices.
SMS allows FSIs to push information out to customers and customers can either initiate requests or respond back to their bank in near-real time. Many banks have assimilated this channel into their delivery function because of the ubiquity of the mobile phone and consumer interest in a more convenient way to manage personal finances.
The potential to capture new mobile customers is significant given that 70% of US adult cell phone users send and receive text messages on their mobile phones and approximately 80% of US households use Internet banking. Since only about 15% of banking customers actively participate in mobile banking, there is a tremendous opportunity for growth.
Based on your feedback, Brian Riley and I will be hosting a webinar on August 16th where listeners will have a chance to participate and ask questions about the how SMS is being used today in financial services. Please join us.
*This post was written by Andy Schmidt and Brian Riley*