Situation
ABC Regional Bank had multiple challenges on its hands: attracting and keeping customers in a competitive, digitally oriented marketplace while offering protection against the increasingly sophisticated tactics criminals were using to access customer bank accounts, data, and funds.
Every day, it seemed, a new headline appeared in the news about identity theft. Then one branch reported a customer who’d been a victim—and lost thousands in the process.
A short code messaging program delivered answers on multiple fronts.
Results
Customers could sign up for the service straight from their phones with a quick text. And the bank could efficiently deliver them the right information at the right time, both routine notifications like an interest rate special or a CD coming due and immediate alerts of potentially fraudulent activity. The messages were short, convenient and familiar to customers accustomed to texting for daily communications, two-factor authentication and more. And because the service was opt-in from a trusted institution, they knew their data was safeguarded.
Solution
One customer’s story illustrated how short code text messaging was helping ABC Regional Bank strengthen consumer protection and engagement. One night while out of town on a business trip, Elizabeth’s phone buzzed. It was a text message about an atypically large purchase through her debit card. She knew she could trust the message because she recognized the five-digit number as the service she’d signed up for earlier in the month. Immediately from her phone, she texted back “no,” and soon received a reassuring reply. The charge was denied, no money had been removed from her account, and her account was flagged and secured for further protection. She continued her trip without worrying about her account’s security or identify theft—and continued a happy customer relationship with ABC Regional Bank.
Application
Fraud Alerts
Results
Secure banking on the go
Use Cases
Authentication
