After an exhaustive search through credible sources, we were unable to provide examples of two to three case studies that show how financial institutions are using SMS/text to market new products or features to their customer base. It is possible that the requested information is not available in the public domain.
- There are numerous types of financial institutions, including the following:
- Central Banks
- Retail and Commercial Banks
- Internet Banks
- Credit Unions
- Savings and Loan Associations
- Investment Banks and Companies
- Brokerage Firms
- Insurance Companies
- Mortgage Companies.
- Some uses of SMS marketing for banks and financial services include marketing for new features and products, notification of transactions, and customer service.
- In contrast with social media and emails, the estimated response rate (click through rate) of SMS marketing is approximately 45%.
- The Bank of America highlights the feature of text banking but does not emphasize anything specific to market new products or features to their customer base by text marketing.
TEXT MARKETING CASE STUDIES:
COMPANY NAME: HENRY INSURANCE AGENCY
- Problem: The Henry Insurance Agency stores a significant amount of leads data. Sending emails and conducting calls to convert leads was not profitable for the company, and the process consumed time.
- Solution: The Henry Insurance Agency collaborated with TextMagic to send SMS to their leads on new products and features.
- Result: After the company initiated SMS marketing, there was a noticeable 10% rise in lead conversion. In turn, the company saved its staff time, but the outcomes were not specific to new products and features.
COMPANY NAME: DAKOTA FINANCIAL, LLC
- Problem: Dakota Financial, LLC had a communication issue with its customers, particularly those who resided in rural areas.
- Solution: Dakota Financial, LLC collaborated with TextMagic to send SMS to their leads about their new features and products.
- Result: Following the implementation of SMS marketing, Dakota Financial could communicate with their customers without difficulty, which also helped the company to evade repeated calls.
Initially, we searched for existing case studies or examples that exhibit how financial institutions are using SMS/text to market new products or features to their customer base using various SMS/text marketing articles and reports. Our sources included Business, Yale, IBSCDC, Trumpia, Text Magic, Capterra, Forbes, Tech Publish Now, and NS Banking, among others. However, most of the insights concerned overall SMS services such as notifications, customer care, and new client marketing, but was not specific to SMS/text to market new products or features.
Later, we took a different approach and conducted a search for practices of SMS marketing of different types of financial institutions such as central, retail, internet, and commercial banks, credit unions, savings and loan associations, investment banks/companies, brokerage firms, and insurance and mortgage companies. We explored sources like the Bank of America, CITI Bank, JP Morgan, Goldman Sachs, Alliant Credit Union, Quorum Federal Credit Union, TD Ameritrade, Fidelity among others. Again, we could not find valuable data. Most of the information we came across was on SMS banking, mobile banking, and overall SMS service but was not specific to SMS/text to market new products or features.
Finally, we expanded the scope of our search to include global sources and publications from more than two years ago for an analysis of SMS marketing by various marketing agencies such as Shastic, CU Insight, Deloitte, Mckinsey, IBISworld, Inc., Blue Compass, and SMS Global, among others to derive financial products that were successfully launched by SMS marketing. This strategy did not produce useful results as the information we discovered was on statistics and the implementation of SMS marketing.
Due to the lack of relevant information in the public domain, we were unable to present any case studies that show how financial institutions are using SMS/text to market new products or features to their customer base. As stated earlier, the information that we came across during our research concerned general SMS services such as notifications, customer care, and new client. There were no examples of financial institutions with success in SMS marketing to derive them as a case study.