‘Banks should be made to regularly prompt their customers to check that they are getting good value from their banking provider’ … what better prompting tool than text?
This is the latest guidance emerging from the Retail Banking Investigation carried out by the Competition and Markets Authority (CMA) – a non-ministerial UK government department responsible for strengthening business competition and preventing and reducing anti-competitive activities.
Banks are being accused of being lackadaisical in notifying customers if they are about to go into unarranged overdraft and keeping them informed about more competitive services etc.
Many banks are already using text as part of a process, such as confirming online transfers or to send a one-off login access code to customers. They tend not to use them to notify customers on matters that make the bank money!
Both these problems (and there are lots more in the full 400+ page report) are easily solved by sending a simple text to the customer.
Banks have the Mobile Messaging technology, so maybe it won’t be long before all banks are sending overdraft text alerts and information messages (with URL links to ‘best-value banking services comparison sites’) to customers as a matter of routine!
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