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Three steps for mobile marketing


Consumers have embraced their mobile devices to check balances, make payments and conduct other financial activities, giving marketers the ability to reach them more easily. But, to take advantage of this access, bank marketers need tools that create a personalized experience and anticipate customers’ needs in real-time. Financial institutions able to deliver a tailored experience with optimal convenience for the customer will be rewarded with customer engagement, loyalty and increased product and service use.

The following three guiding principles can serve as a foundation for a successful mobile cross-selling campaign:

Target the right customer at the right time. Targeted messaging and relevant advertising delivered within the mobile banking app allow financial institutions to engage with a captive audience of mobile customers and cross-sell and up-sell services when appropriate. Marketing messages can appear as in-session banner ads, pop-up notifications or in between other screens to promote a product or service while the user is transacting related business. While transferring funds via mobile, for example, customers might see a banner asking if they’d like to send money to a person by enabling an easy person-to-person payment. 

Adjust in real-time. Analytics are often available to financial institutions via their mobile banking service. Taking advantage of such capabilities can enable financial institutions to track the effectiveness of their messages by providing a real-time view of mobile banking activity and engagement. Bank staff can track how a particular ad or message is performing, and adjust accordingly. With the insight gleaned from analytics, staff can modify campaigns to be more effective and even reach out directly to consumers who have shown an interest in a particular product.

Enable immediate action. Customers are accustomed to using secure chat and live messaging through social media channels, so the mobile channel presents the opportunity for an efficient, effective customer service experience. Dynamic messages and advertising can enable customers to find out more information about a product or service, click-through to call the financial institution, or view external marketing propositions – all from within the mobile banking app. Customers who are interested in a particular service or product, or who want more information, can take immediate action.

In addition, in-app icons can be embedded within the mobile banking app to provide quick and easy access to additional financial institution capabilities, such as market rates or loyalty offers. This makes it easier for customers to get to the products and services that will meet their immediate needs.

Push notifications can also enable immediate action. If an accountholder’s car loan is nearing the end of its term, they might receive a push notification asking if they’d like details on new car loan rates. Or if a customer is approaching his credit card limit, a push notification can be sent with an offer to increase the limit. Push notification is a game-changing technology when it comes to cross-selling in mobile.

Financial institutions that have implemented mobile messaging and marketing capabilities have reported an exponential increase in new product and service enrollments. These three principles provide a starting point for financial institutions that want to make the most of the unique attributes of the mobile channel to achieve successful messaging and cross-sell results.

Ms. Frost is director, Mobile Marketing, for Brookfield, Wisc.-based Fiserv. She can be reached at [email protected]