03

May

Adoption of 160 Series in the BFSI Sector for Transactional Calls

The Indian BFSI sector has seen rapid changes in communication practices, driven by the urgent need to protect customers from financial fraud. TRAI has been at the forefront of these changes, actively promoting awareness about fraudulent practices and implementing stricter guidelines to safeguard consumers and their hard-earned money. As part of these efforts, TRAI has introduced strict guidelines for promotional communication and unsolicited commercial communication (UCC). Understanding the unique needs of banks and other regulated financial entities, new regulations have also been implemented for SMS and voice calls. Among the most significant developments is the rollout of the 140 and 160 number series, designed to enable secure, identifiable, and regulator-approved messaging for transactional and service-related communication. People working in the telecom and CPaaS (Communications Platform as a Service) industries are already well-versed with these changes and are proactively informing their clients, particularly in banking, insurance, and SEBI-regulated sectors, about how the new guidelines will impact their operations and customer outreach. Read this detailed article to understand how these changes are impacting the BFSI industry and communication solution providers.

Why Compliance Matters for BFSI Entities and How 160 Series Can be Helpful

Avoid Compliance and Legal Risks – By implementing the appropriate number series as per TRAI and RBI guidelines, businesses showcase a commitment to regulatory compliance, avoiding potential penalties and legal issues in the future, safe guarding the organization's reputation.​

Enhanced Customer Trust - By proactively informing customers about these regulatory changes, banks and financial entities not only streamline their operations but also demonstrate a commitment to safeguarding customer interests. This helps enhance customer trust and satisfaction.

Reduced Spam and Fraudulent Calls - The implementation of the 1600 series, along with measures like the Distributed Ledger Technology (DLT) platform registration, helps in curbing spam and fraudulent calls by offering a measure of tracking RE (Regulated entities), ensuring that customers receive only legitimate communications.​

Operational Efficiency - Using the 160 number series streamlines communication processes, ensuring that important messages reach customers promptly without being mistaken as spam or promotional content.​ Also, timely adoption of 160 series will make the business avoid risk of non-compliance or blacklisting.

Competitive Advantage - Early adoption of the 160 series will position your organization as a leader in secure and compliant communication practices. By proactively aligning with regulatory standards, you not only mitigate risks but also demonstrate a commitment to transparency and customer trust.

Conclusion,

In conclusion, we can say that the adoption of 160 series will demonstrate your organization as a market leader that prioritizes security and reliability. By partnering with Go2Market, a VNO license holder offering cloud-based telephony solutions, you can ensure seamless integration of the 160 series into your communication strategy, maintaining compliance and enhancing customer confidence. setting you apart from competitors and building a credible brand image in customers' minds.​ Implementing compliant communication systems, such as the 140 and 160 series, enables BFSI companies to deliver secure and transparent communication, building greater customer confidence. By proactively informing clients about these regulatory changes, banks and financial entities not only streamline their operations but also demonstrate a commitment to safeguarding customer interests. This approach enhances trust and satisfaction, as customers feel more secure knowing that their financial service providers prioritize compliance and clear communication. Also, these new numbers will help customers differentiate spam calls from genuine bank calls and feel secure. To get more information about how you can get the 160 series for your business and what the process of procurement of 1600 series is, connect with go2market at 8595080808 or visit us at www.go2market.in .