Financial services play a major role in the economy. With the changes in the financial regulations and global market fluctuations, the financial service institutions change their policies, interest rates and other regulations on the basis of current market position. SMS advertising is more beneficial to these companies to give market updates to their customers. SMS advertising benefits the financial service institutions in these ways
- SMS advertising helps the financial service companies to attract many investors and people, by sending SMS, having details regarding new attractive offers. Financial services includes many service companies like mutual funds, stock brokering firms, investment banks and insurance companies.
- If it is mutual funds company, SMS advertising help the company to give information about their high NAV policies, current NAV rate, as the mutual funds NAV values changes with respect to the market fluctuations. They send SMS to attract investors and public to invest their money in their firm. SMS advertising helps to maintain good relationship with their existing policy holders and to increase the customer loyalty, as if the customer loyalty increases, profits will also increase automatically.
- In case of stock brokering company, they get more benefits from SMS advertising. Stock brokering firms uses SMS ad service in many ways, to offer discount brokering charges, to send stock price details to their customer and to conform their stock buy or sell positions. Many stock brokering companies use SMS advertising to update the stock prices, because stock prices fluctuate every minute. If the customer buys or sells a stock, they get profits.
- SMS advertising helps the insurance companies to attract people for their new policies by sending SMS ad to the target customer. In order to improve their profits, SMS advertising helps to advertise about offers such as special term insurance policies for the employees, pension plans for the employees who are going to retire in few days, etc.
Apart from the above specialized benefits, there are few common benefits for the financial service institutions. They are
- SMS advertising requires less cost to implement.
- It can reach target customer.
- It is an instant service, speed and fully personalize for person to person.
- It is a two way communication and has higher response rate.
Due to all the above benefits, we can say that SMS advertising helps in growth of financial institutions.