Transform your Banking Operations with these Top 3 Texting Tips By Mark Miyamoto, Eltropy
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inancial Institutions (FIs) have found that their clients are requesting the ability to communicate via text messaging. In doing so, FIs have also found it to be very efficient and effective, in turn, providing a better client experience, streamlining operations, and enhancing the bottom line. Why is texting so effective?
u 95% of texts are opened within 90 seconds and responded to in 3 minutes of being received u Texting can increase customer engagement by 800%+ u 90% of customers prefer text messaging over phone calls u The statistics go on When deploying texting, FIs should be aware of the best practices, regulations, and how to best use the technology for each particular use case, whether it be marketing, lending, collections, client services, etc. Financial Institutions, which operate under the most stringent regulations in the world, need to be aware of how to use texting safely, securely, and efficiently. Here are the top three tips to be aware of when implementing an enterprise text messaging solution.
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• November-December 2021
1. SMS/MMS is Unencrypted
Texts are sent using a technology called SMS (Short Message Service) and picture Texts are sent using a technology called MMS (Multimedia Media Service). As consumers, we often text pictures to each other without thinking twice about the security of the text and/or picture. However, many are not aware that both SMS and MMS are unencrypted as noted in an article by Apple which explains this further. While it is a great idea to have banking clients send pictures of documents with important information (driver’s license, paystub, proof of residence, W4, etc.) to help streamline operations like Account Opening, Lending, Hiring, etc., the FI needs to ensure the transmission of the data is secure. Since text messages travel over unsecured channels and are inherently not secure, these documents and associated Personally Identifiable Information (PII) should absolutely be restricted from being sent to the bank via MMS to eliminate risk for both the client and the bank. The only way to securely acquire such documents via text is to ensure the texting platform can transfer the document in a secure and encrypted manner within the texting workflow. Just as mobile deposit capture allows for check images to be securely delivered in collaboration with an FI’s native banking app, the Eltropy platform enables documents to be delivered with the same level of security and encryption in collaboration with texting.
