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Fintech One•On•One
David Baxter, CEO of Solutions by Text, on the growth of integrated text payments
Feb 27, 2025
Dave Baxter, CEO of Solutions by Text, leads a platform transforming financial services through integrated text payments. He discusses the surprising low usage of texting by corporations in finance, despite its higher engagement rates compared to email. Dave shares insights on the onboarding process for clients and how SBT simplifies payment transactions via text, enhancing customer experience. He emphasizes the growing consumer preference for text payments and how AI is being leveraged to improve compliance and engagement in the industry.
33:58
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Quick takeaways
- Text messaging offers a significantly higher engagement rate than email, resulting in improved payment collection and customer satisfaction in financial services.
- Compliance concerns previously hindered text messaging adoption in finance, but specialized platforms now ensure regulatory adherence while enhancing communication efficiency.
Deep dives
The Effectiveness of Text Messaging in Financial Services
Text messaging has proven to be significantly more effective than email in the financial services sector. While only 20% of emails are opened, nearly 98% of text messages are read within five minutes, highlighting consumers' preference for quick and direct communication. This high engagement rate translates into better financial outcomes, as companies utilizing texting for payment collection see completion rates increase by five-fold compared to other channels, which leads to reduced charge-offs and improved collection rates. The time taken for resolving inquiries has also drastically reduced from eight minutes via traditional call centers to just two minutes with text messaging, showcasing a clear advantage in efficiency.
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