54% of mobile phone users would find financial date reminders useful, the latest findings from Textlocal reveal. The leading SMS platform conducted an in-depth study into mobile technology and the financial, banking and insurance industries, finding that the British population are looking for financial services to align with their mobile-first lifestyles.
The study provides an insight into the technological advances in the sector, highlighting that financial businesses must keep up with digitalisation.
Past studies have found that almost two-thirds of those using mobile banking use their apps to transfer money, 60% pay other individuals and just under a quarter arrange standing orders. With 32 million people in the UK using mobile banking, the convenience of organising personal finances at a touch of a button regardless of time or location has led to a dramatic decline in customers visiting local branches – in fact, 10,000 branches have closed in almost 20 years.
Smartphones deliver anytime banking and insurance services, but these findings demonstrate that instant gratification, 24/7 availability and a consistent experience must be an omni-channel operation. The white paper highlights that SMS is increasingly seen as the best means of sending urgent communications (for example, when customers are about to become overdrawn or a policy is up for renewal) to be received in real time – with a read rate of 98%, 90% of which are read within 3 minutes.
The white paper also reveals that a wealth of marketing opportunities also lies in the text message. With mobile users checking their devices an average of 150 times a day, messages with new product information and services or upcoming promotions on interest rates can be delivered by SMS. Textlocal found that 69% of consumers welcome personalised vouchers and discounts on SMS.
Jason Palgrave-Jones, Managing Director of Textlocal, comments: “The financial sectors are having to undergo a rapid technological transformation in order to keep up with customer demand for a 24/7 experience. Customers are now expecting a digital experience and the smartphone nation provides an excellent opportunity for banks and insurance companies – in fact, engagement levels between the two parties has never been higher – and SMS remains the ideal tool to be utilised. Encompassing both feature- and smartphones, no matter which OS, SMS provides the consistency and value that apps cannot.”