Mobile apps? We use them to pay, shop, chat and make our lives a little easier, one app at a time. But when it comes to banking and money management, apps are letting shoppers down. Mehmet Sezgin, CEO and Founder of myGini, explains how banks and credit unions could easily integrate retailer tactics into their mobile strategy to take the customer engagements to the next level. He argues that using the principles of dynamic loyalty, financial institutions can create a mobile presence that bridges banking, payments and shopping, and offers a truly rewarding experience.
There are over a quarter of a billion smartphones in the hands of US consumers, who rely on them more than ever. No later have we opened our eyes in the morning, our apps are already telling us it’s going to rain today, rush-hour traffic is especially heavy and our favorite artist has just released a new single – without even asking. We have become addicted to the convenience our smartphones offer and financial institutions have not failed to notice this.
Banking is going mobile – but financial institutions fall short of real engagements
Faced with increased competition from digital-only players, banks and credit unions understand they, too, must look to digital channels to satisfy changing consumer demands. They know that in order to appeal to a more tech-savvy audience they must have a mobile presence in place – but not just any.
Sure, an app that allows customers to make transactions and monitor their balance is useful, but it won’t help the financial institution get closer to their customer or provide greater customer value. First, they need to dig deeper and understand how their customers pay and shop.
Shopping is going mobile, too – but not all transactions end in customer loyalty
Retailers share this concern and have seen mobile technology as a solution to improving the shopper experience – witness the rise of NFC-enabled POS terminals and the ever-larger number of shopping apps. However, there is one aspect of their strategy that retailers have failed to give a truly mobile meaning to, and these are loyalty programs.