Financial institutions have an opportunity to generate added value from the mobile channel through cross-selling products. With the right tools and technologies, selling of these products via the mobile channel will grow wallet and market share.
The opportunity to sell products and services via mobile is a significant one with tremendous upside potential. But first, fundamental components must be in place.
Drive Mobile Adoption
To support an effective mobile selling strategy, it’s critical to drive mobile banking adoption across all customer segments, using strategies like those outlined in Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage, to surpass average penetration rates.
Understand Customer Behavior
Selling via the mobile channel requires presenting the right offer to the right people at the right time, based on their needs and the offers they’ve accepted or declined. So building an understanding and history of customer behavior, through campaign management and analytics tools, is vital. Technologies that make it easy to add a product or make a purchase – similar to Amazon’s oneclick buying – are essential to driving results.
Get Organizational Support
Since selling via mobile requires input and cooperation across the enterprise – spanning marketing, operations, technology, compliance and other groups – the right organizational support and governance are required. As with any significant initiative, the support of an executive sponsor and coordinated planning across the enterprise will improve the odds for success.
Provide a Choice
Finally, while relevant offers via mobile should deliver value to customers, they must always have the choice to opt in or opt out.