Application-to-a person (A2P) is a type of mobile SMS service sent from an application, particularly a web application, to a mobile subscriber. The common application of A2P SMS in the BFSI industry includes several messages related to the banking transactions, money transfer, one time password (OTP), bill payments on various bank’s merchant sites.
The growth of mobile banking is resulting into an increase in number of marketing activities by application developers and marketers, which is accelerating the growth of A2P SMS market in Switzerland for BFSI industry. Moreover, with strong growth in economy, the BFSI industry in Switzerland has witnessed rise in demand for A2P SMS applications such as bank account updates, one-time passwords and payment confirmations.
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An increase in the number of mobile subscriptions is enabling BFSI industries to reach targeted customers more effectively, bolstering the demand of A2P SMS services. This is further supported by the decreasing unemployment rate of Switzerland which is indirectly supporting to the banks operating in Switzerland by opening of new bank accounts in the form of salary accounts, intern accounts, and new company bank accounts.
The market growth is expected to get restricted by the declining Swiss banking sector which is anticipated to reduce the overall client base for A2P SMS providers in the long run. Likewise, the introduction of new innovative and disruptive applications and technologies towards the BFSI sector is likely to limit the market growth throughout the forecast period.
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The Switzerland A2P SMS market for BFSI industry has been classified on the basis of applications into pushed content services, customer relationship management (CRM), promotional campaigns, interactive services, and inquiry related services. By application, CRM was the leading segment in the Switzerland A2P SMS market for BFSI industry accounting for 32.6% of the total A2P SMS market revenue share.
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Besides, the promotional campaigns application segment is predicted to grow fastest with a CAGR of 10.0% throughout the forecast period. This is owing to the introduction of new banking products and services including various mobile banking apps.
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