Every individual wants to know their bank accounts are safe but unfortunately this is not always the case. Recently, it was reported that as a result of human error, banking information along with the personal details of councillors from a UK city was accidently released to a member of the public. Maybe even more concerning is the recent estimate from the National Fraud Authority’s third Annual Fraud Indicator (AFI) that the cost of fraud in the UK has now risen to a massive £73 billion a year from last year’s estimate of £38 billion. Clearly security breaches still take place within banking institutions and this is particularly concerning considering fraud is on the rise. It is therefore even more critical that banks and finance companies make security and fraud prevention a number one priority.
SMS alerts can provide a reliable tool for banking firms to tackle these issues. With almost everyone in the UK having a mobile phone, and most messages estimated to be read within a matter of minutes, SMS communications allow banking institutions to reach customers anywhere and at any time. As a result, accounts can be monitored in real time to avert security breaches from taking place and quickly resolving any issues when they do arise. For example, banks can use SMS to send customers secure passwords when they set up a new direct debit via their online banking facility. In order to complete the process, customers are required to enter the password online, helping prevent fraud from occurring in the first place. Customers can then also flag up any changes attempted to their account without their knowledge.
As a result, SMS security alerts can also improve customer satisfaction. Customers are instantly aware of any security concerns and with additional safety steps in place, they can rest assured that their information is being safeguarded. Furthermore, by allowing customers to set up their own security alerts such as sending a notification when their cards are used for overseas transactions, they can control the nature and regularity of when information is received leading to greater overall customer satisfaction.
Additionally, banking SMS alerts have also been found to enhance customer loyalty and attract new customers which is crucial considering the competitiveness of the banking market today. The ath Power 2012 Mobile Banking study found that only about 1 in 8 mobile banking customers stated they would switch banks within 2 years compared to 1 in 5 within the general customer group. Furthermore, the quality of mobile banking was a key consideration for the most affluent and small business owners when deciding which bank to select.
It is therefore not surprising that banking institutions are rapidly embracing SMS to protect customers' details and accounts against security risks. We would expect security to remain a number one priority for banks, and with additional benefits such as greater customer satisfaction and loyalty, banks have even more incentive to continue adopting SMS.
At HSL, we have been providing high quality and reliable SMS services since 1999 and banking and finance is one of the many sectors which we serve. For further information on how HSL’s mobile messaging services can help you, please visit our website at http://www.hslsms.com/sectors/banking-and-finance/.
SMS alerts can provide a reliable tool for banking firms to tackle these issues. With almost everyone in the UK having a mobile phone, and most messages estimated to be read within a matter of minutes, SMS communications allow banking institutions to reach customers anywhere and at any time. As a result, accounts can be monitored in real time to avert security breaches from taking place and quickly resolving any issues when they do arise. For example, banks can use SMS to send customers secure passwords when they set up a new direct debit via their online banking facility. In order to complete the process, customers are required to enter the password online, helping prevent fraud from occurring in the first place. Customers can then also flag up any changes attempted to their account without their knowledge.
As a result, SMS security alerts can also improve customer satisfaction. Customers are instantly aware of any security concerns and with additional safety steps in place, they can rest assured that their information is being safeguarded. Furthermore, by allowing customers to set up their own security alerts such as sending a notification when their cards are used for overseas transactions, they can control the nature and regularity of when information is received leading to greater overall customer satisfaction.
Additionally, banking SMS alerts have also been found to enhance customer loyalty and attract new customers which is crucial considering the competitiveness of the banking market today. The ath Power 2012 Mobile Banking study found that only about 1 in 8 mobile banking customers stated they would switch banks within 2 years compared to 1 in 5 within the general customer group. Furthermore, the quality of mobile banking was a key consideration for the most affluent and small business owners when deciding which bank to select.
It is therefore not surprising that banking institutions are rapidly embracing SMS to protect customers' details and accounts against security risks. We would expect security to remain a number one priority for banks, and with additional benefits such as greater customer satisfaction and loyalty, banks have even more incentive to continue adopting SMS.
At HSL, we have been providing high quality and reliable SMS services since 1999 and banking and finance is one of the many sectors which we serve. For further information on how HSL’s mobile messaging services can help you, please visit our website at http://www.hslsms.com/sectors/banking-and-finance/.
Alternatively, visit us at:
http://www.linkedin.com/company/hay-systems-ltd
follow us on Twitter @HSLSMS
or call us on +44 (0)1506 605260
or email us at sales@haysystems.com
