Practical Mobile Technology

In the last quarter of last year, 30 million U.S. consumers accessed their financial services accounts via mobile devices. Mobile banking lends itself to personal scheduling, providing users the added convenience of accessing banking information while on the go.

As mobile technology continues to attract new, savvy and informed users, the banking industry must use innovative mobile techniques to communicate with existing customers as well as attract prospects.

Here are just some of the new mobile concepts banks are using to stay ahead of the technology curve.

Mobile Web sites and mobile apps are generally the first point that comes to mind when people think of mobile marketing – and justly so.

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The first stage is to create, design and develop a mobile Web site. Today, it is a necessity. The second step is to start thinking how you can add value for your customers with a mobile app.

Perform a competitive analysis on the mobile apps that other banks have deployed and make your mobile app better. Target your audience of mobile device users and create value for the customer who’s on the go.

US Bank released a mobile app earlier this year that allows customers to snap a photograph of a check, process the picture using the app and then send the image to the bank for remote deposit.

This means that your bank customer no longer needs to go to the bank to make check deposits. JP Morgan Chase also has a similar feature.

These customers can be at work, at the park, in the living room, and make a deposit to their account. This may result in less physical visitors to the bank. However, RDC lends itself to reduced processing costs for the bank, improved availability of banking services, and a value of convenience for the customer.

Mobile Banking: Most of the banks offer mobile banking services to its customers because it aims to provide a convenient banking experience. Users can now check their balance, make transactions easily, and transfer money within accounts. Mobiles are a convenient medium through which users can easily have access to their account information and make quick transactions. Banks provide instant SMS of all the transactions carried out by the customer and keep him informed to avoid any mishaps.

Text or SMS alerts provide account information access to a wider range of mobile devices, not just smartphones with apps.

Banks can provide push and pull services that perform a set of transaction functionalities with text alerts.

For example, a typical push service would generate a text to a customer telling her that she has low funds in her account. This would rely on a user-generated specification, such as $50 or less. Another push example would be periodic account balance reporting at the expiry of the month.

Pull services are called for by the end user. A customer may type in a brief code of ‘BAL’ to her bank, for example. The bank receives the text, verifies the sender and replies with an account balance.

Mobile technology is changing the way people manage their money. Banks must engage in well-managed, well-strategized and well-executed mobile marketing campaigns to retain and gain a solid customer base.

One of the most important measures that a bank can take in mobile marketing is to properly convey their efforts to existing and potential customers. Alert the public to your organization’s enlargement in the mobile world. Add notifications and call outs on your Web site. Post flyers in your bricks-and-mortar locations. Push online marketing, search engine optimization and paid advertising campaigns. Focus your social media efforts so that customers are in the know.

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