Using the Branch to Drive Mobile Utilization

by Nik Wahlberg | July 26 2018

The results are in and Business Insider highlights a new study that showcases that 83% of all bank customers now access mobile banking[i].  As adoption rates continue to rise, it is now the job of the branches to promote and educate customers about your bank’s mobile banking app. Customers need to understand they can interact with your financial services institution in a branch, online, or on the native app on their phone. There are three ways branches can drive mobile adoption and utilization outlined below.

First: Adopt a Culture of Cross-selling

Cross-selling is no longer just about selling different products or services to an existing client[ii]. For banks and credit unions, it now also means teaching your customer-base how to access the full suite of services available to them. This is particularly useful as the majority of foot traffic in a bank is likely to come from existing clientele. According to a 2016 Bain & Company study, 84% of bank customers aged 18-34 have been into a branch in the previous quarter[iii]. Most of those went there for basic transactional purposes, including many that can be more efficiently handled using the mobile platform.  If the branch and its employees can view these interactions as potential cross-selling opportunities, you have successfully created a platform by in which to promote mobile adoption opportunities organically. Now, of course – with any branch wide adaptation, you’ll want to give your tellers the proper tools to effectively communicate the benefits of mobile banking. The better prepared the staff, the higher the chances of mobile usage. One way to achieve this is through…

Second: Creative Promotion

With mobile banking features are now listed as THE most important category of features to consumers when they choose a bank[iv].  For the sake of customer retention, it is now more pertinent than ever to drive mobile adoption. Creative promotion is – just that: using creative skills and devices to better promote and inform consumers as well as staff members about your product. A simple and effective way of ensuring mobile banking adoption is to have and review consistent talking points with the tellers. Each time a customer visits a branch for something that could be handled using mobile banking, it is an opportunity to employ creative devices. Some primary examples of creative promotion are the usage of promotional displays, pamphlets, tri-folds, and the employment of personalized branded products throughout the branch. These items will help to facilitate a helpful conversation about the benefits of mobile banking, while also giving the consumer something to review in case of hesitancy.

Creative promotion is an effective tool to be used in conjunction with cross-selling. It is also an independent source of readily available information for your customers. It is important to keep that in mind when thinking about mobile optimization strategies. It’s about the convenience for the consumer. And luckily for branches, it’s never been easier to “sell” mobile banking.

Third: Encouraging Your Customer’s Desire for Self-Service

It’s a busy world, and with increasing numbers of people working non-traditional work hours, 9-5 banking hours isn’t exactly convenient for the modern lifestyle. Encouraging and emphasizing your clienteles needs for self-service is a great way to promote mobile adoption. Any opportunity that can be used to promote the idea of autonomy and convenience in mobile banking should be seized. If a customer comes in with questions about mobile services, take the time to explain and demonstrate the usefulness of the mobile platform fully. If someone is routinely walking into the branch near closing time, use that as an opportunity to talk to them about their mobile banking usage. If they’re unfamiliar, emphasize the time-management possibilities that open up when using those mobile services. Encouraging your customers need and desire for self-service is a no brainer, and a fantastic segue into the ideas highlighted above.

With mobile banking firmly on the rise[v], it is now the job of the branch to teach new and existing clientele, into the ease and efficiency of the mobile platform. Using technology to enhance lives and add convenience is never going away. Teaching your customers how to fully take advantage of all the tools you have available for them will make their lives easier, while simultaneously making them less susceptible to leave your institution for one that only APPEARS to have more to offer.

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