Banks are in the money business — protecting it, saving it, investing it…and making it.
Employees keep a trained eye for opportunities to discuss new offers with customers should the right moment arise. If a customer should mention the birth of a new child, this could be a great time to discuss the bank’s college savings plan. The effectiveness of the message depends on the customer’s experience, and how well the employee knows that customer as an individual.
A well-made, user-friendly mobile app provides a great way for banks to deliver this type of strategic messaging to all of their clients all the time. Just look at the size of the audience:
- Sixty-four percent of Americans currently own a smartphone, and an estimated 2 billion people across the globe will own one by the end of this year.
- More and more people are using their smartphones to help manage their money. In fact, 57% of US smartphone owners use their device for online banking.
Personalization as a Marketing Opportunity
As banking apps become more prevalent, institutions need to take advantage of the platform as a marketing opportunity. The best way to do this is by producing an app that delivers a useful, personalized experience. And that means going beyond delivering generic push notifications.
For example, if you know that a customer is looking to buy a new car, your app could send them a notification about a great low-interest rate loan offering shortly after they leave a car dealership. You could further customize the messaging based on things like customer age (the messaging could pertain to a sportier car or a luxury car) and whether the customer has a family (your content could focus on a minivan as opposed to a coupe).
Banks and financial institutions can improve their customer experience and boost conversions by giving customers what they really want. For Millennials, that means personalized financial advice. A recent study discovered that 32 percent of Millennials want to know more about savings, 30 percent want information on budgeting, and 26 percent want credit card advice.
Tailoring the messaging to this group is a huge revenue opportunity on the investment side. And a well-designed mobile banking app can deliver this desired outcome. Here are three elements you need for a personalized, customer-centric experience that will make your app invaluable to users:
- Know your customers. Use every available avenue to make meaningful connections with your customers. Leverage data to develop profiles of your users based on demographics and usage patterns. This will enable you to build features customers will use, and to target them with exactly the right product or message at exactly the right time. Your development team could spend months coming up with a brilliant, flashy new function for your app, only to realize that customers don’t want to use it.
By looking at Bank of America’s app interface, it becomes obvious that BOA is an institution that knows its customers. The app caters to time-crunched users by allowing them to access information quickly and efficiently. They can check multiple accounts and accomplish almost any task via the app’s home screen. The app is useful, so it will be used. And if it’s being used, it’s a great opportunity to communicate with customers.
- Focus on the individualized experience. Personalization is a rising trend in the marketing field, and customers are especially loyal to companies that make an effort to uniquely meet their needs. The practice of pushing the same generic information to all of your app users is not advantageous – and might even be considered mobile spam. Customers desire experiences that are personalized to their requirements, desires and preferences. Sophisticated data capture allows you to send the right message, to the right customer, at the right time.
This is why it’s so important to know your customers. Use your data to create efficient and personalized services that make banking a breeze. Simple is a great example of a company that excels at this. It enables customers to set savings goals and offers a Safe-to-Spend feature that predicts what their available balances will be after they pay their monthly bills. These types of features are highly appealing to users who need help budgeting their finances.
- Engage customers through content marketing. Producing and distributing content is the best way to speak directly to your users. Content marketing allows you to educate them about your offers, establish your brand’s voice, build genuine relationships, and learn exactly what your customers want. All of these perks enable you to personalize and differentiate your services even more and promote your mobile app.
If you combine all three of these elements and reach beyond standard messaging, your banking app will deliver a customer-centric experience that provides customers with useful information while allowing you to tailor your messaging to them in a personalized fashion.
Mobile provides the best customer engagement platform ever – it’s a great time to harness that platform for growth.