Mobile Messaging FAQ: How Are Banks Using Mobile Notifications?

Digital business professionals at banks must understand how their competitors, both traditional and new, are using mobile notifications to improve communication and the customer experience. Banks rely heavily on mobile messaging to communicate with their customers, with simple alerts that demand immediacy: Among the 37 banks we surveyed, 78% use SMS, 68% use push notifications, and 22% use interactive push notifications. Top use cases for notifications among banks are account alerts, account support, reminders, and confirmations; a surprisingly high 27% of banks use them to drive purchase and consideration, which is fraught with difficulty. The best banking notifications provide real-time updates on accounts as well as complete information when possible. Banks must use notifications to reduce their customers’ dependence on their app for simple tasks or information and offer more convenience.