Financial services should use a business texting service – Part 2
In our last post, we discussed why the financial services industry should consider using a business texting service. As a follow up, we wanted to share how text is being used as part of their everyday process. It goes beyond stating account balances and location hours. It’s more personal. Continue building on the great relationships that you’ve established and working on establishing with integrating text.
Using a business texting service has many advantages and is great for general customer service and support as well as product questions. Besides those uses, keep reading to learn how the financial services industry continues to incorporate text in their day to day.
Follow up on applications
It isn’t just the volume of loan documents that takes so much time, it’s all the calls and emails you have to send along the way. Utilize text as part of the process to reach out to clients to gather missing information you may need, sparing you the hassle of phone tag. Using a business texting service for application follow up will help improve the overall loan process.
Establish text for a lending line
Enabling customers to ask questions quickly and seamlessly during the loan process provides the level of support that customers expect. A quick status update on a loan, to schedule an appointment or inquire about next steps in the process, there are so many opportunities to establish a standard of excellence that will set you apart from the competition.
Late payments and collections
One of the areas companies are seeing text as being effective is with collections. Because text communication is preferred over calling, customers who have fallen behind in their payments are more responsive to collections text messages. Using a business texting service to send reminders to late payers can help facilitate that collections process. Incorporate text as part of your debt collection strategy in order to reduce expenses and maintain good relations with your customers.
Build stronger relationships
Your business is built on relationships, and relationships are built on communication. These days, people prefer to communicate by text message. Texting is what people want, and it shows. According to Mailchimp, financial services industry emails only have less than a 3% click rate. Comparatively with text, it’s under 3 minutes. Is text more effective and easier to use/respond to? Absolutely. When making it easier for customers to do business with you, stronger relationships are built which is great for business.
Social and online reviews
Consumers read an average of 10 online reviews before feeling able to trust a local business. People want to know they can trust you and that they’ll have a good experience before they work with you. With customer reviews being so powerful, leverage text to help secure them. It’s as simple as sending a quick text to the customer after their loan has closed and ask if they’d mind leaving a review of their experience and provide the link. Studies show that you’ll get 4-5 times more reviews by sending a text vs. an email. This simple step can help increase business as well as revenue for you!
There are so many great opportunities to maintain the competitive edge and stay relevant for your customer base. Use a business texting service to communicate with them the way they’d prefer, through text.
TextBetter™ is a business-texting service that makes it easy to send or receive texts from your landline number. Our cloud-based service effortlessly integrates into your existing business model, without having to install new software or change how you do business. Through our three separate product offerings, we proudly cater to organizations of all sizes: TextBetter Basic, TextBetter Business, TextBetter Enterprise.