The financial sector has always been an early adopter of new technology. Financial institutions were among the first to use text messages to send critical alerts to their customers worldwide. Over the past several years, real-time alerts have helped significantly reduce fraud and improved customer convenience.
Even more than two decades ago, when I was in Sweden, doing one’s taxes was as simple as sending a text message. Most taxpayers didn’t have to deal with complicated tax forms or issues regarding itemized deductions. They received a document from the government that was already filled out with the necessary information. Some people even received a text message containing their prepared tax information, and if they replied "yes," they were done with their taxes for the year!
My experiences in India around 2012 were also similar. Banking users received SMS alerts for every transaction from their accounts, including spending on credit and debit cards and notifications on credit limits. Nowadays, bank customers get account information and use services like checking account balances, viewing transactions, ordering a cheque book, updating an email address, and more via SMS alerts.
As part of the new digital banking experience, we have started sending real-time electronic alerts to assist and guide our members with the new banking platform and their transaction activity. Our Customer Relationship Management (CRM) triggers an SMS alert to the member or potential new member based on pre-defined use cases like service request status, resetting a password, or updating a member profile. This enables the recipient to keep track of their requests and get updates on a real-time basis.
These electronic alerts are also in accordance with the Financial Consumer Agency of Canada (FCAC) within the Financial Consumer Protection Framework. These text message alerts are intended to help our members manage their day-to-day finances with greater ease and avoid unnecessary fees. The private nature of these transactional alerts ensures that they are both secure and discrete/confidential. Our top priority is to ensure that our members are comfortable and protected from fraud. To achieve this goal, these alerts make them feel secure and allow them to fulfill their banking needs from anywhere and at any time.
The new electronic alerts facility will enable our members to get real-time banking information on their devices. It will alert them via push notifications, text messages, or emails when their chequing or saving account falls below the required amount of $100 or whatever amount they have set. Additionally, an alert will also get triggered when the credit available on their credit card or personal line of credit falls below $100 or an amount they’ve set.
This system will allow members to manage their expenses and avoid paying additional charges or penalties. The swift alerts will also help them plan effectively, save precious time, and move forward in an informed manner.