How to Improve Customer Experience with SMS Banking

Keep your customers happy by offering secure, easy text banking on the communication channel they already use and love.

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How to Improve Customer Experience with SMS Banking

SMS has far surpassed email as the communication channel of choice for most consumers. While research shows as many as 85% of emails go unread, 98% of text messages are read within three minutes. The fact is, most of your customers are texting all day long. They text their friends and family. They text for work. They text with doctor’s offices about their appointments and retail outlets about their order status. Chances are, they’d like to do their banking by text too.

Why Text Banking

Text banking is a secure service that allows customers to quickly request and receive their account information via SMS. More and more banks are adding text banking to their list of services, in an ongoing effort to improve customer experience and keep up with today’s technology. Realizing that SMS is how the majority of consumers prefer to communicate, banks that offer text banking provide a secure and convenient way for members to access their accounts on the go.

The goal of text banking is simple: make it as easy as possible for customers to do their banking in a way that fits in with their busy lives. By texting certain keywords to the bank, members can check their balance, recent transactions, and the details of any loans they have. They can also use text messaging to transfer money between their accounts or to receive notifications that alert them at certain times, such as when they have a low balance or make a deposit.

Customer Story: Maps Credit Union

CU Wireless—a subsidiary of Maps Credit Union—provides cutting-edge banking technology to the members of 300 credit unions around the country. When CU Wireless wanted to increase the flexibility and responsiveness of their customer service in their popular banking app, they chose Twilio as their telephony partner. Maps Credit Union now offers customers instant, text-based access to their balance, account history, and more through Maps Text Banking.

Maps Credit Union Text Banking

Getting set up is a simple process and the service is free. Customers either register their mobile phone number online or visit a branch to have a Maps Credit Union team member assist them to sign up. Once they’re registered with Maps Text Banking, customers simply text a command—like “BAL” for account balance or “TRANS” to transfer money between accounts—to a short code phone number provided by Twilio.

Build it Yourself

Though CU Wireless primarily chose Twilio for the technology, making the switch also brought them substantial cost savings—almost 50% on their text messaging costs and 33% on their short code costs. But their biggest gain was in their member experience. CU Wireless knows their customers want reliable, speedy, and accurate mobile services. With text banking, they can deliver.

Once CU Wireless transferred their short code to Twilio, the process of integrating their banking app with Twilio’s SMS REST API took less than a week. If you’re thinking of adding a similar service to your application, APIs like Twilio allow you to customize and build the exact experience your customers want.

To see how you can add banking and other account alerts to your business applications, visit our Account Notifications page.