White Paper On Maximizing Mobile

BROOKFIELD, Wis.- Fiserv has released a white paper with recommendations for how banks and credit unions can maximize mobile banking adoption and usage rates among consumers. Titled "Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage," the complimentary white paper provides proven, actionable strategies to optimize mobile banking investments, with a focus on the three key areas of product investment, marketing and frontline staff engagement.

“The ability to add and retain mobile banking users is vital to financial institution growth and profitability as research has shown mobile bankers to be valuable customers. Research has also shown that mobile banking capabilities, or a lack thereof, can play an important role in a consumer's decision about where they bank,” Fiserv said.

Fiserv said its analysis shows that successful financial institutions have mobile adoption rates of at least 40% of their online banking base, and this can be considered a benchmark figure by which FIs can measure their own mobile banking adoption rates.

In the white paper, Fiserv outlines three main priorities for financial institutions looking to boost mobile banking adoption and usage:

* Product Investment. Fiserv said its research has shown that financial institutions that offer mobile deposit average 60% more logins and transactions per month compared to their counterparts that do not offer the feature. Investing in next-generation capabilities is vital to mobile banking success.

* Targeted Marketing. “Achieving high levels of adoption for mobile banking requires a comprehensive, integrated marketing program. 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 enrollments. Communication through social media channels should also be considered as it can be extremely useful for driving engagement, particularly among younger consumers.”

*  Staff Engagement. “A financial institution's frontline staff play a key role in encouraging mobile banking enrollment. Both branch employees and call center staff can be turned into evangelists for mobile banking, capable of driving new registrations at a significant rate. 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.”

Section: Standard
Word Count: 378
Copyright Holder: CUToday.info
Copyright Year: 2019
Is Based On:
URL: http://www.cutoday.info/THE-market/White-Paper-On-Maximizing-Mobile