A study of almost 200,000 mobile users by CUNA has shown that mobile banking is taking over. People are not only trying it, they’re staying engaged with it. Financial institutions need to work to make their mobile banking platform more than a “me too” application. If they want to increase share of wallet, they need a strategy that leads to sales.
It’s easy to see why mobile banking is so successful.
Consider for a second my own personal old-fashioned process for depositing a check: I plan out when I’m going to walk down to the bank, get my checks together, memorize my account number, get to the bank, fill out a deposit slip, wait in line, hand over the check, exchange pleasantries, get a transaction receipt, go home.
Mobile banking eliminates all of that hassle.
As mobile and Internet banking take over, this means that the role of the branch is changing dramatically. For the past few years we’ve been seeing branch traffic drop and branches have been closing in record numbers. These changes might seem threatening, but it’s only bad news for the banks and CUs that can’t embrace it.
Ease of access through mobile means that people are interacting with their financial institution more than ever, just not in the branch.
Check this out:
- 88% of Millennials check their balance/activity at least once a week — 35% are doing it daily! (TD Bank)
- 79% of smartphone users have phones with them for all but 2 waking hours (IDC Always Connected Report, March 2013)
- People check their smartphones 100x per day (Facebook internal data)
Increased access to a ballooning segment of customers means it’s time to find a way to drive sales through mobile banking platforms. Forget 9 to 5, customers can interact with your brand 24/7.
But you need to set yourself apart. Any bank can offer mobile transactions. It’s not a big selling point just to have mobile account access, it’s a given. You need a voice and style that can set you apart.
mobile banking conversion
There are two critical elements to engaging your customers on mobile. First and foremost, you need to provide things on your mobile site for users to engage with. Provide information that is important and make it accessible.
Know what’s important? Paying for college, buying a home, retirement: These things (and more) require a lot of consideration and financial planning. Your customers want to know how to save money and avoid mistakes. Your desktop and mobile versions of your website should be places where users can find answers to their financial questions.
Second, you need to develop a presence on social networks. You don’t need to set the Twitter-verse on fire, but your customers are deeply engaged with Twitter and Facebook, so you should be active there as well.
Rules for Engaging Your Mobile Customers
1) Your mobile site and app should contain relevant, important and easy-to-understand information.
2) Provide answers and education on every financial topic. Focus on life events like paying for college, buying a home or planning for retirement. It’s during these life events that people need the most help.
3) Teach, don’t sell. Cultivate a genuine interest in your customers’ needs and they will want to buy from you. If all you have to say is “buy this”, then you will be ignored.
converting with content
Does all of this sound intimidating? All it takes to get started is some gumption and a good plan. Above all, play to strengths of the platform and don’t focus on the sale, focus on the customer.