Banks Trying to Get New Customers With Creative Apps.
With the advent of the Smartphone and the huge leaps that FinTech is taking, creative Apps have become a new way to engage consumers when it comes to electronic payments. Financial institutions of all types are no exception to the power of the app. In the financial advice sector for example, solutions like LeadJig are aiding advisors in lead generation. With hopes to building trust with consumers, banks are now focusing on using creative mobile Apps that will help them engage with users, woo them, build lasting relationships, and convert users into customers. By doing so, they are following the popular belief that every business can benefit from the creation of a mobile App – take a look at this article to learn why. Banks are allowing non-customers or customer of other banks, to use their Apps to manage their finances and keep tabs of their monetary transactions.
Slight Shift in Banking Focus
Traditionally, banks have been offering Deposit, Withdrawal, Loans, Investment Solutions and other Business Services like accepting payments via ACH (eCheck) and credit cards. Banks are now shifting focus to offering financial guidance through mobile Apps instead of focusing on banking products alone. This will serve two purposes – banks can establish themselves as an authority that can guide consumers and they can establish their brand with non-customers, especially the millennial generation.
The evolution and proliferation of mobile offers innumerable opportunities to banks to explore other uses to support customers and prospects. One way banks can leverage mobile is to connect with other channels or social networks, such as Facebook Messenger, Twitter, and WhatsApp, to connect and engage with customers. Banks can take on the mobile payment challenge and encourage customers to participate with banking offers.
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Proliferation of Technology
It’s a great idea to develop front-end Apps for targeted use cases, with which consumers can directly engage with. Additionally, it is important to create Apps that provide more value than the core banking facility. Such Apps will open up the doors to more sales opportunities for banks and financial institutions. This helps consumers especially when branch transactions are declining. Not only this, it will be an opportunity to work with potential customers and convert them.
At a time when consumers have numerous non-bank mobile Apps to choose from to get financial advice, it is critically important for banks to come up with Apps that could be used by everyone.
With so much money being doled out on mass marketing, banks should look for more cost-effective marketing ways, such as leveraging mobile technology to drive more frequent, deeper engagement with consumers. However, financial institutions also need to justify the cost of supporting such Apps. Additionally, it would help to design a marketing strategy to ensure that their Apps reach the maximum audience while providing them with a compelling reason to go ahead with it.
Banks should avoid certain missteps as spamming consumers’ inboxes on offers. Such actions could amount to distracting consumers and making it even more challenging to convince them.
Done correctly, financial organizations could make the most of technology to boost revenue while adding value to consumers in the form of guidance.
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