Monday, June 23, 2014

Digital marketing trend brought by mobile banking

In marketing class we discussed about the case of Bank of America, which is about the service offering of mobile banking and the benefits brought along it. I'm interested in this topic and finding out how mobile banking will impact the sector differently.

Apparently mobile is becoming the new dominant platform in digital marketing of banks. According to a survey by Financial Brand, use of mobile banking has increased 50% since last year and nearly one-third of US consumers (32%) now do mobile banking at least once a month according to a recent Accenture survey. Mobile will soon be your bank’s central hub of service delivery and customer engagement. Surveys show that 40% of customers (of all ages) now factor mobile solutions into why they choose their primary financial service institution. By 2014, it is estimated that there will be 45 million mobile banking users, a number that is growing daily.

Financial marketers are pivoting to digital because they are seeing diminishing returns and poor audience engagement in traditional advertising channels. Seventy-seven percent believe high-impact ads can breakthrough as much as TV/print ads. Sixty-seven percent say digital is more efficient, believing that it costs less to reach targeted consumers online than off.

About half of the top 25 financial institutions in the U.S. are now offering more advanced mobile app features, including person-to-person transfers and remote deposit services. New bank­ing and invest­ment apps are more secure and make log­ging in and use much eas­ier than a Web­ site. Con­sumers use these apps 30 percent more fre­quently than any other app type.

“For us, mobile is a critical channel, the fastest growing channel we have, and one that uniquely makes banking a lot more convenient,” is how Robert Tas, Managing Director, Head of Digital Marketing at JP Morgan Chase puts it.

Reference:
http://www.thinkwithgoogle.com/articles/full-value-mobile-financial-services.html
http://www.cmo.com/articles/2014/2/25/Mind_Blowing_Stats_Financial_Services.html
http://thefinancialbrand.com/35766/50-digital-marketing-strategy-banking/

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