Article

Lee Bolger
Lee Bolger 14 June 2016
Categories Advertising, B2C, Mobile, Research

Customer Engagement Via SMS Brings New Opportunities To Financial Institutions

Leveraging SMS-centric capabilities and features to bring mobile-first initiatives into the next phase of personal banking and financial security, financial institutions will be able to ensure greater customer satisfaction, proactively initiate conversations and build stronger trust.

Mobile is transforming every aspect of our lives and the financial services sector is no exception. A recent infographic by OpenMarket and research and advisory firm Javelin, involving over 100 demographic, behavioural, and attitudinal variables, identified two of the most important customer segments demonstrating how Americans will bank, pay, shop, save and invest in the future.

The first segment, Moneyhawks®, is considered the most profitable yet demanding customer group and accounts for 13% of the population. The second segment, Emergents, is characterised by a mobile-first mindset and accounts for 35% of the population. Both segments are seen as tech-savvy, and keen to interact with financial institutions via mobile devices. 

With the rate of smartphone ownership reaching almost 100% across both customer segments, it comes as no surprise that more than half of Moneyhawks® and 3 out of 10 Emergents prefer to receive SMS alerts for bank activity compared to 27% of the general US population.

SMS is, therefore, a powerful communications tool as 90% of text messages are read within three minutes of receipt[1]. In addition, millennials prefer texting over voice interactions and are 40 times more likely to take action when sent a text message – making SMS the most ubiquitous and effective customer engagement channel.

Infographic-OpenMarket.jpg

To cash in, financial institutions should engage with both Moneyhawks® and Emergents on their preferred platform. By leveraging SMS-centric capabilities and features to bring mobile-first initiatives into the next phase of personal banking and financial security, financial institutions will be able to ensure greater customer satisfaction, proactively initiate conversations and build further trust.

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
How to Review a Website — A Guide for Beginners

How to Review a Website — A Guide for Beginners

A company website is crucial for any business's digital marketing strategy. To keep up with the changing trends and customer buying behaviors, it's important to review and make necessary changes regularly...

Digital Doughnut Contributor
Digital Doughnut Contributor 25 March 2024
Read more
The Impact of New Technology on Marketing

The Impact of New Technology on Marketing

Technology has impacted every part of our lives. From household chores to business disciplines and etiquette, there's a gadget or app for it. Marketing has changed dramatically over the years, but what is the...

Alex Lysak
Alex Lysak 3 April 2024
Read more
The IoT-Connected Car of Today—Case Studies

The IoT-Connected Car of Today—Case Studies

Imagine a world where your car not only drives itself, but also says intelligent things. This would look like an impossibility about five years ago, but today the IoT is already breaking fresh ground for tech...

Ronald van Loon
Ronald van Loon 10 March 2017
Read more
10 Factors that Influence Customer Buying Behaviour Online

10 Factors that Influence Customer Buying Behaviour Online

Now is an era where customers take the center stags influencing business strategies across industries. No business can afford to overlook factors that could either break the customer experience or even pose a risk of...

Edward Roesch
Edward Roesch 4 June 2018
Read more
AI-driven Personalisation Dominates the Future of Travel and Hospitality Marketing

AI-driven Personalisation Dominates the Future of Travel and Hospitality Marketing

Travel and hospitality marketing is on the verge of dramatic transformation. Personalisation of marketing communications is moving from dream to necessity, and the change is putting marketers in the driving seat.

Michael Nutley
Michael Nutley 3 December 2024
Read more