Alarm and Reminder (or notification) services may be seen or positioned as a separate financial product but in fact they are quite important for digital banking.The prerequisite of providing this is service is to have client's valid contact information
(email or GSM number, ideally both) or your bank's mobile application should be installed in client's mobile device.The information may be sent to the client (push) or client may ask for it (pull) by sending a message and ask for an info (like account inquiry).
Broadly speaking Alarm and Reminder service means that sending an alert - mostly in the form of SMS, eMail, Wap Push - to the customer based on a trigger. So what could be the trigger? There are two main categories of trigger as Rule Based and Time Based. If
a certain action or condition is required for sending Alerts - this is Rule Based. For example, money comes to or leaves from account, unusual spending on credit card, end of time deposit, price increase of a selected stock, etc. could be the reasons
of sending alerts. The other type is, celebrating client's birthday, reminding a payment's or tax's due date (oh clients love this!) - this is Time Based.
This is the short version of the post.
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