Under the terms of the agreement, FirstGlobal customers can receive upon request Clickatell SMS transaction alerts, payment reminders as well as SMS fraud alerts to their mobile phone. The service also allows for simple banking transactions, including balance inquiries, to be made via SMS. The bank can also send SMS alerts to customers in order to remind them of the loan payments they have to make.
The initiative allows customers to contact their bank immediately in case erroneous transactions occur, instead of waiting for 30 days for physical statements to arrive in the mail. According to a press release, global and national banks are implementing text banking services to reduce the pressure on live-agent call centres and to reduce fraud and its high associated costs.
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