Mobile Banking and the iPad
Mobile Banking and the iPad
Mobile Banking and the iPad
Much has been written about mobile banking, but little about return on investment. Most observers take the position that over time, the winds of change will make mobile banking a standard application that every retail operation will need to offer. Analysts thus focus on products and technologies, particularly security, as well as industry trends that will speed adoption by the financial institutions.
But what about ROI? Mobile banking has the potential to become so much more than simply a defensive tactic to forestall customer attrition. Done properly, mobile banking should be a dynamic sales and marketing tool that gives a financial institution the ability to build loyalty and cross-sell products while directly impacting the bottom line: a revenue generator rather than an expense.
Remember: Once a customer signs up, you have a direct line to them via the mobile channel. In addition to sending out SMS alerts you should also be able to implement an array of marketing and promotional campaigns. Technology is no longer an impediment but an enabler.
The Apple iPad is a Game Changer
According to a report by Morgan Stanley, the Apple iPad is on track to become the world's most popular mobile device. Projections are for iPad sales to reach 16 million units in 2010 with over 3.3 units sold in its first 3 months of release. Nearly 10 million U.S. consumers currently say they either own or intend to purchase an iPad. Users fall into the 30-54 year-old demographic with Yahoo reporting that finance is one of the top areas of iPad usage.
TheiPad isIdeal for Mobile Banking
To begin, the Apple iPad enables you to fully experience the power of mobile banking apps and mobile banking websites, both in portrait and landscape mode. The 9.7 inch multi-touch screen is an expansive leap beyond the constraints of a smartphone's limited viewing area. And, with the advent of 4G broadband networks, you can now use the iPad to access the same kind of high-definition, multi-media content previously reserved for desktop, high-speed Internet connections.
For mobile banking, the implications are significant. Because the iPad offers them greater power, functionality and viewing space, bank marketing professionals are no longer limited to simple SMS texts alerts over the mobile channel. Instead, they can now deliver long-form text promotions, rich media ads, even video. By pulling data from their core processing systems, bank marketers can target consumers by demographics, geography or income with detailed reports and analytics helping to further refine individual campaigns.
The Effectiveness ofMobile Banking Videos
Current research reveals that today's mobile banking customer feels financially illiterate. Two years of Recession, have made them more concerned than ever about managing their money but also fearful that they just don't have the financial acumen to make the right decisions. They are therefore looking to their financial institution to educate them toward the right decision.
Video and the iPad are a perfect combination for educating today's mobile banking customer. Streaming is fast, clarity is exceptional, and the large mobile screen delivers both focus and retention. Topics are also endless as are the associated products and services that the financial institution can offer.
Examples of financial videos that can be delivered via the iPad range from: How to Save for Your Child's College Education to Ten Things You Need to Know as a First Time Home Buyer to Why to Convert to a Roth IRA. Calls-to-Action can be embedded into each video and include hyperlinks that enable the consumer to request additional information (on the iPhone, speed dials can also be set up that connect the consumer directly with a customer service rep). The number of times a particular video is played can be tracked with reports generated for further analysis. Apple's new AirPlay feature even enables you to quickly stream the video from your iPad (or iPhone or iPod Touch) to an Apple TV.
The Apple iPad currently owns the lion's share of the tablet PC market. That's because unlike other mobile tablet devices, the Apple iPad is considered cool and fashionable, a cultural icon with tens of thousands of brand ambassadors. By leveraging the iPad for mobile banking, financial institutions can tap into this cultural trend and become an integral part of the way we live and work today.
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