How Financial Institutions Can Leverage The Mobile Opportunity

While retailers are starting to master the mobile marketing mix and create seamless omni-channel experiences for their customers, financial institutions and in particular retail banks, are still lagging behind. According to Online Media Daily, “some 40% of banking occurs on smartphones and tablets. While half of those consumers search for information, the remainder complete transactions like paying bills or transferring funds, according to new research. Without a mobile app and Web site, brands lose the connection with customers.”

Additionally and pulling findings from the same banking and finance edition of xAD's “Mobile Path to Purchase” report, Mobile Commerce Daily notes that “sixty-five percent of smartphone banking and finance takes place on the go” and in fact, “62 percent of smartphone and tablet users expected for a business that they were looking for to be within five miles of where they were.”

What does this mean for a banks marketing department? That 65% of nearly half your banking customers are using your app or mobile website within 5 miles of one of your brick-and-mortar locations.

And that's why you need location. Location-based marketing drives up response rates with relevance. Set your geofences with a 5 mile radius of your location and use a customizable location-based campaign management platform that can deliver dynamic and customized content in real-time.

But don't just rely on your app. Smartphone adoption may have eclipsed feature phone usage in the US earlier this year but 35% of US wireless subscribers still use them. So make sure you use a campaign management platform that can deliver both in-app notifications and via SMS/MMS so offers can be delivered to any device, on any carrier.