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Banking, Accounting, and Finance SMS: The Ultimate Guide

Discover how your bank, accounting firm, or tax preparation service can use text messaging to improve client communication.

 Banking, Accounting, and Finance SMS: The Ultimate Guide
 Banking, Accounting, and Finance SMS: The Ultimate Guide

Planned or unplanned, formalised or ad hoc, your financial business regularly communicates with clients. Which is why you’ve probably noticed how much harder it’s become to reach people. 

You’re not imagining things:

The takeaway: traditional client communication channels don’t work as well as they used to.

It’s why more financial services companies are turning to texting. 90% of all texts are read in three minutes, and a simple SMS generates a response rate 8x that of email.

Sounds nice, right? 

Hi there, we’re SimpleTexting 👋 We put together this guide to help your firm take advantage of arguably the most effective way to reach people.

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The Benefits of Text Marketing for Finance

Sure, text messages are guaranteed to be read. But does that mean your clients want to receive them?

No one likes endless email chains and back-and-forth phone calls. We’d wager it’s why almost two-thirds of customers would switch to a company that offered text messaging as a communication channel.

Communicating the way your clients want to is a smart choice for any business, but it makes even more sense for financial services.

The reality is that very few people really like to handle their finances, whether it’s taxes, business filing, or banking. 

Texting is the ideal way to relieve that stress by making it faster and more efficient to communicate with you. You’ll gain a reputation as the firm that makes money matters easy.

How Financial Services Firms Use SMS

Now you know that texting works. But how can it help your business? Here are three examples:

  1. Give your clients answers and solutions in seconds. Send them important status updates, confirmations, and resource links without wasting time.
  2. Build trust with special perks, early access to services, and personalized messaging that shows you care about each customer. 
  3. Preemptively communicate important information. You can send tips, links, videos, and blog posts, empowering your clients and making your job easier.

Next we’ll give you a picture of text marketing for finance in action.

How Finance SMS Works

To illustrate how text marketing for finance works, we’ll use a fictional company, “ABC Tax.” Their head of communications has two goals:

  1. Send ABC’S monthly investment report to all clients.
  2. Enable accountants to book meetings and send updates via text.

For their first goal, they’ll use mass texting to send one message out to hundreds of their clients. For the second goal, they’ll use our SMS inbox to communicate one-on-one with clients.

What Phone Number Does ABC Use?

By default, we set up every account with a complimentary toll-free number that can send a high-volume of messages and supports 1-on-1 texting. We also offer:

  • Dedicated short codes that are ideal for sending a high volume of texts
  • The ability to text-enable an existing local landline or choose a new one, which is ideal for two-way messaging

Mass Texting

Here are the steps ABC needs to take to share their report via SMS. 

Note: sending a monthly investment report is just one example of how financial services firms are using texting. You could send special offers for CDs or provide stock updates in real time.

Regardless of what you’re texting, the same three steps apply.

1. Gather Subscribers

This means getting people to subscribe to receive texts from you. Most businesses use keywords to do this. 

Keywords let clients sign up for text message alerts by texting a word or phrase to your number. They’ll immediately be subscribed to the text messages you send.

For example, ABC might create the keyword “ABCREPORT.” When a customer texts this word to its phone number, they’ll receive a message like this.

Today 8:25 AM
Thanks for subscribing to ABC Tax Reports! Msg&Data rates may apply. 4msg/month. Reply STOP to cancel.

ABC could also:

  • Use their existing marketing channels to introduce texting, e.g., write up an email that includes the keyword and push it out to their clients. 
  • Make it a part of their welcome as clients come in. This could look like putting their keyword on display on their desks or include it on client paperwork.

2. Send the Text Blast

Now it’s time for ABC to hit “send” and push the message out to all their subscribers. This video explains how easy it is to send a text blast.

3. Track Performance

As ABC sends out texts, they’ll want to keep an eye on their analytics. Knowing where their subscribers came from and which messages they open and engage with will help them focus on what’s effective.

Other Helpful Features

SimpleTexting has a lot of tools to help you fine-tune your text marketing strategy. Check out some of our favorites:

  • Got existing contacts? You can import these from a spreadsheet into our SimpleTexting application. As long as you’ve got consent to text, you can take it from there.
  • Create a series of messages, photos, or documents that send out over time. Messages can go out for days, weeks or even months to keep your audience interested and in the loop.
  • Use customer segmentation for smarter, targeted messages to specific groups of subscribers.

One-on-One Texting

Business texting is the go-to solution for one-on-one interactions.

Many finance professionals use business texting to:

  • Send out appointment reminders to cut down on no-shows

Your clients are busy, too. Sending an automatic appointment reminder helps keep you at the front of their minds. 

  • Send tax return status updates so clients know where they stand

Save your clients the trouble of having to navigate the IRS website. Send them real-time updates as their tax return is processed. 

  • Utilize business texting to enable 1-on-1 informational exchanges

Texting is the best way to give your clients easy access to you (and you to them). Business texting helps you ask and address important questions without the delay of back-and-forth phone calls or emails.

For ABC to enable their accountants to book meetings and send updates via text, all they need to do is give them access to SimpleTexting’s inbox.

Once that’s done, the team can take advantage of all our excellent business texting features. They can leave private notes for themselves or another team member, use a template, or schedule a text for later. They can even give each accountant their own number.

They can also manage their texts from their cell phone with SimpleTexting’s mobile app. This video explains how it all works.

Text Marketing for Finance Templates

If you’re looking for tax text message examples or appointment reminder templates, here are nine texts you can use for inspiration.

Today 8:25 AM
Reminder: your appointment with Houston Financial is this morning at 10:30. Reply YES to confirm.
Today 8:25 AM
Tax Day is one month away! Finish filing now with our one-stop tax helper.
Today 8:25 AM
David, we noticed a suspicious transaction on your account this morning. Reply to this message if this wasn’t you.
Today 8:25 AM
ETF is down by 0.87% this morning. Check our website for current market updates.
Today 8:25 AM
Hi Jeff! I wanted to change my appointment time next week from 5:00 to 5:30. Does that work for you?
Today 8:25 AM
Hi Lisa! Remember to record your transactions for quarterly reimbursement.
Today 8:25 AM
Last step! We’re still missing your W-2 from this tax year. Send it over and let’s get your taxes wrapped up.
Today 8:25 AM
As Q2 draws to a close, don’t forget your quarterly estimated tax payment!
Today 8:25 AM
Have you written out your budget for the year? A good budget can keep you from overspending and help you plan for emergencies.

Try SimpleTexting for Free

That’s it—everything you need to know about finance SMS in one straightforward guide. The next step is to sign up for a 14-day free trial and try it for yourself.

If you have more questions, you can also request a demo. Alternatively, you can text or call us at (866) 450-4185 or use the chat at the bottom of your screen.