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3 Examples of Mobile Marketing Strategies for Banks

Did you know by 2017, over one billion people will access their bank through their smartphone device? Today we're talking about supercharging mobile marketing strategies for banks, so let's get into it.

 
 
 
 
 
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Wistia video thumbnail - Episode 12 | Mobile Banking Strategy

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mobile marketing strategies for banks

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.@PulsateHQ Academy EPISODE #10 [WATCH] 3 Examples of Mobile Marketing Strategies for Banks 

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VIDEO TRANSCRIPTION | EPISODE #10

So what are the challenges facing banks today? Up to 25% less financial institutions will exist by 2020. Banks are always looking to streamline increased competition with new players emerging. This is gonna have a massive result of the banking sector overall becoming much more reduced, and the big players really coming to the market. How do you differentiate and where to innovate is a very important thing to also note, and that kind of combines with branch networks and transformation. The IT sector within banking security online, it's a huge, huge task and undertaking for them, so it's something they really have to face up to.

And now, with everything going towards mobile, it's even more important than ever, deepening engagement and loyalty as well. Most people have multiple bank accounts and have multiple different ways of accessing their funds. So to have them coming back to your bank repeatedly and using your service, you really have to go above and beyond the regular service that they're getting in other places and other banks.

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The future trends - mobile bankings have exceeded online bank logins since 2013, so again, everything is going towards mobile. New players are in the game, technologies and innovations, so purely online banks are now emerging out of nowhere. They've no physical presence whatsoever, so again, they have a lot less to worry about in terms of slimming down their whole process.

The customer now as well. They're very text savvy. They know what they want, and they want it now. So you're gonna have to give it to them. You're gonna have to innovate or if you don't, they're just gonna go somewhere else who probably will. And improving contextual engagement as well is something that you're really gonna have to focus on as well with simplifying it. So making the whole banking process much more simple for the user or for when your customers' come in. And we all know that banking can be a huge process when you go in there. You might be going in on a lunch break or at the start of work, and you could be in there for an hour or so. It's something that you really have to look to slimming down and reducing those wait times. That's something that's really helpful.

So who are the industry leaders in the area? If we take Westpac for example, they're doing a really good use-case of geofencing airports. And when their customers arrive at the airport, they alert them with a notification asking them where they're going, how long for, to avoid any fraud issues or locking up the card while they're away. Once they land, they get a notification alerting them where the nearest ATMs are. Barclays or trialing Beacons in some of their branches. So they're using that to alert staff of special requirements that maybe their customers might have when they're entering the branch. And also Bank of America are doing a loyalty kind of system with some of their partners to give their customers some sort of a deal on something they might be offering: 7-11, et cetera. And that's another way they're increasing engagement, increasing loyalty within the app.

A few of the other things to know of what you can do, and these are some of the use cases really now that you need to start looking into at a bank. And these are some things that can really slim down the process and make everything a lot quicker, a lot easier, and again, give the customer an overall better experience.

A simple welcoming message once you enter the bank. Combining this with segmentation, knowing who your customer is - is really important. So if you can combine that together with a welcome message of knowing that someone is entering the bank, welcome them. They've looked at mortgages before online or they've been in a certain section of the app and might be able to then guide them when they're in the branch itself. Or alert the actual staff in the bank that they're there and will again make the process a lot more unique. It will be innovative, and it will give that person a better experience with your bank.

Wait times as well. You'll be able to tell someone maybe who is approaching the bank that there is a certain wait time there at the moment. Maybe it's 15, it's over 20 minutes. And you might redirect them to another branch which is nearby where they can do some of their banking as well, which might be a lot easier, quicker for them as well.

Assistance like I said before, and Westpac are already doing. Barclays are already doing this by alerting their staff once someone enters. This again, is a great way of improving the overall experience and knowing your customer even before you go out. You know why they're here, and you know what they might be interested in.

And then analytics and surveys. This is something you can look into as well about once someone leaves the bank, and they can actually maybe rate the service they had today, what do they think of the overall experience. And that again will feed back into your own system, your own analytical data to see how the whole experience for your bank is going yourself. And that gives you a much more higher view of how the whole banking infrastructure and branch visiting is going for your customers. And also products as well. You'll be able to push different products on people's arrival at the bank or when they're leaving. And alerting them if still again that they might be interested in.

These are all things that you can look at right now, and you can do to really improve your whole customer experience. And that about covers everything for today for supercharging mobile marketing strategies for banks. If you have any questions, comments, or want to get in touch with us, you know how to do it. Subscribe to the academy now for more great videos. We'll see you again next time.

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mobile marketing strategies for banks