Nearly two-thirds (59%) of people using mobile banking services receive at least one text message each month, and consumers who use both online and mobile banking services interact with their financial institutions 62% more than those who use online banking alone, according to research from Digital Insight, a CUNA Strategic Services alliance provider.

This makes text message banking an ideal way to attract and retain your most active members, the company reports.

Effective text message banking services, according to Digital Insight, have these features:

• Optimisation for most mobile phones;
• Up-to-date account information;
• Ease of use;
• Simple end-user enrolments;
• Robust security using an activation code;
• Quick, automated implementation;
• Custom alerts (i.e., low balances) that inform members and reduce member service call volume;
• Mobile reporting that tracks results; and
• Commands that allow quick transactions, such as checking balances and transferring funds.