Safety and security are top priorities when it comes to any financial institution, but especially for banks. Your business will handle a lot of your clients’ sensitive and personal data, so having robust features to keep them safe is a must. Not only does it help build trust between you and your customers, but it also ensures you remain compliant with any local laws.
One easy way to give your bank customers the security they deserve is by using one-time passwords sent through SMS. Here are some of the benefits of utilizing it to keep data safe:
What is an SMS OTP
A One-time password or OTP is an authentication code that is sent to a user to verify their identity. It’s generated randomly and is only valid for a short period of time to ensure it can’t be used by anyone else.
There are a number of ways to send OTP codes, but SMS is definitely one of the best ways to go. It’s quick, easy, and convenient for both you and your customers.
Applications of SMS OTP
When it comes to banking security, SMS OTP is the perfect security tool. You can use it to help clients with account activation, password changes, transaction authorization, and so much more. You can even use it for password-free logins to make things more convenient for your clients.
At the end of the day, as long as you need an easy and convenient way to confirm your clients’ identity, then CommPeak’s powerful SMS OTP services is the way to go. Prevent phishing and identity theft with just a few mouse clicks. This way, you can build your bank’s reputation as something that trustworthy and will protect sensitive data with the best tools possible.
With our wide array of integrations, we can give you the exact services you need. If you need something modified for your specific operations, just message our technical experts and they’ll help you figure something out.
Aside from the wealth of applications, here are a few other reasons why using an SMS OTP service is going to benefit your banking operation:
Automated
The added layer of security is the most important benefit of SMS OTP. With it, you can drastically lower cases of phishing and stolen identities. It’ll help you safeguard your clients’ data and funds with ease.
And with CommPeak’s automated software, you can make sure that only authorized parties actually gain access to your client’s accounts.
Accessible
SMS OTP is also a lot more accessible for a lot of people compared to other OTP options. You won’t need an Internet connection—just a working phone number. This makes things easier for your client, especially in the event of an emergency where they may not have easy access to the Internet.
It’s the perfect option if your clients are on-the-go or if you’re looking to cater to people who live in a rural area. With our SMS OTP services, you won’t have to let the lack of an Internet connection stop your clients from accessing their accounts and making transactions.
Cost-Effective
CommPeak’s SMS OTP services are incredibly cost-effective, especially given the level of protection it provides. It’s a lot cheaper than other options, and there’s little sacrifice in terms of quality. You can accommodate so many more clients with ease and without breaking the bank, so you can direct your funds elsewhere to more important things.
And, when you use any of CommPeak’s services, you also get access to our 24/7/365 support. So, whenever you have a problem, our technical experts will help you through it and ensure that your banking operation can keep going no matter what happens.
Easy to Integrate
There’s nothing easier than integrating CommPeak’s SMS OTP services into your current operations. It’s fast, seamless, and worry-free. And if you run into any trouble, we have a dedicated support team that can help you through your issues.
We also offer a wide variety of CRM integrations to further simplify the process. Just add your CRM of choice into our SMS platform, and you won’t have to worry about lost or desynced data ever again. And, if that doesn’t work out, you can also easily import your leads directly into our SMS platform using a .csv file if that’s more convenient.
Legal Compliance
OTP isn’t just an added security benefit for your banking operation, it may also be necessary to fulfill legal requirements. Depending on where you are, this could mean the difference on whether or not you’d be allowed to offer financial services to your clients.
Some countries require increased data protection, especially when it comes to a financial institution like a bank. And with our specialized SMS OTP services, you can give your clients the added layer of security that they need to keep all their sensitive data and financial accounts safe and secure.
User-Friendly
SMS OTP is also incredibly straightforward, both for the end-user and the banks who’ll be providing them. If you’re a client, all you need is a working phone number and you can already receive the code. And once they input the code into your website, then it’s all done. No other steps necessary.
And, this user-friendliness isn’t just for your clients. Setting up CommPeak’s system to send OTP messages is simple and straightforward. With just a few clicks, you can automate the entire thing and even set things up to generate random codes for you or use a third-party service, whichever you prefer.
Conclusion
SMS OTP is a great tool for any banking operation. It’ll give you the security both you and your clients deserve. And, the best part, is that easy, simple, and incredibly cost-effective. It’s easy to integrate into your current workflow, so you won’t have trouble adding it into your current process requirements.
If you’re interested in learning more about our OTP services or any of our other communication solutions for your bank, get in touch with our sales team and book a demo. Let’s talk about what you need.
