Check out the mobile apps launched by the big banks There are millions who have downloaded the mobile app. This way customers and frontline staff can educate themselves on how to use your tech, whenever they have time/need. The trick is to create engaging experiences that encourage customers to stick around. Now that you’ve built your mobile app, it’s time to start marketing it. Begin with a handful—or even just one—and test what works for you and what doesn't. Customers won't like being sold to every time they call customer support. Make sure your emails are optimized for the mobile experience. One of the biggest mistakes you can make when promoting mobile banking is to focus only on awareness. The first place to start promoting your mobile and online banking is with existing customers. Leveraging the power of influencers can be the best way to drive mass amounts of traffic to your mobile. Focus the ways that online banking can help customers, such as convenience and ease of use. Existing customers can be reached at points of contact. But, in reality, mobile app marketing is more than that. Published on November 22, 2015 November 22, 2015 • 14 Likes • 4 Comments Copyright © Member Access Processing. Interactive campaigns ( like game-based marketing promos) are great for promoting mobile banking. 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. 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 Make sure the app is created, owned, and operated by your bank. Mobile banking users were more likely to know their exact balance than other banking customers were in 2018. … In fact the majority are interested in banking online and digital tools. Many non-banking apps rely on press to drive adoption, hoping to “go viral” and acquire a ton of app users. Some financial institutions have a younger, tech-savvy customer base that are more inclined to adopt mobile banking. Driving mobile banking adoption requires you to examine what barriers stand in customers’ way. Link directly to mobile banking app iTunes and Google Play app stores. But not all bank and credit union customers are availing themselves of this time saving service. There are over 50M mobile subscribers and there are only 5-7M Bank account holders. When regular mailings go out to customers, insert a flyer about your mobile and online banking using the same techniques as mentioned above. The main reason is that ads aren't necessary. While they're popular device for increasing brand awareness, TV ads aren’t that effective at driving adoption. It also assumes customers will have great mobile and online banking experiences. If it’s too much effort to change, people won’t. Why should they pay attention? Then show how to reach these resources with instructions on where to get the mobile app and the bank's URL. • Phone calls from the customer to the bank's customer service. But change isn’t. This enables you to easily turn email into a … 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. Once customers learn about your mobile and online banking presence, you're likely to see a reduction in cost. 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. An easy way to do this is by combining fun experiences (like games) with prizes that customers care about. That’s because SMS banking uses text messaging -- the iconic activity of cell phone use. How to Apply for Bangkok Bank Mobile Banking Download Bangkok Bank Mobile Banking application at For security, Bangkok Bank Mobile Banking can be used with a mobile phone or tablet with supported operating system only iOS version 10.0 or Android version 6.0 and above. Give them a really good reason to engage your bank and download the new app. Why should your customers care? Educate customers on how-to use your new tech. 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. All Rights Reserved. Moving customers to the mobile channel can drive profitability and improve your ROI. You also need to actively pursue buy-in from staff, who will be (understandably) skeptical of digital technology. This chart explains the primary reason why banks want customers to move to mobile The other reason is the ability to scale up business. And (most importantly) why should they try mobile banking? But they need more help than younger customers — and often a bigger incentive to change. Ensuring that mobile banking centers on the consumer is important, but not enough. It must be highly personalized for each individual. This comes from the fact that fewer people need to interact with an employee of the company to accomplish basic tasks. Today, I thought I’d talk about the promotional tactics that best support adoption. Many banks have smartphone apps you can download and access on the go. To build a potentially successful mobile banking app, there needs to be a balance between must-have and experimental lifestyle features. There’s no magic potion that will quickly persuade a large proportion of your customers to adopt mobile banking. If your online banking platform is lacking, you... Easy email reminders who count on the weekly recap. When promoting new online banking services, talk as much about the benefits as you do the features of the service. When a customer walks into a branch, posters and popups on counters should announce that mobile and online banking access is available. Because while your tech is convenient, change isn’t. While these growing numbers are nothing to scoff at, there’s still much room for growth. The perfect opportunity to promote mobile banking is when customers visit your branch. The digital banking teams at the most successful banks have worked long and hard to design, build and promote mobile banking services that meet their customers’ needs. These existing customers are already within the bank's ecosystem. Rather than just creating awareness, mobile app marketing is about interacting with your audience, being with them throughout the buying journey. 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. 