Boost Banking Customer Engagement and Sales Using Mobile Location

Figure: “Bank's Assessment of Current Capability, Future Potential and Criticality of Mobile Components” demonstrates the mobile opportunity for banks to help improve sales and differentiate themselves in the market.

According to IBM's 2013 Holiday Benchmark Reports, mobile traffic grew to 39.7 percent of all online traffic over the period, increasing by 34 percent over Black Friday 2012. And businesses are now using location-based mobile marketing to capitalize on share of wallet from those mobile shoppers by delivering real-time, relevant calls-to-action based on their proximity to stores.

And it's not just retailers who are capitalizing on the mobile opportunity. Financial institutions are using mobile marketing to connect to their customers and inform them of new products. A detailed report from Capgemini, World Banking Report 2013, explains how financial institutions can unlock the potential of mobility by leveraging location data to help banks move towards customer centricity.

The evolution of the mobile channel has allowed banks to use mobile as a comprehensive vehicle to support a full range of capabilities that go beyond fraud prevention and simple customer transactions and alerts. Banks are able to utilize the mobile platform in marketing and sales to reaching new markets and building brand loyalty. Mobile-based applications are now available to help customers in managing marketing campaigns and support relationship management dashboards, all of which lead to improved service and sales.

One of the most sophisticated mobile marketing methods available to financial institutions today is location-based messaging through geogencing. By incorporating geofencing technology, banks can define location parameters for their campaign reach in order to target customers and deliver real-time, relevant calls to action based on current proximity to points of interest. In May's Geofencing in Financial Services blog, Locaid's SVP of Sales & Marketing, Jeff Allyn, explained that “smart financial organizations are combining the power of purchasing information with the customers' location. By combining these data points, the organizations can now offer customers special deals and promotions from the merchants they shop with the most”.

Many financial institutions have yet to realize the opportunity in mobile beyond payments and transactions. Now is the time to develop your marketing strategy to encompass the mobile opportunity in order to bring the best customer experience and also to drive sales. The benefits of integrating location-based mobile marketing into your 2014 strategy are endless and continue to evolve as mobility becomes more and more relevant in consumers' lives.

To learn more about how location can help in developing your mobile marketing strategy, please read our Locaid for Financial Services Solution Overview.