Using SMS in finance

Financial service providers are more and more frequently adopting a multichannel approach to customer communications - which means the days of wearing someone down with copious amounts of letters, emails, and phone calls are coming to an end. Call centres can also be costly and a huge strain on agent resources, leading to a queue of frustrated customers and lengthy hold times. So is there a better way to do it? Yes, and that’s where SMS comes in.

Use of automated texts to update customers on the status of their overdraft request, switch account bonus, monthly interest payment, and much more. We’ve put together 20 SMS templates across the most popular use cases that you can use to get you started!

20 ready-to-use SMS templates

Payment reminders

Direct debit:

Hi [NAME], You have a direct debit of £X due tomorrow. Please make sure that you have the necessary funds in your account by no later than noon today.[link]

Interest charge:

Hi [NAME], A charge of £X has been made to your account ending XXXX as per your arranged overdraft agreement.

Please get in touch with our team on [Your number here]

Bounced direct debit:

Hello [NAME],

Your direct debit of £X on the [date of transaction here] has been declined due to insufficient funds. Please deposit funds into your account before noon tomorrow. [link]

Promotions, offers & incentives

Current account switch offer:

Hello, [NAME]

Good news! You are eligible for our current account switch offer. Open a rewards account with us and as long as you have X or more direct debits set up, you’ll earn £150 on this switch. [link]

Student account offer:

Hello [NAME],

Have you accepted a university offer for September? Book an appointment with us to set up a student account with an overdraft facility and receive a free 16-25 railcard.

Book a meeting: [link]

New interest rate:

Hello [NAME],

Have you seen our new X% interest simple saver account? If you’d like more information about this account and your eligibility, please visit our website here:[link]

Lifetime ISA offer:

Hello [NAME],

We noticed you do not have an ISA with us and wanted to send you some information on our Lifetime ISA. Visit this link to learn more about investing in your future: [link]

Product approval updates

Successful overdraft application:

Hello [NAME],

Congratulations! Your overdraft request has been approved. Please visit this link to read more about what this means for your account with us: [link]

Unsuccessful loan application:

Hello [NAME],

We’re sorry to inform you that your loan application for the sum of £X has not been accepted at this time.

If you require any support, please get in touch here: [your number here]

Successful loan application:

Hello [NAME],

We’re pleased to inform you that your personal loan application for the sum of £X has been approved! Please follow this link to book a meeting with our team and start the process: [link]

New account set up:

Hello [NAME],

Your new simple saver account is set up and you’re ready to start saving.

Make a deposit here[link]

Switch bonus:

Hello [NAME],

You’ve qualified for our current account switch offer and your bonus of £X will appear in your account within X working days.

Secure your customers’ funds

OTP codes:

Your OTP is: XXXX

Please enter this when prompted.

2FA for online banking:

This is your verification code to set up a second method of authentication: XXXX

Please enter when prompted.

Fraud detection:

Was this you? [retailer] [transaction amount] [date] [time]?

Please call us on [your number] if you suspect fraud.

Insurance policy updates

Life insurance is up for renewal:

Hello [NAME],

Your policy [policy number] with [insurance company] expires on [date]. Please click here to renew your policy: [link]

Insurance claim intimation:

Hello [NAME],

We’ve received your claim request [claim number] and will get back to you as soon as possible.

Health insurance offer:

Hello [NAME],

We’re excited to offer a limited-time promotion on our premium health insurance - [brief offer description]. Find out more:[link]

Appointment reminder & feedback

Appointment reminder:

[NAME], this is a reminder of your upcoming appointment with [staff] on [day] at [time]. Reschedule here:[link]

Collecting feedback:

How did we do, [NAME]? Please take a minute to complete this survey [link] so we can keep improving your in-branch experience.

SMS marketing best practices:

Now you’ve got a headstart on incorporating SMS into your multi-touch customer communication strategy, here’s a list of our top tips to help you keep developing your multi-channel approach.

Make every character count

With SMS, there’s only 160 characters so make sure that your message contains only the vital information necessary. It’s best to keep it simple and be concise.

Include a clear CTA

Be straight to the point and make it as easy as possible for your customers to get to where you’re directing them.

Personalise, personalise, personalise

Even something as simple as addressing customers by their first name can help build continuity and trust with your brand.

Send at the right time

It goes without saying but make sure that your communications are respectful and within working hours (as a rule of thumb). No one wants to be confronted with their financial decision-making in the middle of the night.

Be appropriate

Avoid heavy usage of emojis or exclamation marks to ensure that your tone is sensitive and your communications aren’t mistaken for spam.

Test before you send

Always send out a test message first to make sure you’re happy with the formatting and how well it reads on mobile devices.

SMS marketing and the financial sector

Not only is SMS marketing cost-efficient, but it’s also a powerful tool for building trust which is arguably the most important foundation for customer relations in the financial sector. Integrating SMS into your customer comms could be the key to boosting customer engagement and improving satisfaction levels through a contemporary multi-touch approach.

Is it time to equip your business with payment reminders, status updates, new account offers, two-factor authentication, and OTP codes?