SMS: the new weapon in financial organisations’ arsenal

"text messaging could cut communication costs in half"

CMG has launched a new m-business service platform for the financial sector. The service will reduce the costs associated with call centre support, while making customer contact more personal.
According to CMG, a typical contact centre incurs an average cost of £6 per communication transaction (of which £3.30 represents a personnel-related portion). However, the cost of auto-formatting and sending a text message could be as low as 20p, with potential savings on personnel costs estimated at up to £3 per customer contact.

The m-business service platform has been designed specifically as a risk-free approach to an organisation’s mobile strategy. It incorporates the consultancy and implementation service necessary for a quick roll-out, but without the need for large capital investment.

The new service includes identifying the potential for both cost reduction and revenue enhancing SMS opportunities, and calculating the integration requirement (including agreed metrics and guarantees). CMG will then go on to take care of the connectivity, message capture and response, and subsequent information management. The company’s platforms, hosted in CMG’s dedicated data centre, can deal with more than 1000 messages/sec.

"The beauty of SMS is that it provides a ubiquitous channel for B2B and B2C communication using proven and accepted technology. After all, nearly 80 per cent of the UK population has a mobile phone and SMS has achieved wide acceptance amongst the 16-34 age group," said David Mather, strategic sales director finance at CMG. "Moreover the cost benefits, not to mention the opportunity for proactive, direct, personalised contact between financial services organisations and their customers are immediately obvious. If businesses are at all serious about expanding their communication channels, reducing current call centre costs and adding extra value to their customers, they should be looking into SMS."

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