The Mobile Opportunity for Banks

Nielsen advises that mobile banking provides rewarding opportunities to financial institutions who know how to connect with mobile consumers:

– Drives loyalty: Mobile banking creates an ongoing uniform, consistent dialogue with the customer. Tell-a-friend and word-of-mouth programs are ways to engage with mobile customers and get their acquaintances to become involved.
– Engages new segments: Mobile banking opens up new groups previously under-served, such as unbanked, younger or out-of-footprint. Banks should create family plans that parents and children can equally take advantage of; these plans should be communicated to wealthier customers by personal bankers or trusted financial advisors.
– Empowers: Mobile banking provides customers with control of their finances with real-time interaction. Banks should create marketing messages that stress control and offer simple SMS text message alerts for overdrafts, potential fraud and payment due dates.
– Offers solutions, not a product push: Mobile banking creates a vehicle for offering products that customers want and need at the exact moment when they need them. Real-time response isn’t easily replicated in most other channels. Regardless of the consumer mindset, this creates a positive customer experience and can be used across all demographics to broaden the mobile universe.

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