These messages are usually generated by transactional systems (Core Banking, Trade Finance, Cards,Loan Management, Stock Trading, FX, etc) resident with the institution which are used for day to day transacting. Examples of events that needs to be communicated are Account Debit, Credit, OTP, Insurance Premium Payments, Share Trade Intimation,Cards Payment Remainders, Loan Payments, etc. For security reasons in most countries it has been made mandatory to keep customers informed on any changes effected on their accounts or instruments.
Today ‘SMS’ is being used as the predominant channel for such communication. As the volume of messaging increases, this is becoming a cost prohibitive channel. Added to this customers are wanting more granular communication (nightly account balance, check book reorder level notification, payment remainders, etc) from financial institutions. ‘SMS’ is also constrained by 140 characters per message limit as well as with its inability to communicate ‘Rich Text’ messages, images and videos. ‘SMS’ is also limiting in its ability to respond to such messages.
Emails are also used as a channel for communication but life style changes (mobiles as a primary computing device) and user behavioural changes is making this channel ineffective for instant messaging and communication. This channel is fast becoming a post-mortem channel in the context of instant notification. If emails were effective we wouldn’t have seen social media and P2P messengers take centre stage of communication today.
MeOnCloud is secure, highly reliable, scalable and simple to use with feature sets which meets all the needs of the modern day customer on the move. It is available on the cloud (SaaS) or as an on-premise license model. Organizations can benefit immensely from different facets (messaging, transactions, marketing, lead generation, customer support) offered by MeOnCloud.