Bank Board Letter October 2015 : Page 3

Figure 2: Smart app banners can increase mobile app adoption by boosting customer awareness. Figure 3: Marketing via social channels can help financial institutions reach customer engagement goals. in next-generation mobile banking products is vital to this initiative. Fiserv research has found financial institutions that offer mobile deposit see 60 percent more logins and transactions per month per customer than financial institutions without the feature (Figure 1). Additionally, a tailored tablet banking experience can boost enroll-ment in mobile banking and spur incremental transaction activity. P2P payment and instant balance features also speak to cus-tomer lifestyle preferences. P2P payments are convenient for paying rent, splitting bills or exchanging money among family and friends. Instant balance simplifies the most common mo-bile banking activity, checking balances, by allowing a user to check their balances with a swipe of the screen, without having to log into mobile banking. rotate marketing message content to focus on different features Ð bill payment, mobile deposit and security measures, for ex-ample. Additionally, the platforms offer interactive capabilities in the form of links, pictures, videos, sweepstakes and contests to boost engagement when promoting mobile banking. For example, 1st Mariner Bank of Maryland conducted a Facebook contest to promote usage of its mobile check deposit feature, of-fering a $500 prize for the sweepstakes winner (Figure 3). 3. turning FrontlinE StaFF into EvangElizErS In addition to a strong product offering and a comprehensive marketing campaign, a successful mobile banking adoption strategy leverages the financial institution’s frontline staff to en-courage enrollment. To prepare staff for this task, both branch employees and call center staff will need proper training on how the mobile banking service works, how to enroll new us-ers, and how and when to promote it. Having each employee sign up for the service is a guaranteed way to reinforce training. Furthermore, the employee will be able to share personal expe-riences in discussion, which generates trust between the staff and the accountholder. Staff at Family Bank in Georgia saw the benefits of an employee training program as they learned how to effectively communicate one of the important benefits of mobile banking specific to that bank: convenience. Mobile capabilities meant fewer visits to the branch’s rural location, which equaled time and cost savings for many customers. 2. Employing markEting StratEgiES A multi-channel marketing approach is necessary to reach consumers wherever they spend their time, whether in a physi-cal location or online. Smart App Banners can increase adop-tion for a branded mobile app by improving awareness among customers that one is available. When the institution’s URL is typed into the mobile or tablet browser, the banner appears directing interested users to the mobile banking app download page. Fidelity Bank of North Carolina saw success in this tech-nique (Figure 2), with mobile registrations nearly doubling in the month following implementation. Other effective techniques for promoting mobile banking within online and mobile channels include cross-promotional banners, interstitial pages and a vanity URL for a landing page with more information on the service. Additionally, marketing via social channels like Facebook and Twitter is integral to reaching engagement goals, especially among younger consumers. These channels provide an opportunity to aim HigH: Financial inStitutionS can ExcEEd tHE mobilE adoption bEncHmark All efforts from the financial institution in the areas of prod-uct investment, targeted marketing and employee training

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