Customers use online banking to manage their checking and saving accounts, make payments, view credit card balances, access mortgage and auto loans and get information about investments and retirement planning.
Banking on the go is the new normal and adding texting capabilities is the next logical step. Banks that use texting to connect with customers offer greater convenience and elevate personal service to a new level.
Why is texting for banks important?
Business texting enables bank employees to text from their existing business phone numbers directly from their computers, in a secure and compliant manner.
With the added convenience of SMS, banks can close more loans faster, collect more outstanding debts and communicate with customers on their native texting app. Consumers enjoy the freedom and flexibility of mobile banking. Texting follows along those same lines, giving customers one more reason to bank with you.
Texting is familiar and convenient. That’s why people use it every day to connect with family and friends. It’s a personal communication tool that’s always at our fingertips. Its ease of use helps boost customer engagement which can lead to increased revenue from new account sign-ups to home, car and college loan applications.
Two-way texting leads to better conversations
In addition to text alerts and notifications, Zipwhip allows banks to engage in two-way conversations. Whether a customer starts the dialog or they respond to a text from a bank employee, conversational texting offers person-to-person messaging where customers can ask questions and receive the information they need.
Some texting providers limit how businesses and customers can communicate, using short codes or pre-written reply options instead of allowing free-form, two-way conversations. Not Zipwhip. We also incorporate a 600-character message field (compared to a standard 260-character limit), so you can say more with fewer texts.
Texts enable banks to share information privately
Texts are succinct, making it easy for customers to understand the information being conveyed. With SMS, customers have a more convenient way of getting information, whether it’s to follow up on a question, discreetly discuss options for making an overdue payment or learn about additional services the bank offers.
Instead of emailing or calling their bank, customers can reach out or respond to a message using the texting app on their phone, which data shows is the preferred method of communication.
Accelerate loan closings with templates
Zipwhip’s productivity tools enable banks to speed up loan closings and shorten the sales cycle, reduce charge-offs and increase satisfaction by texting customers from their existing business line. For customers, having one number in their phone’s contacts makes connecting easier. Text or call, one number does it all.
When customers are seeking a loan, banks can use text Templates to provide clear direction on the next steps. Templates also help ensure that a bank’s customer-facing messages are in line with the tone and brand voice of the financial institution, regardless of which employee is sending the message.
A template for a loan application can make it clear which documents or information a customer needs to provide during the approval process. Banks that have a variety of templates available, depending on the situation, find it leads to increased employee productivity and a streamlined daily workflow. Some common bank templates include Loan Approval, Customer Check-in, Payment Options and Appointment Reminders.
Automation tools speed up daily workflow
Zipwhip’s software platform includes even more automation tools to improve information sharing. They save time by reducing the number of hours bank employees spend on the phone or responding to emails each day.
The additional tools include Auto Replies, Scheduled Messages, Custom Signatures and Dynamic Fields which make it quick and easy to personalize a text whether the message is sent to one customer or a group.
More advanced tools like Keywords allow customers to text a specific word to your bank’s text line and get an Auto Reply with the information they need. Using Keywords in conjunction with Templates speeds up daily transactions by automating tasks that once required an employee’s personal attention.
Safeguarding data is our top priority
Zipwhip takes the security of our network and our customers’ data seriously, ensuring that information is always sent and stored safely with data encryption in transit and at rest within our network.
More than 500 financial institutions use Zipwhip’s Texting for Business platform. Not only do we own and operate our own network, but we’re also the only texting provider that all Tier 1 and 2 wireless operators trust to manage their network-level connectivity for high-volume commercial traffic.
Connecting directly to wireless carrier networks ensures that texts are sent and stored with industry-leading security and anti-spam protections. Zipwhip controls the network capacity, speed, security and safeguards. We are one of the few Texting for Business providers with SOC 2 Type 2 compliance, signifying trust and confidence in a company’s security.
Stay TCPA compliant with Zipwhip
Before you can send texts to your banking customers, the TCPA (Telephone Consumer Protection Act) requires that you obtain consent in the form of an opt-in. There are several ways to do this, but one of the easiest is to have your customers volunteer their mobile phone number.
To learn more, download our e-book on TCPA compliance. It also includes best practices for two-way texting to help banks and other financial institutions get started.
Choosing the right provider when adopting texting for banks
Banks want to know which texting provider is right for them. In addition to identifying the key features being offered, the following questions should be asked.
Does the texting provider:
- have a dedicated customer success team to provide ongoing support?
- meet the highest level of security and compliance standards?
- provide a user interface that makes texting from a computer or phone easy?
- offer live support 7 days a week?
Support from our customer success team
For well-qualified customers, your customer success manager will train your team in best practices for texting and work within your order of operations to provide the best experience for your bank.
If anyone on your team has a question, your customer success manager is ready to help. Whether you’re just getting started or you’ve been texting for a while and simply have a question or two, our customer success managers will provide support during the onboarding process and beyond.
FAQs about texting for banks
Below are some of the most common questions our sales team receives.
How soon can our bank start texting once we sign up with Zipwhip?
You can start texting from your computers as soon as we text enable your landline phone number. We can often do that the same day you contact us. We can also text enable toll-free phone numbers and VoIP numbers. Other texting providers may require that you wait up to 72 hours.
Does Zipwhip use our bank’s existing phone numbers or issue new numbers?
Zipwhip text enables your existing landline, VoIP or toll-free business phone number. We don’t issue new numbers. Using your existing number allows your customers the option to “text or call” the same number – just like they do with friends and family. The number printed on your website and marketing materials is the same number they’ll use to text you. This continuity makes it easy for your customers. And if a conversation needs to go from a text to a call, it can be done with the tap of a button.
Who has administrative control of the account?
The Zipwhip app includes multi-user capabilities which means each user has their own login credentials. Your bank decides which person (or persons) will have administrative control. The administrator can set permissions for other users and control who has access and the type of access they have. This ensures that all customer communications are under your control.
Does Zipwhip provide text message activity reports?
Yes, our easy-to-read reports make it easy to track usage. You can review reports for each of your lines in the Admin console and use the information to help your team make strategic decisions. A report may show that customers tend to contact your bank on certain days or within certain hours. This helps you identify the best times to connect with them.
Help to get started with texting for banks
In addition to person-to-person support, we offer written and video tutorials that can be accessed within the Zipwhip desktop and mobile apps. We also have a comprehensive support center with steps on how to handle tasks such as importing contacts, setting up auto replies, filtering messages and setting up custom signatures.
If you’re ready to learn more, contact us today. A helpful sales representative is available to assist to you.