Frontline Staff is Critical to Driving Mobile Banking Adoption
The majority of consumers still lack knowledge about mobile banking and the benefits it offers. With over half of the U.S. adult population using smartphones and over a third of them using mobile banking, financial institutions have a significant opportunity to effectively promote and educate consumers about mobile banking. The question is how? Beyond the 'tried and true' methods of email marketing campaigns and website banner ads, what else can financial institutions do to get the word out about the benefits of mobile banking? The answer is – the frontline staff.
By leveraging the referral power of the frontline staff in branches and at call centers, a real opportunity exists for financial institutions to increase mobile banking adoption rates. Frontline staff can serve as an influential source of information about mobile banking to build awareness of its benefits and educate customers on how to get started using the service. Since they are viewed as professional experts by banking customers, recommendations from frontline associates can ease consumer concerns around using mobile banking, such as security, which has been a major roadblock for widespread mobile banking adoption.
So what steps should a financial institution take to empower its frontline staff to promote and educate consumers about mobile banking? Financial institutions should develop a comprehensive "Strategies for Success" program (see Figure 1) that incorporates:
- Employee training - Develop training programs to educate staff on mobile banking value and steps for online and offline enrollment
- Employee incentives - Increase staff engagement by providing incentives, such as opportunities for prizes, for promoting and enrolling customers in mobile banking
- Consumer marketing & promotional material - Impactful tools and resources, such as staff talking points, consumer takeaways and in-branch collateral, will effectively aid in the promotion of mobile banking
- Metrics to evaluate success and impact - Establishing and then measuring success metrics, such as percentage of active users and mobile transaction volume, enables financial institutions to note growth, as well as areas where adoption is lagging, to best focus marketing campaigns
- Ongoing engagement with users - Continued engagement enables frontline staff to remind mobile banking users of the benefits and value of mobile banking, which could lead to increased usage and convenience for customers
Financial institutions that take an active role in promoting and driving mobile banking adoption through their frontline staff can avoid the negative impact of low adoption and even more importantly, increase and maximize profitability. Frontline staff – with guidance, assistance and motivation – have the ability to actively drive adoption and continue engagement with customers, ensuring higher mobile banking adoption rates, continued usage and greater customer satisfaction.
Download the white paper to learn more about training frontline staff to increase mobile adoption. This post originally appeared on the Boardroom Series, the online thought leadership community for Fiserv clients. Members of the Boardroom Series can view the recent webinar, "Mobile Banking Adoption: Your Frontline Staff Holds the Key to Growth."