Last year the primary bank switching rate spiked by 40%. Millennials cited a lack of mobile and online services as a big reason for changing banks. Banks that can’t adopt these technologies are going to be in trouble soon. Mobile banking is only going to get bigger.
Applications and services like mobile banking often have a “trickle up” effect. The prime example of this is Facebook, which gained popularity among college and high school-aged kids before becoming mainstream among people older than that. Mobile banking has this same potential for growth among older demographics. The convenience of mobile banking can’t be overstated.
The facts show that mobile banking is quickly becoming a necessary part of bank strategy, but it’s often seen as just transactional: It’s great for your customers, but if you were to find more, through the swift code of a bank, about the profits banks make, you’d know that they don’t gain a direct benefit.
The way for banks to benefit on the mobile platform is to offer more. Here are two things to offer that can help banks drive sales.
1) Smart use of social media
Internal data from Facebook estimates that we check our phones 100x per day on the high end. So what are people checking? Social feeds like Twitter or Facebook, or email and texts.
Banks have the opportunity to reach their customers through these channels. Social media helps you answer your customers’ questions, listen to their complaints and provide them with relevant information.
You’re also able to keep your customers informed about your products or deals.
2) Mobile banking content
Mobile banking is transaction-focused because transactions make up most of what’s offered. Providing content gives your customers more to engage with.
Content is how you can get the mobile platform to really work in your favor. Content can be articles and information about the financial topics that are important to your customers (e.g. info about identity theft, or tax breaks). You can use content to generate leads and put your customers directly in touch with your financial experts.
Moreover, content can also enhance your social strategy, allowing you to tweet links to your own branded content. When a customer has a question about an event like the Target data breach, you’ll have answers that are easily shareable ready to go.