By Jackie Mattia: Director of Strategy, Movable Ink
Financial services and banks have a lot at stake in enhancing mobile and app experiences in 2021. When organizations temporarily closed or limited in-person banking due to pandemic restrictions, online and mobile banking reached new heights. According to the top three U.S. banks, mobile banking app usage increased by 6% in 2020, and 30% of consumers say they are using mobile banking more now than before covid.
In response, the financial industry is trading in their legacy systems and processes for digital transformation to reach new, tech-savvy consumers that prefer to bank efficiently through their mobile app. Now, 90% of brands plan to develop a proprietary app by the end of 2021, signaling that consumers are more willing to interact with app-based marketing and brands are ready to convert mobile customers into high-value, steady users.
But mobile experiences are far from perfect. KPMG found that as many as 25% of high-value customers do not convert while using in-app experiences due to media friction. In many cases, this is caused by banks not offering an easy way to complete applications on mobile, consumers unable to request personalized information, or push notifications that are irrelevant to the consumer’s situation. For banks to create stand-out mobile banking experiences, financial marketers are now turning to technology that can transform data into rich-push notifications and in-app messages that give a personalized touch while driving revenue at every stage of the customer lifecycle.
Streamline the Onboarding Process
Downloading an app is a sure sign that customers are interested and ready to engage with a brand, but it’s only half the battle. Once a customer downloads an app, a personalized mobile journey is crucial to grab attention and impact a user’s first impression. Financial services can improve the onboarding experience, allowing marketers to build personal connections and trust during the early stages of the customer journey.
Creating visual checklists can be a helpful tool for marketers to start incorporating personalization across mobile messages that inspire customers to stay on-task during the process. In the example below, a notification is sent after a customer downloads the Inkredible Financial app. By tapping into existing customer data, the rich push notification can show which tasks have been completed and which tasks are coming up next. As the user continues to onboard, the boxes will automatically check off until they have completed the entire process. These clear action items allow consumers to provide the necessary information, avoid confusion, and receive richer mobile touchpoints down the funnel.
Personalize Push to Pull Customers Back-In
Once a customer has successfully onboarded, it’s time for marketers to demonstrate the true value of their app and mobile experiences by catering to each user’s unique needs and preferences.
Rich push notifications allow brands to provide customers with real-time account updates, which are effective ways to capture user attention. Inkredible Financial illustrates how marketers can showcase the status of a credit card application or other already started actions by customizing notifications based on how many steps are complete. To further deliver value, financial services can utilize these personalized mobile notifications to alert consumers of the status of open disputes, credit card en-route tracking, and credit line increase applications. Personalized rich push notifications can also provide customers with a timely tracker that lets them know realistic timelines during these moments.
Enhance In-App Experiences to Fuel Loyalty & Retention
In-app messages are proven to drive user engagement and retention. Services using in-app messages are 15% more likely to retain users in the first month of their customer relationship and 18% more likely to retain them in the second month. In-app messaging creates a huge opportunity for marketers to recreate the role mobile plays throughout the customer journey and develop app experiences that deepen relationships with customers.
As seen in Incredible Financial, brands can display new offers available for a user, whether multiple or singular specialized offers, based on their account type, spend, location, and more. A user’s account information and personal activity are also shown based on accelerator categories, year-end reviews, and progress towards goals.
Last year brought on a new digital-first era, and financial services will now depend on mobile apps as a pillar of their marketing strategy while the world continues to go contactless. Mobile banking and eCommerce are currently shaping a new generation of banking customers who expect a sophisticated, personalized marketing experience where campaigns anticipate their needs, opposed to reacting to them. Digital marketers can start with effective tactics around mobile push and in-app personalization to drive engagement that ensures loyalty and retention.