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. The first place to start promoting your mobile and online banking is with existing customers. So if you’re going to do social ads, you need to give customers a reason to engage and download your app. This text provides general information. And some of the more traditional methods financial institutions use to promote their offering are not well suited to promoting mobile banking. Like direct mail and TV ads, print ads serve entirely as awareness pieces. 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. You need different tactics.[1]. You will likely see offers or advertisements for this app on the bank’s website or in the branches. Existing customers are already loyal and have a relationship with the bank, which reduces friction to any type of advertising directly from the bank. Your Mobile banking is slowly transforming the typical banking experience. 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. This campaign should be effective for reaching customers who do not go to bank branches. 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. 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 … Banks Working Hard to Promote Mobile Banking: IDC. Unless your direct mail gives customers a reason to engage (like a chance to win for example) they’re not going to. Promoting to existing customers will be far less costly than promoting to new customers. Promoting to existing customers will be far less costly than promoting to new customers. It’s a simple question, but one that’s at the core of successful mobile banking marketing campaigns. Step Mobile Banking Promotion. Mobile Banking in Pakistan is a very potential area. These include: • Inside a bank branch. Most people aren’t looking to wander off from a good time to sign up for mobile banking or download a new banking app. If they don’t believe they can complete transactions correctly, they aren’t going to use it. 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 … This is where smart marketing comes in. Use the tracking tags on logos and link to easily track and measure your success. 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. 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 some circles, mobile banking and SMS banking are synonymous. One major barrier to adoption is your customers’ confidence level using your mobile app. Don't overdo it though. Run an Interactive Marketing Campaign. Promote it the right way: Mobile Banking App..!! This isn’t to say older customers won’t adopt new tech. You need both online and in-branch tactics to effectively promote adoption. 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. 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. You’re relying on customers to watch your ad (and actually pay attention). There will still be costs associated with reaching offline customers, but it will be far less than the cost of ads. 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. You can raise awareness, educate customers, and incentivize adoption all within one experience. The trick is to create engaging experiences that encourage customers to stick around. Simply search for your bank in the app store on your smartphone and download the application. Simple: Best Mobile Banking App for Money Management. As with most other electronic and … And unless there is a reason for them to do so, they won’t. With banners, various tests can be done at a relatively low cost, with learnings applied to more expensive channels such as direct mail. 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. Here are 65 ways to get started. Use a mobile banking application. Join Step Mobile Waitlist! The mobile channel is the top priority … The digital landscape means your online presence needs to be on point. BSP Mobile Banking allows you to use your mobile phone to conduct certain banking functions without having to visit a branch or an ATM. In push mode, the mobile subscriber … SMS works in either a push mode or a pull mode. If you are going to engage people with social ads, make sure that you’re careful about it. Simple stormed onto the banking scene as an online-only entity with a mission to make mobile banking as easy as possible. Promote mobile check deposits to reduce in-person banking Published March 31, 2020 As banks and credit unions work to enable social distancing, online remote deposit capture (RDC) can help reduce potential exposure to the coronavirus for consumers and your staff. The main reason is that ads aren't necessary. Then for people to navigate (essentially unprompted) to the app store, and download a banking app — instead of continuing to watch TV. 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. Apple App Store Rating: 3.3/5. Consumers should be able to choose and have control over what they see and what they do. 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. The ones that go beyond awareness to prompt action — and the ones that don’t. Interactive campaigns (like game-based marketing promos) are great for promoting mobile banking. Influencer Sharing. You can pull them out of a busy line and walk them through how to complete their transactions digitally. 66% of bank customers use their mobile device to view account balances. Means there are … But banking isn’t cool (sorry). You can raise awareness, educate customers, and incentivize adoption all within one experience. You don’t “try out” a banking app — so PR often doesn’t have a big impact on adoption rates. 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. If so, the rep should ask the customer if they are aware of these resources. But this means your frontline staff need to be confident a) using your mobile app, and b) recommending it to customers. Financial services isn’t a sexy topic; people don’t like taking time out of their days to think about it. Also, the device must have never been jail-broken (iOS) or rooted (Android). Promoting your mobile and online banking presence to them is an effective and cost-efficient way to grow the use of these great resources. 27. Not all promotional tactics are built equally. 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