Why Text SMS Services for Mobile Banking?
Skip content1. Why SMS Services for Mobile Banking?
In today’s busy environment, with so many deadlines to fulfil, appointments to keep and meetings to attend, customers of a bank have little time to visit a branch or to wait for customer services operator to come on the phone line. Thus, SMS text messages Services for Mobile Banking have been adopted by various technology-led proactive banks.
Text SMS Services for Mobile Banking provide a new 24 hour banking convenience which helps customers stay on top of any recent changes made in their bank account, credit card or loan through their mobile phones.
SMS Banking allows you to receive account information by SMS (Short Message Service) to your mobile phone. ValueFirst Messaging http://www.vfirst.com provides state-of-the-art products and services Mobile Banking.
2. Background
Through innovative partnerships with mobile operators, ValueFirst has become the leading independent messaging operator for mobile messaging. ValueFirst’s messaging platform combines signalling information from the mobile world with an innovative IT applications layer to provide messaging services to corporate customers - with defined service levels.
3. ValueFirst Mobile Banking Services
ValueFirst offers the following five categories of SMS services to banks through its mobile messaging platform:
- Broadcast
- Schedule
- Events
- Enquiry and
- M-commerce
3.1. Broadcast
This category of services allows the bank to send informational or promotional messages to all the consumers. Some examples are:
- Change in interest rate
- Change in policy affecting consumer
- Launch of new schemes
- Communication about major events like opening of a new branch etc.
3.2. Schedule
Through this service, the bank can send messages to its customers on a predefined schedule basis. Some examples are:
- Weekly delivery of account balances
- Monthly message about loyalty/reward points
- Daily account balance
3.3. Events
An SMS is sent automatically to the customer when a certain event happens defined by the bank or by the customer). Some examples are:
- Dr/Cr above threshold limit
- Balance below a limit
- Term deposit maturity
- Credit limit exceed
- Bill due date
- Loan EMI due date
- Payment receipt
- Applied bank charges
- Cheque bounce
- Salary credit
3.4. Enquiry
This service provides interactivity to the customer, who can through SMS make an enquiry and get the answers in real time. Some examples are:
- Bank Balance
- Mini statement (last 5 or 3 entries)
- Report lost/stolen cards
- Cheque status
- Stop payment
- Stock updates
- Credit status
- Loan status
- Enquire exchange rates
3.5. M-Commerce
Various commercial transactions can be affected using ValueFirst’s messaging platform. A few examples are as follows:
- Credit Card Payment
- Debit Card Payment
- Inter-account Funds Transfer
- Cheque-book Request
- Bill Payment
- Money Order
- Loan Renewal
- Loan EMI Payment
- Credit Limit Revision
- Ticketing
Mobile Value Added Services
In addition to the standard mobile banking services offered by ValueFirst, there are a few Mobile Value Added Services that help banks increase revenue per customer in conjunction with customer convenience. All this provides significant differentiation to the banks that use ValueFirst’s messaging services.
3.6. Bank ATM/Branch Locator on SMS
A major problem that customers of banks face is to identify the nearest ATM/Branch. With over 1.2 billion mobile connections, it is safe to assume that almost all customers of bank would carry a mobile phone. ValueFirst provides a system by which any customer can know nearest shop via sending SMS with the location as free text to a predefined mobile number.
3.7. LED Display Board
ValueFirst Express (LED Display Board) is a cost-effective and innovative mode of information display. It can be placed virtually anywhere globally within the mobile network. Mobile technology ensures centralised access for total remote control of Express.
3.8. Desktop SMS for Branch/DSAs
ValueFirst brings to for bank a CD based desktop platform allowing various branch/DSAs to send SMS to local leads and prospects. The control/MIS is with the corporate office/head office. However, the cost is shared at local level and billing can be done at the local or central level. In addition, the desktop application provides AdWare that can allow the bank to push channel specific information and promotions in form of banners on the desktop.
4. About ValueFirst Messaging http://www.vfirst.com">www.vfirst.com
ValueFirst empowers its customers to communicate between varied IT back-end systems and mobile phones. ValueFirst provides a unique, end-to-end, global carrier-grade mobile data service. Its mobile data service offering includes "plug and play" application licensing and hosting.
5. ValueFirst Contact Details
Bangalore: III Floor, Sadath Court, 5/6, Magrath Road, Bangalore 560 025 Tel: +91 80 51232207
Gurgaon: C 071 B, DLF Supermart I, DLF City Phase IV, Gurgaon 122 002 Tel: +91 124 5042537/8
Mumbai: 324, Vardhaman Market, Sector 17, Vashi, Navi Mumbai 400 705 Tel: +91 22 27802242
For more details, please visit us at www.vfirst.com or e-mail us info@vfirst.com
About the Author:
This article has been contributed by (Mr.) Vijay Shukla, Country Head, ValueFirst Messaging India ( www.vfirst.com ). Vijay has over 10 years of industry experience management consulting and mobile data services. He can be contacted at vijayshukla@yahoo.com
