These existing customers are already within the bank's ecosystem. Why? Banks in Asia/Pacific are ramping up their mobile banking propositions as they race for mindshare among the region’s increasingly technologically savvy customers, says market researcher IDC. This campaign should be effective for reaching customers who do not go to bank branches. SMS works in either a push mode or a pull mode. The trick is to create engaging experiences that encourage customers to stick around. Mobile banking is slowly transforming the typical banking experience. I’m repeating myself at this point, but I’ll say it again... It’s insanely hard to get them to leave Facebook (where things are interesting and fun) to download a banking app. Pamphlets & other direct mail campaigns rely on customers abandoning what they’re doing to learn about your banking app. Because while your tech is convenient, change isn’t. To build a potentially successful mobile banking app, there needs to be a balance between must-have and experimental lifestyle features. Unless your direct mail gives customers a reason to engage (like a chance to win for example) they’re not going to. This way customers and frontline staff can educate themselves on how to use your tech, whenever they have time/need. Published on November 22, 2015 November 22, 2015 • 14 Likes • 4 Comments But change isn’t. Your But, in reality, mobile app marketing is more than that. Why should they pay attention? Run an Interactive Marketing Campaign. Promotion: $1 referral bonus Expiration: N/A Availability: Must join waitlist Terms & Conditions: Eligible users will have the opportunity to receive a promotional reward each time you refer a friend to Step using a referral code issued to you by Step when you create an online account. Begin with a handful—or even just one—and test what works for you and what doesn't. Using banner advertising as well as adding pop-up banners when customers are viewing your web site using their mobile device is a highly effective targeting technique that can promote your mobile banking application. There’s no magic potion that will quickly persuade a large proportion of your customers to adopt mobile banking. Educate customers on how-to use your new tech. If they don’t believe they can complete transactions correctly, they aren’t going to use it. Consumers should be able to choose and have control over what they see and what they do. It might help to put yourself in the consumers’ shoes. While these growing numbers are nothing to scoff at, there’s still much room for growth. These existing customers are already within the bank's ecosystem. Simple stormed onto the banking scene as an online-only entity with a mission to make mobile banking as easy as possible. 20829 72nd Ave S - STE 600Kent, Washington 98032info@maprocessing.com (866) 598-0698, How To Promote Your Mobile And Online Banking. If your online banking platform is lacking, you... Easy email reminders who count on the weekly recap. This text provides general information. Apple App Store Rating: 3.3/5. • Phone calls from the customer to the bank's customer service. In pull mode, the bank sends a one-way text message to alert a mobile subscriber of a certain account situation or to promote a new bank service. In time, banks and credit unions will need to apply machine learning techniques to better understand how to target people differently and give them options for customizing their mobile … Its unique cool blue colour background gives it a more appealing interface for customers to enjoy a unified and streamlined banking experience whilst going about their day to day activities. Banks Working Hard to Promote Mobile Banking: IDC. 27. With banners, various tests can be done at a relatively low cost, with learnings applied to more expensive channels such as direct mail. Driving mobile banking adoption requires you to examine what barriers stand in customers’ way. 66% of bank customers use their mobile device to view account balances. In push mode, the mobile subscriber … The first place to start promoting your mobile and online banking is with existing customers. Promoting your mobile and online banking presence to them is an effective and cost-efficient way to grow the use of these great resources. Don't overdo it though. Most people aren’t looking to wander off from a good time to sign up for mobile banking or download a new banking app. Promoting to existing customers will be far less costly than promoting to new customers. Telling people how great your mobile banking app is (in most cases) won’t drive adoption. It’s hard to convince people to adopt your tech if it isn’t easy to use, meets their needs, and is simple to sign up for. It begins with the launching of your mobile app, progresses to customer engagement and finally moves to improved performance through regular customer feedback. When a customer dials customer service, and after their problem has been handled, the representative should recognize if the issue could have been handled by the mobile or online banking website. And unless there is a reason for them to do so, they won’t. Talk about how your solutions will save them time, help them avoid trips to the bank, or make it easier to maintain their financial records. There will still be costs associated with reaching offline customers, but it will be far less than the cost of ads. Give them a really good reason to engage your bank and download the new app. Mobile app marketing is generally believed to consist of a series of marketing or ad campaigns that aim at creating awareness about a mobile app. Existing customers are already loyal and have a relationship with the bank, which reduces friction to any type of advertising directly from the bank. Google Play Store Rating: 3.9/5. This not only gives customers a reason to engage for longer periods of time, but can actually change their behaviour & build habits of use. You can pull them out of a busy line and walk them through how to complete their transactions digitally. You don’t “try out” a banking app — so PR often doesn’t have a big impact on adoption rates. … Join Step Mobile Waitlist! Typically this is seen in the internet marketer space but it can also be used in mobile app promotion in order to drive high-quality relevant links and traffic to your mobile app’s landing page or download link. RMN Digital | August 8, 2012 | Asia Pacific, Consumer, Corporate, Mobiles, Regions, Strategy | No Comments. Link directly to mobile banking app iTunes and Google Play app stores. You can raise awareness, educate customers, and incentivize adoption all within one experience. They almost always end up in the trash. Modern Techniques for Online Promotion of Banking Services and Products Author: Valeria Arina