Maximizing the Mobile Market Opportunity
Thanks to mobile's anytime, anywhere convenience, some financial institutions now have more customer interactions via mobile than any other channel. Yet despite its growing popularity, many financial institutions are unsure of what to strive for in terms of adoption metrics and are even wary of investing in promotion of their mobile banking offerings.
Fiserv analysis shows successful financial institutions have a mobile adoption rate of 40 percent of their online banking base, or higher. However, this level of adoption doesn't happen by itself. The right mix of mobile banking features and effective promotion are critical for achieving the highest levels of channel adoption.
The ability to add and retain mobile bankers is vital to a financial institution’s growth and profitability. Fiserv research shows consumers that bank via mobile are among a financial institution’s most valuable customers. They use a platform with lower service costs and have a greater propensity to sign up for additional services.
To capitalize on the market opportunity mobile presents, financial institutions can start by prioritizing three areas: product investment, targeted marketing and staff engagement.
Enhancing Product Features
To motivate consumers to switch to mobile banking, financial institutions must show how the service aligns with their lifestyles. Investing in next-generation mobile banking products is vital to this initiative. For example, Fiserv research has found financial institutions that offer mobile deposit see 60 percent more logins and transactions per month per customer than financial institutions without the feature. Additionally, a tailored tablet banking experience can boost enrollment in mobile banking and spur incremental transaction activity.
Person-to-person payments are convenient for paying rent, splitting bills or exchanging money among family and friends. Another popular feature simplifies the most common mobile banking activity – checking balances – by allowing a user to check their balances with a swipe of the screen, without having to log into mobile banking.
Employing Marketing Strategies
A multichannel marketing approach is necessary to reach consumers wherever they spend their time, whether in a physical location or online. For example, banner ads such as Smart App Banners for iOS can increase adoption by improving awareness among customers that a mobile banking app is available. When the institution’s URL is typed into the mobile or tablet browser, the banner appears directing interested users to the mobile banking app download page.
Other effective techniques include cross-promotional banners, interstitial pages and a vanity URL for a landing page with more information on the service. Marketing via social channels provides an opportunity to rotate marketing messages to focus on different features – bill payment, mobile deposit and security measures, for example. Additionally, the platforms offer interactive capabilities in the form of links, pictures, videos, sweepstakes and contests to boost engagement.
Turning Frontline Staff Into Evangelizers
A successful mobile banking adoption strategy leverages the financial institution’s frontline staff to encourage enrollment. To prepare staff for this task, both branch employees and call center staff will need proper training on how the mobile banking service works, how to enroll new users, and how and when to promote it. Having each employee sign up for the service is a guaranteed way to reinforce training. Plus, the employee will be able to share personal experiences with customers, which generates trust between the staff and the accountholder.
Financial institutions looking to boost mobile banking adoption momentum should re-evaluate product offerings and targeted marketing strategies to optimize the return on investment. Mobile bankers are among a financial institutions most valuable and engaged customers, and campaigns to boost mobile adoption and usage justify themselves in the end results.
Learn more about the essential drivers for adoption and usage of your mobile channel in this Boardroom Series session, including key statistics, analysis and best practice recommendations. The Boardroom Series is the online thought leadership community exclusively for Fiserv clients. To join the Boardroom Series, email firstname.lastname@example.org.