Mobility in 2015: Financial Institutions & Banks

February 13, 2015

Mobility in 2015: Financial Institutions & Banks


5 years ago, a simple app would suffice for banks. “You can check your credit on your phone” was a big deal. But then again, five years ago was five years ago. The iPhone 4 was the hot new gadget, Facebook barely had quarter of a billion users and Barack Obama had just become the President of the United States. None of those are even relevant today. Customers just expect more from businesses they interact with, on the mobile.

A 2014 Accenture survey showed that 71% of banking customers felt their relationship with their bank was merely transactional, rather than advice-driven. This is an issue that banks need to address as better relations lead to more business and subsequently, better bottom lines. With 72% of the millenials constantly on their mobiles, banks and financial institutions need to scout for engagement solutions which helps them connect better and do more than just mobile banking.

Buying mobile loyalty

Loyalty cards are passé. In fact, the cost of servicing loyalty card programs is forcing organizations to look for alternatives. With “Epistrofi”, Eurobank launched a credit card “mobile -based” loyalty services which were redeemable on mobiles. Opportunity to engage with the bank increased and the app paid for itself in terms of dedicated users. Implementing such B2C apps are no longer cost prohibitive especially when using global delivery centers lead by large tech development companies.

Streamlining content distribution during events

Ask any financial institution about events and they eyes are likely to light up. Nothing can beat client engagement like real-world interactions. However, with shrinking budgets and distracted attendees, an established mobile app which takes care of pre and post event engagement is a given. Event2Mobile recently mobilized Wells Fargo’s internal events which integrated with its existing CMS and allowed mobile-based delivery of post event videos amongst other bells and whistles.

Leveraging social media for better customer care

Not everything needs to be new and shiny for better client engagement. Using social media (yes, forgive us for not saying social media is new and shiny, it’s not – anymore!) for social customer care can be a great piggy back ride for financial institutions. Invest in some good listening tools, talk to our team down at Pi Social Media and voila! You can convert disgruntled customers online to some quick-talking advocates. The power of social customer care has been highly leveraged by brands such as Zappos and is now a de facto requirement for many large brands.

Utilizing iBeacons for enhanced customer satisfaction

Real world touch points such as the actual bank premises, or the financial institution offices are still very much part of our lives. As such, enhancing user experience with the use of iBeacons might be a fab idea for those who want to provide cutting-edge tech experience to customers. Want to learn more about how iBeacons can help you in real world? Watch this space for our upcoming webinar!

Convergence of mobile, social and the Internet of things is happening as we speak. Mobility is here to be an omnipresent part of our lives and organizations that want to be a part of their customers’ lives need to figure out their intelligent strategies with key partners.

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