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New report outlines effective mobile strategies for FIs

Mobile banking capabilities are joining ATM and branch location as important factors in consumers' choice of a financial institution, research shows.

November 10, 2014

Research shows that the ability to add and retain mobile banking users is vital to financial institution growth and profitability. It also indicates that mobile banking capabilities, or the lack thereof, can play an important role in a consumer's decision about where they bank.

A new report, "Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage," from Fiserv provides strategies to optimize mobile banking investments.

In the document, Fiserv outlines three main priorities for financial institutions looking to boost mobile banking adoption and use:

• Product investment. Consumers increasingly expect mobile banking features such as mobile deposit, tablet-friendly user interfaces, P2P payments and actionable alerts. Fiserv research has shown that financial institutions that offer mobile deposit average 60 percent more logins and transactions per month compared to their counterparts that do not offer the feature.
• Targeted marketing. Financial institutions can leverage smart app banners, cross-selling techniques and pop-up pages within online banking to raise awareness of mobile banking and drive enrollment. Social media channels can be extremely useful for driving engagement, as well.
• Staff engagement. Training staff on how the mobile banking service works, how to enroll new users, and how and when to promote it can lead to significant adoption dividends.

"The combination of next-generation mobile banking features, targeted promotion and staff training can help banks and credit unions reach higher levels of adoption and usage for mobile services, and achieve a higher return on their investment," said John Moon, senior manager of adoption marketing for digital channels at Fiserv.

Download the full document.