SMS and RMM Business Text Messaging for Finance
Elevating the way financial customer services work.
93%
reduced credit issues
59%
client engagement boost
63%
improved user experience
Challenge
Improve B2C communication and enable customers to monitor account activity without an Internet connection.
Solution
Development of a custom SMS and RMM solution to be incorporated into the client’s workflow.
Tech stack
Java + Spring.
Client
Our client is a respectable forward-looking Eastern-European banking and finance institution operating in the market for over 30 years. The in-house process of customer service improvement and transformation induced the company to turn to Modsen in search of high-quality technological solutions.
Challenge
The increased attention to personalization in finance has led to the ever-growing competition between banks in terms of the level of customer service provision. To stay ahead of the curve and deliver top-tier financial services to their customers, our client decided to incorporate SMS and RMM messaging to:
- Strengthen payment security
- Improve account monitoring capacity
- Derive additional customer insights
- Increase customer engagement
- Eliminate missed credit payments
- Deliver time-sensitive notifications
The recent turn-about to using an original communication technology like SMS augmented by APIs proves the potential it has to simplify, streamline and improve customer servicing for a wide range of industries, including finance. Our team was glad to take up the challenge and help our client in achieving their business goals.
Team
1 Lead 3
Developer engineers
2
QA testers
2
UI/UX Designers
1
Project manager
1
Business analyst
Development process
Requirements processing:
The first step to the successful hustle-free project development process is the collection of product requirements and goals. During the 2 online consultations with the client, our team documented all the valuable details and provided additional technological solutions and suggestions to make the final product more efficient, performative, and cost-effective.
Team assembly:
Based on the set of product requirements extracted during the previous phase, our company CTO pre-selected a team of senior-level engineers enjoying the relevant experience in building SMS and RMM solutions for the financial industry players. The client was able to alter the team composition according to their preference and conduct interviews and competence tests to make the final choice.
Design:
The interface of the SMS service powering software had to meet the basic requirements of being minimalistic and navigable to allow customer service specialists quickly access the necessary features, view analytics, and perform other service management operations. To achieve this, our team of Modsen Design Studio specialists adhered to the following action plan:
- UX research
- UX strategy building
- Wireframing
- Visual design development
- Front-end testing
Coding:
At the heart of SMS business messaging service development lies API building, the right choice of tools and technologies which directly affects the robustness, velocity, and performance of the service. Modsen developers have mastered the SMS and RMM solution delivery and keep advancing their skillset to be able to provide our clients with the highest quality products and services. Apart from API building, the task also implied the development of software that would manage the service and analyze customer feedback, extracting valuable insights and identifying prospective growth points.
Testing:
At Modsen, we pay special attention to the testing phase. To make sure the SMS messaging service was operating like clockwork, the project team QA testing specialists drafted multiple scenarios for manual and automated test runs. The identified inconsistencies were documented and directed back to the engineers for adjustment.
Integration:
The closing phase of every project is the integration of the software into the client’s business routine by transferring the documentation, code, and usability guidelines. Our specialists supervised the deployment of the software and provided the necessary support for the process.
Servicing:
We are targeted at long-term cooperation with our partners to make sure the software we build will be taken good care of by the same specialists it was initially developed. This time, apart from conducting the servicing and maintenance part, the client expressed the desire to scale the SMS messaging service functionality after a year of successful software performance and our team’s currently working on the task.
Result
The most exciting part of the cooperation is receiving feedback from our partners, whose businesses gained an immense competitive edge by incorporating Modsen-designed software ideas. The SMS messaging solution for finance we launched 12 months ago has shown incredible results:
93%
decrease in missed credit payments
59%
customer engagement growth
63%
improvement of customer experience according to the SMS surveys