In a recent article written by Jim Marous, Mobile Banking as a sales opportunity is explained as a marketing avenue that financial institutions can pursue to a much larger extent than they are currently. Don’t leave your mobile banking platform an untapped channel for credit union growth, utilize all of the data available and create personalized offers for your members. Marketing is no longer only direct mail and online, it is mobile.
Mobile Banking Onboarding
Marous states, “It is already a well-known fact within the financial services industry that onboarding new checking customers improves engagement, stems attrition and provides a strong foundation for relationship expansion.” Marous points out that it is important to work with new members in regards to mobile banking, as “digital customers” are impatient with apps or processes that are unfamiliar and uncomfortable to them.
Marous also touches on an onboarding tactic that is well-known to Synergent’s Direct Marketing Services department: the “prime-time” of reaching new members with communications during the first 90 days after opening their accounts. This is when new members are most receptive to other services offered by your credit union, such as bill pay and direct deposit. There are phases in an onboarding campaign that are determined based on the product(s) being marketed and the scope of the campaign.
Synergent has taken it a step further, and created a convenient how-to video that may be shared with members, explaining how to utilize the Access Softek Mobile Banking app. This video, and a selection of other useful videos, may be shared on your website, to help your members understand the app, and to reduce attrition in regards to app usage and satisfaction.
Marous concludes his article by reiterating that the mobile channel can be a cost-effective way to communicate a highly personalized message to the right customer, at the right time, which in turn will help you credit union see an uptick in organic growth, customer retention, and customer satisfaction.