BALACEANU, Ecological University of Bucharest, Romania, arina.balaceanu@gmail.com Promote bank services and products involve above all extensive market studies, identifying consumer needs, consumer segmentation, improving the quality of supply - all for shaping a promotional campaign to be … You need both online and in-branch tactics to effectively promote adoption. Some financial institutions have a younger, tech-savvy customer base that are more inclined to adopt mobile banking. These include: • Inside a bank branch. The main reason is that ads aren't necessary. This isn’t to say older customers won’t adopt new tech. The ones that go beyond awareness to prompt action — and the ones that don’t. You can raise awareness, educate customers, and incentivize adoption all within one experience. This enables you to easily turn email into a … And unless you’re targeting tech savvy people those ads won’t be enough to drive adoption. When promoting new online banking services, talk as much about the benefits as you do the features of the service. Then for people to navigate (essentially unprompted) to the app store, and download a banking app — instead of continuing to watch TV. Financial services isn’t a sexy topic; people don’t like taking time out of their days to think about it. Interactive campaigns ( like game-based marketing promos) are great for promoting mobile banking. How to Promote Mobile Banking & Boost Adoption, How to Get Staff to Confidently Promote Digital Banking, Why You Need More Than ‘Convenience’ To Drive Digital Adoption, Launchfire Interactive Inc, 22 Hamilton Avenue North, Ottawa, ON, K1Y 1B6, Canada, with a reason other than “it’s more convenient”, while your tech is convenient, change isn’t, REPORT: How to Turn Frontline Staff into Superior Digital Advocates, rovide product simulations on your website. Like direct mail and TV ads, print ads serve entirely as awareness pieces. BSP Mobile Banking allows you to use your mobile phone to conduct certain banking functions without having to visit a branch or an ATM. If so, the rep should ask the customer if they are aware of these resources. Do they have a reason to pay attention & change (beyond ‘it’s convenient’)? Use the tracking tags on logos and link to easily track and measure your success. Focus the ways that online banking can help customers, such as convenience and ease of use. Mobile banking apps are super trendy and have been for a handful of years. Today, however, mobile banking is on the rise, with the Federal Reserve reporting that 52% of smartphone users with bank accounts embraced mobile banking in 2014. Enhance Mobile Selling; Use Insights to Meet Unmet Needs; Remove Internal Silos; Deliver Next Gen Customer Support; Increase Customer Value with Open Banking; Combine AI with IoT ‘Future-Proof the Organization Use a mobile banking application. Number of mobile users is set to rise from 0.8bn in 2014 to 1.8bn by 2019 Source: Mobile Banking 2015, July 2015, KMPG 1.8bn Get a Better Picture of your Customer (But Don’t Spy Through the Keyhole) 01 FIRST WAY Segmenting customers by similarities in their records is based upon many simplifying assumptions and is inflexible. One major barrier to adoption is your customers’ confidence level using your mobile app. But this means your frontline staff need to be confident a) using your mobile app, and b) recommending it to customers. This comes from the fact that fewer people need to interact with an employee of the company to accomplish basic tasks. Many non-banking apps rely on press to drive adoption, hoping to “go viral” and acquire a ton of app users. Customers won't like being sold to every time they call customer support. Answering these questions (with a reason other than “it’s more convenient”) can elevate your marketing campaign from one that raises “awareness” to one that drives adoption. Simple: Best Mobile Banking App for Money Management. In fact the majority are interested in banking online and digital tools. Also, the device must have never been jail-broken (iOS) or rooted (Android). Add a bar code as well, which will allow customers to quickly scan the code on their phones and be brought to the location of the app or website. The Quick On Visa’s 8-Digit Bin Migration, How One Credit Union's Workforce Went Completely Remote, More Evidence That Pandemic Is Accelerating Existing Trends, Combining the Physical and Digital Customer Experience, How Your Online Banking Platform Affects the Customer Experience. But they need more help than younger customers — and often a bigger incentive to change. The perfect opportunity to promote mobile banking is when customers visit your branch. There are over 50M mobile subscribers and there are only 5-7M Bank account holders. Existing customers can be reached at points of contact. • Include in regular mailings. Promoting to existing customers will be far less costly than promoting to new customers. The Bank’s award-winning and dynamic mobile banking application has been redesigned with improved security and self-service features to ease the navigation capability and proficiency of customers. Check out the mobile apps launched by the big banks There are millions who have downloaded the mobile app. If it’s too much effort to change, people won’t. So if you’re going to do social ads, you need to give customers a reason to engage and download your app. Simply search for your bank in the app store on your smartphone and download the application. That’s because SMS banking uses text messaging -- the iconic activity of cell phone use. This chart explains the primary reason why banks want customers to move to mobile The other reason is the ability to scale up business. Today, I thought I’d talk about the promotional tactics that best support adoption. Mobil Banking is one of the modern and advanced means of providing electronic banking services in addition to the technological means and methods commonly used at the present time. Step Mobile Banking Promotion. And while the bank currently doesn’t offer much in the way of account variety, it stays on top of its mobile and online banking game. Mit dem Begriff Mobile-Banking (auch M-Banking oder mBanking genannt) wird die Abwicklung von Bankgeschäften bezeichnet, die unter Zuhilfenahme von mobilen Endgeräten wie Mobiltelefonen oder PDAs stattfindet. The first place to start promoting your mobile and online banking is with existing customers. As with most other electronic and … Rather than just creating awareness, mobile app marketing is about interacting with your audience, being with them throughout the buying journey. It’s a simple question, but one that’s at the core of successful mobile banking marketing campaigns. 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