Mobile banking adoption driven by online users, Fiserv says

November 14, 2014

BROOKFIELD, Wis. (11/17/14)--Financial services technology provider Fiserv Inc. has released a white paper with recommendations for how credit unions and banks can maximize mobile banking adoption and usage rates among consumers.

"Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage" offers strategies to optimize mobile banking investments, with a focus on 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 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 credit unions and banks can measure their own mobile banking adoption rates.

Achieving high adoption for mobile banking also demands a comprehensive, integrated marketing program that leverages best practices proven to boost enrollment and usage, according to the paper. It's vital to get in front of consumers where they spend their time, whether in a physical location or online, to capitalize on organic traffic and steer them to the mobile banking and enrollment site.

Among the recommendations the white paper offers for promoting mobile banking:

  • end a message about the service to account holders within the online banking message center;
  • Keep marketing messages fresh by rotating content periodically, focusing on different features such as bill payment, mobile deposit or security measures;
  • Use a vanity URL for mobile banking (such as in print and online marketing and link it to a dedicated mobile page, driving traffic and associating the financial institution with this convenient service;
  • Award prizes for the best personal stories of how mobile banking helped the member--a great way to highlight its value and relevance; and
  • Develop personalized messages that present scenarios members can relate to, tailoring the examples to resonate with specific demographic segments (such as Gen Y or baby boomers).

In addition to a strong product offering and a comprehensive marketing campaign, a successful mobile banking adoption strategy also requires using the financial institution's frontline staff to encourage enrollment, the paper said. Both branch employees and call center staff can be turned into evangelists for mobile banking, capable of driving new registrations at a significant rate.

To take on this role, frontline staff will need proper training on how the mobile banking service works, how to enroll new users, and how and when to promote it, the paper said.