Banking today requires the customer to go to the bank.
Customers visit a branch. Customers go to an ATM. Customers mail in a deposit. Customers call a call center. Customers login to online banking. Each of these channels requires the customer to take the initiative. Each of these channels requires customers to spend time driving, or walking somewhere or waiting until they have time to go to their finances. However, because the average person works more hours than 10 years ago, finding the time to make the journey to the bank to manage their finances is even more difficult.
However, with over four times as many phones in circulation as PCs, and with customers leaving their mobile phones on and near for over 15 hours out of every day, mobile provides unique opportunities to reach today's customers. Mobile provides an important opportunity to break free from inconvenient, high cost, reactive channels and take a more proactive approach that can reduce delivery expense, increase sales effectiveness, increase retention and attract the next generation of customers.
Reduced delivery expenses Online banking has leveled off at approximately 40% penetration, leaving a large segment of customers who have not taken the leap. With consumers doing more and more on their mobile phones, and mobile adoption far outpacing PC adoption, financial services institutions have a low cost opportunity to leverage mobile to continue the expense reduction that online started. With mFino, a single mobile deployment can reach most customer mobile phones including text capable phones, web capable phones and smart phones.
Greater sales effectiveness through in-the-moment sales opportunities In an increasingly competitive financial services marketplace, every opportunity to increase share of customer is important. However, current sales opportunities are disconnected from customer needs. mFino's Active Alerts notify customers of important account events and introduce timely and relevant upsell and cross sell-offers. Active Alerts also include the ability to follow up immediately, simplifying and improving the response process and response rates.
Greater retention through deeper customer relationships Customer engagement increases retention. However, static access points such as branches, ATMs and online banking require the customer to go to them, reducing the frequency of interaction and the convenience factor. mFino Mobile Banking with Active Alerts allows financial services institutions to interact with customers using mobile messaging, web or rich clients. And, through notifications that bring the bank to the user, financial services institutions can increase customer interaction, create stronger customer relationships and ultimately increase retention.
Attract the next generation of customers Gen Y, the generation born in the 1990s, is the next generation of financial services customers. They are mobile-focused, using their phone as a communication hub. Approximately 50% feel that mobile access is an important factor in their choice of financial service institution. Providing a banking experience that they expect and appreciate paves the way for the next generation to become your customers.