In the wake of the financial crisis that rocked this nation and sent ripples throughout the global economy five years ago, banks and other organizations in the industry have been ordered to comply with new regulations pertaining to their daily operations. While the written laws themselves are long and arduous to read, the focus of most of them is to improve the way banks interact with and manage their customers.
Initiatives like the Dodd Frank Act were aimed at financial institutions to take accountability for their actions, but that doesn't let the average individual off the hook. In reality, the two sides must work together. On the bank side, that may mean educating customers on pertinent aspects of money management, as to improve relationships and allow them the resources needed to take preventative measures to alleviate financial risks.
One way organizations could help is by sending text alerts to customers, not just informing them of any important changes to their personal accounts, but to provide valuable information that teaches best financial practices. America Saves, a campaign managed by the Consumer Federation of America, was recently launched and sends texts to recipients providing valuable tips on how to manage and save personal finances.
America Saves Director Nancy Register spoke with the Times Dispatch about her organization's initiative and explained that this will help customers but also serve as a text message marketing program.
"So many incentives are really retail strategies," she said. "You have to spend to save. Many savings tips, like clipping coupons or waiting for deals, are about spending less."
By offering helpful information, America Saves will help banks improve their own reputation while working side-by-side with customers to improve their financial standing. This will go a long way toward appeasing regulators and selling organizations as worthy money management options.
Swift SMS Gateway offers the tools needed to launch effective SMS programs.