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Are your bank’s mobile and online payments growing at the expected pace?
Global mobile payment transactions increased by 44% from 2012 through 2013.1 How does your bank stack up to that trend? If your bank’s mobile and online payments aren’t growing in pace with the rest of the world, it could strongly indicate that your financial institution needs to do more to grow adoption.
Low numbers: What does it mean for your financial institution? Consumers want the ease of use and simplicity that online and mobile payments offer. It’s a fact. Not only have mobile payment transactions increased extraordinarily in recent years, but 44% of today’s consumers already use a mobile banking application, and an incredible 70% of consumers believe mobile banking could help them eliminate financial problems.2 With that in mind, if your bank isn’t experiencing a growth in mobile transactions and mobile use, something must be wrong with your mobile bank marketing.
Use targeted email bank marketing to increase mobile adoption. While customers want online and mobile banking, it isn’t as simple as “build it and they will come.” Although the vast majority of consumers believe that mobile applications can minimize their financial problems. A financial institution can leverage this knowledge by utilizing a targeted email campaign to drive mobile adoption. As an example, if a consumer makes a mobile payment once but doesn’t make a second or third payment, target the user to make another payment. Address potential barriers and do whatever possible to get the customer to re-engage.
Welcome emails are often a key to ensuring initial usage. It is surprising how many customers download a mobile app but never use it. We’ve found this trend to be true among many different financial institution customers. Customers can often become intimated the first time they open an app or go online to make a payment. It’s essential to make the process seems easy and outline the steps one by one for users. We’ve seen well beyond double-digit increases in usage. Adoption communications can be a powerful tool in driving conversions and usage of mobile and online payments.
Utilize content marketing techniques to draw in new mobile customers. Apart from educating your existing customers, you also need to draw in consumers who are specifically looking for a bank or financial institution that offers mobile functionality. Content marketing is a technique that allows a company to use content for search engine optimization purposes. The content is developed surrounding specific keywords. Content marketing allows a financial institution to become an authority resource regarding mobile payments and can be integral in quelling fears or addressing any barriers to converting. On average, content marketing costs 62% less than traditional marketing techniques and generates 300% more leads.3
Incentivize adoption and usage.
To break through any barriers to adoption, whatever they may be, banks can incentivize the use of online and mobile payments. As an example, we’ve seen success in rewarding customers for making a certain number of payments. Incentivizing mobile transactions works in two ways. It reduces bank overhead by promoting mobile transactions and it helps customers to become accustomed to mobile transactions. Once the incentive period has ended, the hope is that the customers will be trained to use online and mobile payments, and will have seen its benefits. Additionally, the consumer will now have a habit of using the mobile application.
Growing adoption of online and mobile transactions takes time and investment. Although the trend line demonstrates that customers want these transactions, marketers need to make a concerted effort to drive adoption.