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Finance: New ways to reach customer engagement through mobile services

In recent years, the use of mobile financial services has experienced a rapid development in the banking sector and other financial institutions. Consumer adoption of mobile is continuously evolving and expanding with new features that bring new value to users, changing the relationship between customers and brands.

Remote interactions can be very useful to customers, saving time, translation efforts and making financial decisions simpler. With multi-channel communications, mobile offers new solutions on safety, another aspect that is very important to customers and the entire industry.

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Through mobile services, customers can also manage their personal

finances in a more productive way, using innovative services that

help them with vital decisions, from which mortgage to choose to

how to achieve higher goals in savings. These new banking products

generate more engagement, and also attract new customers,

becoming the new battlefield among brands.

Mobile Banking :Banks and Financial Services must integrate mobile technology to

compete in their market, with more effective and attractive products.

To succeed, it is very important to know exactly what the needs of their

customers are and bring them solutions that improve their financial

management, offering practical and easy to use services.

Throughout this whitepaper you will learn about new trends in mobile

financial services, and some of the main aspects to help succeed with them.

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The Federal Reserve Board indicates that users who access their bank

account through smartphones increased from 43% to 52% between 2011

and 2014, and according to a TNS report, 22% of mobile users worldwide,

use their devices to access their bank accounts.

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The fast growth of mobile banking among users.

Comparing these numbers with the 2 billion mobile users expected by 2016, mobile banking is growing fast and extensively, transforming into a key aspect in banking services. With high penetration among young people and low income populations, mobile banking is bringing financial services to people who never before had a bank account. Therefore, banks are investing significant efforts in mobile solutions to expand their products among these new customers.

Even though some legal and privacy issues are still in discussion, mobile banking is growing fast among users because of its many benefits.

The Federal Reserve Board article indicates that the main reason that drives users to download a banking app is to be able to check their account balances or recent transactions at any time and place, and 57% of users in United States, mention that they use mobile apps because they receive important alerts from their banks (e.g., a text message, push notification, or e-mail).

Mobile banking can bring a better service to users with notifications. Through these messages Banks can inform their customers of very important information such as account balance, safety codes, or fraud alerts.

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The most relevant services on mobile banking

You have just made a transfer from your bank account, want to check?

Your Credit Card charges have been updated, want to see them?

Mobile notifications can bring great benefits to customers, offering more personalized and immediate solutions, adding competitive advantage to financial services.

Examples:

Through mobile messaging, financial services can improve not only the user experience, but also increase safety to their services.

With camera verifying, digital fingerprint or receiving an SMS, users can manage highly personalized passwords, and also receive alert notifications for any suspicious activity on their account.

With a mobile app, customers can select which kind of notification they wish to receive, avoiding spam without losing very important notifications like money transfer alerts, credit card spending, or lack of money in the bank account.

Banks can also identify the location of their users via the app, allowing them to send real time notifications based on their whereabouts. They can indicate where the nearest ATM is, saving their customers time and effort whenever they need some cash.

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How mobile financial services work

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The app or web interface can also improve user experience on their mobile devices, bringing more value to financial products. One example is the app that Citi has developed for tablets, replacing lists of transactions with interactional financial graphs, making financial information easier to read and manage.

Many marketing strategies are switching to developing these kind of services over promoting new products, because the improvement on user experience can make a great impact on both engagement and new customer acquisition. Jerod Laughlin, VP from Digital and Online Marketing on H&R Block, says on a Think with Google article;

“Retention and acquisition are two sides of the same coin. When you focus on customer experience you achieve both of those things.”

New ways to achieve customer engagement

You have 500$ left for the rest of the month to achieve your saving objective!

Congratulations! Your investments have increased 0,16% this month!

With mobile notifications, banks have improved their relationship with customers, offering services that interact with them personally based on their needs. With more customers using these services, banks have increased their revenues.

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Innovation on mobile financial services and CRMSome of the most important banks and financial firms are developing new customer experience through easy to use mobile services.

On a Forbes article, Michael DeFranco & Michael Halloran said that mobile notifications are a central trend for 2015 in financial services, highlighting that these features bring new insights to customers, improving very important aspects of their lives: financial decisions.

Simple and LearnVest are two companies that are taking these principles to the core of their business, adding services that help their customers to improve their financial decisions and achieve their goals. They actively help people to save for an important event, such as a wedding, or to define the best moment to take a mortgage.

