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Role of SMS in Banking

Role of SMS in Banking

Recession in the economy has forced banks and other financial industry to seek different ways in which they can increase their business. With the help of technology like SMS communication they are increasing monetization. Most of them uses web based SMS communication system with which they send million of messages quickly.

Mobile banking facility is offered by almost all the banks and financial transactions that are being done on ones’ account is notified to the account holder by an SMS alert. Previously this web based SMS communication technique had lots of limitations as it was one way-alerts. Banks were able to sent alerts to the customers but they were not able to respond for any clarification required.

But now it has all changed. Customers too can send SMS for a balance inquiry check. There are unique codes usually alpha numerals, specified by the bank for this purpose. These codes have to be send as a message to the given number to receive the services that are requested. This Mobile banking facility is password protected, to login, a unique User name and Password is provided, this can also be changed as per the customer’s request. Salary updation and other credits in the account are being sent as an alert to customers. These SMS services offered by the banks are outlined as Push & Pull services.

Push services include insufficient funds notification (sent when requested funds are not available in the customer’s account), large or small withdrawals from ATMs’, cheque payments, password authentication (one time password change), credit card notifications (all purchases made using credit or debit cards are immediately intimated to the customer) etc.

Pull services includes balance inquiry check, e-payment options, stop payment requests, Deactivation of a credit cards or debit cards (in case of emergencies such as theft or lost). Additional benefits such as foreign currency exchange rates and interest rates on different accounts are also intimated to customers as SMS Alerts.

SMS has now become a legitimate marketing technique because of its easy accessibility, less time consuming factor. This mode of communication is cheaper compared to other channels. The increased use of mobile phones because of its user friendliness has made this possible. The compatibility of mobile phones has also enabled the client to reach their customers as and when required. This is where internet banking even though has broader functionalities, lacks as it is limited to users who have access to computers and internet connection. SMS alerts are less time consuming compared to other mediums of communication such as tele-calling, mailing, etc. The dominating and overriding factor for those who are concerned about the security reasons is the immediate alerts on mobile phones about account transactions.

SMS Channels also helps their clients’ to tackle some emergency situations too, fraud alerts & abnormal transactions. Banking sector widely uses this technology as this requires less human resources. This enables to automatically process requests and data too. SMS gateway plays very important role in Mobile Banking, by offering quality and API based Internet SMS Gateway.…

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HOW MOBILE APPLICATIONS SIMPLIFY OUR DAILY LIFE

In today’s world, applications are everywhere. An application also known as an app is software with instructions that helps the user to complete tasks. There are millions of apps out there in the digital world. Platforms such as the android play store and the app store have millions of apps.

A few years ago, we could only rely on computers to do simple tasks such as sending emails. Today computing power has been transferred to the mobile device and we rarely need computers as much.

Mobile apps have made our life simpler since now we can use the apps for almost everything. Here are 5 ways you can use applications to make your life less stressful. Itechpost.com has lots of information on other applications you can take advantage of.

  • Online shopping.

Ever tried going to the supermarket only to discover that the product you wanted is out of stock? The feeling is so frustrating because you have wasted your time and money traveling there.

You could easily avoid this next time by shopping online from the comfort of your home. The best part of it all is that you can check if the product is available. Delivery to the destination of your choice is also available.

Some of the most popular online shops are flip kart, snap deal, jabong, Jumia, Amazon, Alibaba, and eBay.

  • Communication.

The terminology communication is key is very popular in any business that wants to thrive. In the old day’s businesses only relied on emails for communication but times have changed.

Today your business can engage more with customers and employees on different platforms such as Facebook, Twitter, and YouTube. These applications enable you to enlarge your pool of potential customers and provide feedback from both your customers and employees.

  •  Education.

The education system is expensive and outdated. Student debt is also very high and a huge burden for most graduates.

The good news is that you can educate yourself online on different websites. You can learn from E-books, E-library, or subscribe to an educational YouTube channel.

  • Entertainment.

Remember when television was the only means of entertainment? Not only was this so limiting but also frustrating since you could only view your program once a week.

To make matters worse if you missed an episode good luck on viewing it. Netflix and other apps such as amazon prime have made this much simpler and now you have unlimited high rating shows.

You can view it by just using your mobile phone. Face book, twitter, snap chat, Instagram, and YouTube are other platforms for entertainment with funny memes and videos.

  • Banking.

This is the safeguarding of your money with a financial institution. Banking was very frustrating in the past. The only way for you to deposit or withdraw your hard-earned income was by visiting the bank. Imagine having to do this when you have an emergency.

Today most banks have realized the importance of having their banking apps. The apps are so fast in conducting transactions saving time for both the customer and the bank.

Such apps include M-pesa a mobile app that can transact money transactions from on phone to another in seconds. Online transactions have been simplified by the use of PayPal.

To sum everything up, we are living in a digital era. Life can be very complex with the ever-increasing technology updates. The good news is that as technology becomes more complex developers update applications to be more simple and easier to use. The core reason for having apps is to make life easier. Join the digital world and have a simpler better life.