Mobile apps are gaining significant traction, and banks tap into this ever-more common trend to drive tangible business benefits.
Yet, connecting clients with mobile technology is not enough. If you want to convert your app into the go-to mobile banking solution, enhance it with cutting-edge functionality that would correspond to the most burning needs of your clients.
Mobile banking coupled with beacon technology can be instrumental in reimagining how to innovate, operate, and engage with clients. Intelligent customer location tracking empowers you to deliver relevant product promotions and coupons when clients are near a branch or an ATM.
Besides, a thorough customer activity analysis both online and offline will allow you to not only personalize your digital location-based offers but also tailor in-person communication in branches.
Another way you can leverage beacon technology to drive customer engagement and increase sales is to deliver welcome messages with a summary of your banking services and short educational videos. For effective post retargeting, send location-based alerts asking clients to rate your services and leave reviews right after visiting the branch or ATM.
Don’t underestimate the power of cross-selling. Analyze client purchases and collaborate with relevant retail and online brands to provide personalized product recommendations right on their mobile screens.
One more way to deliver an outstanding client experience at a fraction of the cost is to enhance your mobile banking app with a GPS-enabled list of all branches and ATMs available in the region the client stays at the moment, whether it’s a neighboring city or an overseas country.
To raise the ante, introduce in-app AR navigation toward a particular branch as well as present information about the needed facility in the form of smart 3D displays. Easily guide your clients by showing the names of the streets and buildings, pedestrian pace, distance covered, and other related information. Offer voice instructions to give your app users an extra layer of comfort.
If you already have cross-selling partnerships, capitalize on AR to guide customers toward the nearest shop and show how it looks like from inside and outside.
Advanced personal finance management
A big leap toward a truly cashless society, cutting-edge personal finance management can significantly increase user engagement.
For your mobile banking app to succeed in this niche, it should boast sophisticated functionality like recurring payment and purchase automation, intelligent receipt categorization, and bill scanning. Help your clients understand where their money is going through financial calculators with smart alerts on exceeding spending limits.
Take it up a notch with AI-powered features to foster sound financial habits. Introduce intelligent robo-advisors able to forecast card spending, smartly plan budget, devise sophisticated strategies on debt pay-offs, and more.
Also, accommodate users with seamless peer-to-peer transactions, single-touch donations, and easy-to-use loans, saving them the need to visit physical banks.
Any challenges so far?
Mobile apps can be a real breakthrough for your bank. But besides providing user-engaging functionality, pay particular attention to issues like ease of use, security, performance, scalability, and smooth third-party integrations.
Also, regularly collect and analyze user feedback to find all possible client service gaps and close them by continuously improving your app.