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How the Financial Sector is Leveraging Texting to Boost Engagement in 2023

Financial Sector Compliant Featured Image
January 19, 2023
Lauren Goldenberg
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Smartphones enable us all to manage our digital transactions more efficiently and effortlessly than ever. As we gain faster access to services, convenient payment options, and what may have once been an almost unimaginable array of financial services through innovative technology options — your portfolio clients are going to expect more.

After all, finance and tech go together so well, there’s even an entire industry that’s sprung up as a perfect hybrid. But whether you’re part of the FinTech revolution or offer more traditional services — leveraging the power of texting can keep you competitive in the current market.

For financial planners, success is the by-product of building value for your clients through sound advisory services that raise portfolios or keep customers credited — as well as providing content funnels, critical marketing comms, or even urgent notifications for financial matters that may be pressing (like limited bank funds or a fraud alert).

Gain clients’ trust and offer them extra financial freedom by remaining available and easy to reach over the device they use most: their mobile phones.


texts sent per second.


Compliant Texts Simplify Reminder Campaigns

Adhering to strict regulatory compliancy rules is nothing new. It goes back decades… constantly evolving and scaling up in need (and penalties for deficiencies, evasions, and other violations) as the years have piled up.

Specific laws and regulations were created to govern texting, social media, and other marketing channels in the digital age. With an average of 270K texts now sent per second, it is simply not good business sense to avoid text messaging any longer. After all, this is how we all communicate in the modern world.

Still, the question remains… how do you ensure compliancy?


Compliancy is Key in the Financial Sector

FINRA and the SEC have set forth text compliancy laws for financial advisors, bankers, loan officers, and others to follow and maintain client privacy and safety.

Not only must all subscribers give consent (as is the case for businesses across all verticals), the financial sector must take special industry precautions and must keep up-to-date on all policies.

For example, FINRA’s Regulatory Notice 17-18: Social Media and Digital Communications offers important guidelines that include keeping records of business communications under SEC Rule 17a-4(b)(4). At the core of rise-based preparedness, firms must archive, monitor, and be able to produce text message data.

Firms must also refrain from establishing third-party links to sites the firm knows contain false or misleading content.

These are just a few of the guidelines to be aware of. Remain hyper-vigilant of knowing what rules pertain to your business as you text with your clients and leads.


How Does EZ Texting’s Features Aid Compliance?

One of the ways EZ Texting can help is by streamlining the process of uploading compliant contacts with our straightforward contacts management system. Compliant contacts are those that have agreed to receive text messages from your business.

Easily upload, keep track of comms, and ensure your opt-in list is up to date. You can further simplify the process by segmentation (ie clients requesting fraud alerts or low balance notifications).

Sample Text Message

Our SafeSTOP feature further eliminates compliance risk with our revolutionary, secure process for opting out, setting preferences, or reporting unwanted texts. While this is critical for any industry, security is even more imperative for those within the financial sector.


Schedule Meetings Faster with Reminder Texts

Remind clients to schedule appointments to discuss 401(k) options, annual spending habits, loan options, valuable seminars you’re offering, and more. Automated text reminders are the simplest, most unobtrusive way to reach out to your database, encouraging them to take the time to focus on their financial future… while not coercing them.

Sample Text Message

Online scheduling makes it simple for clients to book appointments based on their own initiative and interest. And an easier scheduling process quickly translates into more clients.

To encourage quicker bookings, add a sense of urgency or include a promotional offer.


Bring Clients Closer To Their Financial Goals With Reminder Alerts — and Minimize No-Shows

Sample Text Message

It’s important to remind clients to set up appointments early to keep them on track — but you can also mitigate no-shows via helpful prompts about upcoming meetings. Missed appointments can be costly in wasted time and opportunities. Instead, automate your reminders with just a few clicks and ensure bookings run smoothly.

With the ease of reminders and booking via textable Link Shorteners, you can ensure that clients can set up appointments 24/7 or simplify rescheduling.


Texting Encourages Engagement with Current & Past Clients

Revive old relationships and strengthen the connection with leads and current clients via text message blasts. With text’s 98% open rate, often read within minutes (if not seconds) of receipt, you can easily connect with clients and prompt fast responses to your calls to action.

Texting is also the top marketing channel for nurturing customer relationships throughout the year.

More clicks and more conversions always equal more customers.


Increase Sales By Sharing Valuable & Educational Content

Stay top-of-mind with existing clients by staying in touch and sharing value-packed and educational content.

Sample Text Message

Cultivate relationships with your clients by automating texts with smart inbound marketing strategies like Drip Campaigns. Segment contacts appropriately so that you can best appeal to their specific needs and interests.


Guard Clients’ Financial Security with SMS Alerts

In this age of computer hacks and identity theft, nothing will put clients more at ease than demonstrating that you’re staying a step ahead of the scammers.

Text unusual activity alerts to customers so that they can act quickly and decisively as needed.

Sample Text Message

Other helpful notifications include large ATM withdrawal amounts or a heads up on large purchases made through an account.

Like everything in life, early detection can help thwart problems down the road.


Protect Clients’ Financial Stability With SMS Alerts

Help customers keep their financial accounts in good standing — text alerts help people avoid penalties for low balances.

Sample Text Message

Help customers track incoming cash as well, with direct deposit alerts. This can be particularly useful for customers whose direct deposits don’t regularly arrive like clockwork… such as those who freelance or work on a per-project basis.


Streamline Operations & Reduce Follow-Ups via 1-on-1 Chat Messaging

On the road to financial security, you can expect a little insecurity along the way.

Sample Text Message

Solve concerns quickly and efficiently with 1-on-1 Chat messaging. As a financial expert, you’re selling your expertise. Address issues head on with expedient texted replies.

The ability to respond in real-time (averting time-consuming phone tags and other delays) will impress clients and keep them vested in your business year after year.


Solicit Referrals & Website Reviews from Happy Clients with Texts

Sample Text Message

Grow your business even more by actively seeking important referrals. Include a promotion for clients that retain your services, and streamline the process by including a link they can click or share.

You can also send automated texts to encourage positive reviews on your website or any other channels.

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