Fintech companies, which are configured as neo-banks or entities that mediate in numerous financial aspects (transfers, loans, advice, investments, etc.), are a revolutionary and innovative business model that is closely linked to the mobile world. Mobile communications have an efficiency that is recognised by these companies in full growth and SMS messages are seen as powerful tools, thanks to the security that they offer and the numerous applications that they allow. The mobile is no longer considered to be useful, but rather as absolutely necessary.
Merging technology and finance
Fintech companies are known for presenting innovative products and services that are cheaper and simpler than traditional banks. The digital environment is, therefore, essential for them, and their users (mainly Millennials) demand communication through mobile phones, increasingly using them to make payments. Within this area, SMS marketing provides guaranteed value: in addition to launching offers and generating personalised sales (including cross-selling of financial products), short messages are constantly being used to inform and enable numerous interactions, including communicating the bank balance or any movement on the account, reporting stock market transactions and investments, notifying the deposit of wages, reporting payments made by credit card, alerting the user to any possible fraud, reminding them of a payment due date, sending notifications if a spending limit has been established, obtaining confirmation when carrying out or receiving a transaction (and at the exact moment when it is carried out), etcetera.
And let’s not forget that SMS is a secure means of communication that prevents fraud, thanks to the double opt-in system and single-use PIN codes used to confirm several types of transactions. In general, they are more trusted by the user than other communication channels, which can be the object of computer crimes, bank phishing or other types of scams, for example.