The introduction of online banking marked an important
step for banks into the 21st century; being able to
access account information rapidly and remotely is a
boon to the modern person. But more and more, online
access isn't cutting it; web pages are often less accessible
on the go, or less user-friendly on smart phones. Many
banks have made these services more accessible by developing
banking apps, but what about when Internet or data access
falter? Text banking offers a quick, easy, and readily
available solution.
Text banking, or SMS banking, operates similarly to
many automated text messaging services. Users can text
certain codes that correspond to particular account
information to a designated number, and in response
receive a text with the requested information. Text
banking allows users to quickly access basic information
such as account balances, credit card balances, ATM
locations, and recent transactions anywhere and anytime
using only SMS.
SMS banking also affords users the ability not only
to access information, but to perform basic banking
functions via text message, such as authorizing transfers
between accounts and adding new accounts to text banking.
So, text banking users can even modify their accounts
and take basic action remotely and exclusively through
text. Of course, not all functions can be accessed via
text, due to their complexity and to security concerns.
Even among the features commonly offered by text banking,
many customers worry about security. After all, accessing
sensitive content such as bank information on the go
can allow more onlookers to see private details than
in the security of a bank or online in the privacy of
home. Those less comfortable with the relocation of
much of modern life to technology such as mobile phones
may also simply feel less secure receiving and transmitting
private information via text message due to a lack of
comfort with such an unconventional and new medium for
banking.
Many banks that offer SMS banking have taken measures
to prevent security threats in text banking. Customers
who use text banking, for instance, are often assigned
a special PIN they must text in before they can request
any banking information or make any changes to their
accounts. Additionally, users are sometimes asked to
assign names to their bank accounts, so that they can
use a code name instead of a full account number while
SMS banking.
Banks have also found other ways to use SMS to increase
security. For example, customers at many banks can opt
in to receive text messages when their account balance
drops below a certain point, a more convenient, and
perhaps more efficient, alternative to receiving phone
call or email alerts. The same can be done for large
payments, payments in other states or countries, or
any other suspect transactions.
While banks have yet to take all the functions of a
physical bank to SMS, text banking has rapidly taken
on a rich and productive life of its own, bringing many
essential banking functions to a customer's fingertips.
Banking more and more grows into a robust example of
the power of text messaging to make everyday tasks both
more efficient and convenient.
About the Author -
Sharon Housley is the VP of Marketing for NotePage,
Inc. a software company for communication software solutions.
http://www.notepage.net
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