Given the average UK person opens SMS messages in less than 3 minutes and 64% of UK consumers have outrightly stated that businesses should use SMS more often, SMS APIs could be the missing piece of the puzzle that establishes a connection between banks and their customers - with ease, with security and with cost-effectiveness.
Being a reliable channel for authentication, SMS is heavily relied upon for one-time passwords (OTPs). However, SMS can also be used by financial providers in other ways - SMS can help shorten the sign up process by eliminating the need for lengthy sign up sheets and when combined with surveys, forms, and QR codes, SMS is a valuable tool for improving customer relations.