Yuanta is making a big move in the broker industry by leading safety and security. They are replacing SMS notifications with LINE Official Notifications.
Yuanta has replaced SMS with LINE Official Notifications: LON, which allows customers to receive status updates through LINE Official Account, creating a sense of trust that the messages are from a reliable brand.
Users are increasingly concerned about security, particularly the use of phishing techniques in SMS messages. These messages trick users into believing false information and divulging sensitive personal data, leading to significant financial losses for many people. Yuanta has improved its method of sending status updates by replacing the traditional SMS format with a messaging solution that uses phone numbers to display results through a LINE Official Account. This solution is familiar to Thai customers but more secure than SMS, making it harder for scammers to manipulate data. This has built trust and confidence among customers and resulted in a continuous monthly increase in financial transactions.
Nowadays, with the increasing frequency of disasters caused by criminals, consumers are becoming more cautious, to the point that some are afraid even to check the SMS messages sent to them. Over the past decade, using SMS to notify customers of important information or status updates regarding products or services has become common among businesses but it has been halted almost to a halt by the news of scammers and SMS message forgeries, which are becoming more subtle every day and causing much damage, as is the news in various primary and secondary media.
SMS status update solutions became problematic when customers stopped reading messages, leading to business misunderstandings and potential issues. Due to customers changing their reading habits and wanting to avoid receiving SMS messages, the solution of transmitting status updates through SMS has become a severe obstacle to overcome. This could cause misunderstandings or create problems for businesses if customers fail to receive important messages and do not open or reject SMS messages, including confirmations of various transactions for self-service securities trading platforms such as Yuanta. Customers are more aware of security risks when accessing private information sent to them via SMS than other types of businesses. These challenges must be considered alongside maintaining existing customers and expanding the customer base with confidence. Therefore, it is necessary to create something unique that sets the business apart from others in the industry by looking at the real problems that have yet to be solved by anyone.
Yuanta has found that even though Thai people are becoming increasingly concerned and vulnerable about data security, it cannot be denied that their tendency to get things done quickly is a fundamental characteristic. This behavior often conflicts with the need for security and may pose a challenge to addressing this issue sustainably for the securities brokerage business.
nd what can be used to solve or replace SMS sending? Eventually, Yuanta has found a solution to this issue by leveraging technology that meets the needs, such as utilizing LINE Official Notifications: LON to send notification messages.
Learn more details about LON
Yuanta started using LON to notify its customers about their deposit, withdrawal, and transfer status in November 2013. LON is a fundamental status that is regularly used, and Yuanta is considered the first securities broker business in Thailand to change the status communication game from SMS to LON. This change has received a lot of praise from Yuanta's customers as it has made it more convenient and user-friendly. It has also created trust in data security and resulted in customers making more transactions, mainly deposits, on the system.
Orders to buy and sell orders are considered the most frequently occurring data state. Overall, the securities brokerage business, like Yuanta, has chosen to use LON instead of SMS, thus reducing the cost of status notification by more than 80%.
Confident that it's safer than before. This is because sending a LON message must go through two primary levels that will prevent counterfeiting by fraudsters:
A LINE Official Account must be verified by LINE. To put it clearly, it must be an account with a blue badge symbol or higher only that received the verification badge. Businesses that own a LINE Official Account are required to submit information. First, submit documents showing evidence of the business's identity in all aspects.
To create an LON message, the developer must format the message according to a specific template that LINE has specified. To use those code messages, you must connect your
LINE Official Account
to the
LINE API
(if this word sounds too complicated to you, don't worry. Leave this matter to the developers). Currently, a number of developers can do this, and there are more and more all over the country.
Therefore, you should know and understand that to bind the
LINE API
to send messages through the code that has been written, the developer must have a Provider account for developers linked to the business's
LINE Official Account.
The Provider account must be certified by
LINE
before creating a
LON. Of course, the Provider account information must also pass strict verification of the Provider account information.
The main issue that arises in customers' minds is that It's a matter of being confident and comfortable in your own safety. As mentioned in the previous issue, those who can send LON status messages to the LINE Official Account must be certified in two levels: 1. The LINE Official Account must be verified. Only a badge symbol is displayed with the account name in blue or green (blue badge: Verified Account or green badge: Premium Account), and 2. Must also be certified as a developer account (Certified Provider).
LINE is a chat app that more than 90% of Thai people with internet access use daily. As a result, the ratio of the number of messages sent to LINE users (according to the phone number sent corresponding to the number used tied to the LINE ID) compared to the total number of messages sent by Yuanta with LON is as high as 91.04%, which is by The proportion of LINE users in Thailand is also in the same direction. It is considered a significant number that completely replaces the SMS format.
The number of successful messages sent is a KPI for communicating service status to customers, especially service businesses that act as intermediaries in buying and selling securities independently. Because of the excellent system, customers and users must always know the current status. This will continuously affect customers' decisions to buy, sell, etc. After Yuanta switched to LON, the successful message delivery rate was as high as 47.29%, measured by the number of messages the recipient received after Verifying the phone number used to connect with LINE compared to the number of LON messages sent from Yuanta. Therefore, when the success rate is this high, of course, this will also increase income from trading fees.
In addition, the cost of sending a LON message is lower than that of sending a traditional SMS message, giving Yuanta an extraordinary 80% cost savings. Don't forget that the expenses in this section are variable costs incurred every time a transaction is made. Therefore, cost reductions of up to this figure give Yuanta a competitive advantage over all market competition.
Is anyone interested in using
LINE Official Notifications
as a medium for sending business status messages to customers?
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