SMS Marketing Trends for FinTech Industry (2023 and Beyond)
As customer expectations continue to change, marketers are now forced to streamline the customer experience and find new ways to inform, educate and entertain the people they do business with.
A lot of financial institutions are adopting SMS marketing to connect with their users as they are increasingly leaning towards mobile-first communication. In 2023, these SMS marketing trends are predicted to continue.
What are the Latest Technology Trends in the Fintech Industry?
- Open Banking: Open banking is an emerging trend that enables customers to securely share financial data with third parties such as banks, fintech companies, and other financial services. This trend is allowing for greater competition in the financial services industry as customers are able to access competitive products and services. The apex bank in Nigeria recently released guidelines for the adoption of open banking by financial institutions in the country.
- Artificial Intelligence (AI): AI is becoming increasingly popular in the financial industry as it allows for faster, more accurate, and cost-effective decisions. AI can be used for fraud detection, personalizing customer experience, and automated investment management services.
- Blockchain: Blockchain technology is revolutionizing the banking industry as it allows for secure, immutable transactions and data storage. This technology is being used to create new business models and to improve existing banking processes.
- Digital Payments: Digital payments are becoming increasingly popular as they enable customers to make payments quickly, securely, and cost-effectively. This trend is being driven by the proliferation of mobile phones and the increasing adoption of digital payment solutions.
- Cybersecurity: Cybersecurity is becoming increasingly important in the financial industry as it is essential for protecting customer data and preventing fraud. Financial institutions are investing heavily in cybersecurity solutions to protect their customers and their assets.
What is the Role of Text Marketing in the Future of Fintech?
Bulk marketing via SMS is becoming increasingly important in the future of fintech, as it offers a fast and convenient way for customers to access the latest financial services and products.
Bulk SMS messaging can be used to alert customers about new products, promotions, and special offers, as well as to provide timely reminders about payments and other financial obligations.
Text messages can also be used to educate customers about financial literacy and how to better manage their finances. Furthermore, text messages can be used to quickly and securely send sensitive financial information to customers, such as account numbers or passwords with OTP SMS business solutions.
By leveraging text marketing, fintech companies can ensure that their customers remain informed and up-to-date on the latest financial services and products, while at the same time helping to secure their financial information.
7 SMS Marketing Trends to Watch for FinTech Companies
1. Interactive Messaging
FinTech companies should look into leveraging interactive messaging tools such as 2-way SMS and chatbots to provide customers with smarter and more efficient customer service.
2. Automated Messaging
FinTech companies should consider using automated bulk SMS for fintech to send customers reminders and notifications about their services and products. This will help them build better customer relationships and increase engagement.
3. Contextual Targeting
FinTech companies should use contextual targeting to ensure their SMS messages are relevant to their customers. This can help them increase customer engagement and reduce opt-outs.
FinTech companies should incorporate personalization into their SMS marketing campaigns. This could include using a customer’s name in the message or offering special discounts or offers that are tailored to each individual customer.
FinTech companies should look into using shortcodes to facilitate customer interactions. Shortcodes enable customers to quickly and easily opt-in to SMS campaigns and respond to messages.
6. Mobile Payments
FinTech companies should explore using SMS messages to facilitate mobile payments. This could be done through text-to-pay or text-to-donate services.
7. Location-Based Services
FinTech companies should incorporate location-based services into their SMS marketing campaigns. This could include offering customers discounts or promotions when they are near a physical store or location.
The future of SMS marketing in fintech is looking strong and if you’re not texting your customers, you get started with BSG. From bulk SMS and Shortlinks to 2-way SMS and Two-factor authentication, our platform has you covered.