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EOFY 2024: How financial services can use SMS to connect with clients

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Tips, tricks & hacks 5 min read | Paul Tancell wrote in blog on May 23, 2024

Too many clients, not enough time? EOFY can be a challenge for financial services. SMS can help! We’ve talked to Business Growth Expert Caren Hendrie about how financial organisations can juggle hundreds of clients during one of the busiest times of the year.

It’s EOFY and you’re in financial services. Your people are rushed off their feet, you’re trying to tick all the tax boxes for yourself and your clients, you still have to keep up with the day-to-day work – and clients want to hear from you more than ever. We wouldn’t blame you for feeling a bit overwhelmed.

How do you cut through the chaos and keep in touch with hundreds of clients, without impacting the other important stuff? We talked to Business Growth Expert Caren Hendrie about the EOFY juggle – here’s what she had to say.

1. EOFY and financial services: Focus on personal connections

Even in finance, which can feel impersonal, clients want to know that you know them, understand their needs, and care about their businesses. According to Caren, that desire for connection can’t be understated. “We should be doing everything we possibly can to connect with clients.”

When it’s super busy, keeping up with that communication can feel too hard – but that’s where tech solutions (like SMS) can come in handy.

A simple SMS alert or update, a reminder about EOFY deadlines, or a message telling clients to get in touch with EOFY queries can all open the lines of communication and keep clients from feeling forgotten.

2. Buy back precious time

We know, we know – you’re not just busy at EOFY. In most financial service orgs, it’s kind of a year-round issue. But, with the right tech, you can claim some of that precious time back, giving you more hours for relationship-building and other strategic work.

As Caren explains, automated workflows are a must-have. “If you can automate something 80%, then you can humanise the other 20%,” she says. “If software can do that 80% for you, why wouldn’t you let it, and redeploy those resources to respond faster and grow your business?”

At tax time, automation can help you keep in touch with clients without time-consuming phone calls or time-delayed email communication.

“We’re using SMS to have instant two-way conversations with our clients and send bulk SMS notifications when a deadline is approaching,” says Caren.

Being able to send a reminder to thousands of clients in literal seconds? Game-changer.

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3. Pick software that fits your business

“It’s not just using software to save time so you can increase client engagement. It’s finding software that can help you connect with clients better,” says Caren.

Despite myriad options out there, not every piece of tech is right for every business – so don’t get carried away subscribing to every flash new app as it hits the market. Sometimes, simple is the best option. 

For Caren’s business, SMS has delivered a huge amount of value for something relatively simple. 

4. Reach clients in real time

Clients can make EOFY harder for financial services by failing to send paperwork on time, or sending it at the very last minute. However, this is often caused by a lack of clarity around deadlines and the paperwork needed. 

As Caren explains, this is another area where during EOFY SMS really shines. “We don’t just send out messages to our clients saying, ‘Hey, this is the deadline.’ We say, ‘If you don’t get your information to us by this date, we can’t guarantee we’ll get it filed on time, and you risk being fined,’” she says.

By messaging clients about filing deadlines – and letting them know what happens if they miss them – her business minimises the last-minute scramble without one-on-one phone calls or emails.

“If you can take some of the load off your teams so that they’ve got time to do the actual technical stuff, you can relieve the stress that often weighs heavily on finance teams at this time of year.”

5. Build simple, personal connections

Client communication doesn’t have to be all business all the time. There’s space for more personal connections as well. Holiday greetings, business anniversary messages or congratulations when a client reaches a big milestone – those personal connections can help you build stronger client relationships and stay top of mind.

One super simple example: you could send all your clients a Happy EOFY message with the click of a button. 

“Right now, you probably can’t ring every client and do that,” says Caren. “But if you do it as a personalised SMS, that makes you stand out.” 

EOFY 2024 and financial services: Making personal connections at scale

At EOFY and beyond, financial service businesses are looking for fast, efficient ways to contact clients without losing that personal touch.

According to Caren (and us), there’s just one answer: “You need to find a new way to communicate with your clients at scale. The answer is SMS.”

Struggling with client connections and effective outreach at EOFY? Get in touch to talk SMS solutions. 

Ready to roll?

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