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Mobile Marketing Strategies — Kind of a Big Deal in Financial Services

by: SilverTech

This will be a huge year for financial institutions and optimizing mobile strategies. Apps will be upgraded and more innovative, experiences will be tailored to individual users, and integrated digital experiences will become much more comprehensive.

Becoming Essential

Traditionally, financial mobile apps have been used to address basic financial customer needs: finding locations, checking balances, and transferring funds. These functions allow customers to save institutions money by creating self-sufficient customers. The future of banking is in all-inclusive mobile experiences that will both save institutions money and drive customers to become reliant on mobile apps for any and all of their financial needs. Apps will begin providing consumers with more than simple data and tools, but with analytics, advice, and up-to-the-minute industry information while shifting from a transactional and practical model to one that is driven by reliable relationships.

Questions You Should Be Asking

  • Do you have a mobile app in place, and what are the current key user functions?
  • Are you using mobile alerts, push messaging, and/or mobile notifications?
  • Do you have specialists available that can provide advice to different types of audiences?
  • What are the most popular offerings within your institution?
  • Do you have the analytics to drive cross-selling relevant products to customers?
  • Do you have a long-term plan in place for optimizing your current app, to make it more user-friendly and accessible?
  • Do you have the functionality in place to target customers geographically?
  • Does your mobile experience offer clear security measures that are understood and trusted by your customers?

Millennial-Minded Marketing

Financial institutions often struggle with targeting millennials, and mobile strategies can play a key part in reaching out to this group. Often without a previous opinion of institutions, millennials can be influenced to make financial decisions when they feel like they can trust an institution, when their experiences are personalized, when they’re presented with innovative and modern technology resources, and when they feel like they’re receiving the best customer service, whether in person or digitally. Cross-promoting experiences socially and through email can also help this generation make financial decisions. Keep in mind that there is no blanket solution to marketing to millennials, as younger individuals finishing and emerging from college have very different needs than those that are working full-time.

Mobile Driving Lead-To-Loyal

Customer’s initial financial choices are often need-based, allowing for switching providers to be an easy decision. If individuals have a tough time seeing the difference between institutions, they’ll be more likely to switch based on any number of simple factors. Using mobile strategies, financial institutions can drive long-term relationships with customers by providing features that allow them to stand out from the competition and making it harder for customers to switch. In addition to having the best mobile experience, financial institutions need to commit to a long-term customer-focused strategy, ensuring that they’re always driving the best customer experiences through hands-on and timely customer service to create trust and strong relationships. Just because it’s digital does not mean it can’t be a personal, trustworthy, reliable asset.

All Mobile Apps Are Not Created Equally

Before overhauling your mobile strategy, it’s important to consider your business first. Knowing your customer’s motivations and which offerings will be best suited for optimized mobile experiences are important to understand before developing or upgrading your mobile experience. Also, understanding the competition and creating a unique and innovative experience will allow you to attract different audiences and then drive loyalty strategies to create long-term relationships.

What Are You Waiting For?

SilverTech has extensive experience in creating and optimizing mobile apps. As a creator of a number of innovative and modern apps in the field, our team specializes in in filling in any technology knowledge gaps for companies that don’t have the bandwidth for mobile experts. We’ll evaluate your current app and offerings and help you create a long-term mobile strategy. SilverTech can help you create a new mobile app, or help you optimize your current setup, ensuring integration with your online experience, cross-channel marketing plans, and driving a customer-focused strategy.