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Care One have devoted great efforts in order to recognize where

their customers are within the cycle of their debts, so they can

motivate them and help them to cope, for example, sending

them a push notification to celebrate a milestone achievement.

Jp Morgan Chase & Co have provided educative services to help

people with their savings, and also to guide them with relevant

financial decisions such as the best time to acquire a debt, or to

invest.

Financial services are helping customers with their daily and

important financial decisions. Mobile technology is a key aspect

to make these decisions possible, delivering just-in-time

information that responds to customers’ needs at the right

moment. These services generate great value to consumers,

generating more confidence with the brand.

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Quick and ongoing development

Traditional conversion paths are becoming less relevant within a

volatile market and with higher expectations from customers. To

keep up with competition, Banks and financial companies must

switch from traditional services to more personalized and

dynamic solutions. The customer must be at the centre of the

strategy not only to achieve better products, but also to acquire

new customers.

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The fast growing market of mobile and the constant development of products, must be seen as a motivating challenge that companies must embrace quickly and effectively. The Citi app described before, took less than five months to be integrated in customers tablets.

Mobile solutions must be easy to use and must bring significant value to users. To achieve these goals, they must be developed within a short timeframe focusing on solving specific problems. That way, solutions can be adaptive and responsive to the changing trends in today's world.

In the opinion of Jerod Laughlin, financial apps must be “Less focused on one giant app and more on smaller executions that are need-based. We have got to take the old models and throw them out. It seems like there’s too much fear around trial and it’s holding back the entire industry”.

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Today’s challengesWith smartphones becoming more common and more relevant to people's life, they are obtaining a significant role in the interactions between consumers and financial services. Their value not only resides on making these services simpler and effective to customers, they also integrate the brand into the customer ecosystem.

Within these services, mobile notifications play a key role to deliver significant information to customers. Any person would find great relief knowing that they will receive an SMS notification for any suspicious movement from their bank account.

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Or consider that many customers would be very grateful if their bank app sends a push notification indicating how much money they can spend at the time when they are entering in a shopping mall, so they can achieve their saving objectives.

The financial market is experiencing many changes, and the development of mobile services is one of the main features. People still have some doubts regarding safety and privacy, but there are an increasing number of customers that are perceiving its many benefits.

Experts are indicating that mobile services are a competitive advantage that no financial company must loose, and the key is to start developing these initiatives fast, making effective and responsive products that bring added value to customers.

PUSHTech™ team is up to date with the latest notification tendencies and are more than prepared to integrate them with “out of the box” ideas. Through our Mobile Marketing Cloud, we are excited to provide multichannel notification solutions, helping customers to improve engagement strategies.

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How PUSHTech™ can power-up Mobile Financial Services.

Intelligent MultiChannel Optimization:Mobile financial services requires realtime strategies, and with our easy-to-use optimization engine you can trigger precise and relevant communications via the right channel at the right time using realtime customer behavior.

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PUSHTechIntelligent MultichannelOptimization.

Some of our mobile related services are:

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Segmentation & Smart Targeting Engines:Build an informed view of your customers - making it easier than ever to turn raw data into marketing intelligence and create personalized customer conversations by the right channel and at the right time.

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Manage Content:Manage and track content across all of your customer channels from a single location—to make searching, categorizing, and filtering your content easier than ever. You can assign tags, campaign associations, and owners to your content.

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BarcelonaLOCATION

FreelanceOCCUPATION

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Audience Builder:Choose any data source you have and easily incorporate it into PUSHTech’s Data Manager. Using our drag-and-drop interface you can quickly configure multiple databases any way you wish and then filter and segment your audiences based on any criteria to precisely target your message as you need.

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Pinpoint Targeted Marketing (iBeacons):More accurate than GPS and Wifi, iBeacons can create experiences customers have never had before. When customers leave their local branch, event venue, or ATM, you can trigger messages that inspire action or request feedback. And you can save, learn and re-use this data to build new sales opportunities.

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Mobile MessagingEngage with customers at their fingertips, increase app engagement, and drive mobile commerce with easy-to-use mobile messaging channels - Instant Messaging, SMS, In-App Push, Chat App.

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Email Marketing:You can easily import and use your favorite email templates as our platform covers all types of transactional and email marketing.

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In-App Push Notifications:Get personal with your mobile app users. Send out perfectly-timed push notifications that engage costumers with your apps and brand. Build solid customer relationships by giving them valuable, highly relevant content right when they need it.

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