How to Promote Mobile Banking with Effective Marketing Strategies

Promoting mobile banking requires a strategic approach to reach and engage with target audiences. According to a study, 60% of mobile banking users prefer to bank on their mobile devices.

Effective marketing strategies can help increase adoption and usage of mobile banking services. This can be achieved by leveraging digital channels such as social media, email, and online advertising. By doing so, financial institutions can reach a wider audience and promote their mobile banking offerings.

To create a successful mobile banking marketing campaign, it's essential to understand the target audience's needs and preferences. For instance, a survey found that 75% of mobile banking users prefer to use mobile banking apps for transactions and account management.

To promote basic transactions in mobile banking, send push notifications to encourage customers to accomplish simple tasks like sending money transfers or making online payments.

These notifications can be sent using broadcast messaging, which doesn't require specific targeting, or by performing regular checks on user activity and sending reminders if necessary.

A close button should be included to avoid annoying users who aren't ready to apply for the product yet, as they may need to be persuaded later on.

You can send these reminders daily, weekly, or on a schedule of your choice, to keep the user engaged and increase the number of transactions.

To stand out from the crowd, personalize your offers to user behavior by tracking in-app behavior and reactions to your communications.

You should ensure that the products promoted are innovative yet accessible, revolutionary yet safe, and most of all, deliver real value to your customer.

Start by gaining insight into your audience's preferences and patterns, then set a dedicated flow in Pushwoosh or share triggered-event data with their platform and follow up with relevant messaging.

Trigger to start messaging or Segment to target depends on the nature of your offer and your marketing campaign goal.

Related reading: How Do I Start Online Banking

For example, send a new cashback offer specifically to those who have enabled the cashback option in their account in the first place.

Use Push notifications and in-app messages to deliver new marketing offers at the best moments to catch your fintech app users' attention.

Refer to the user's experience in your message, mentioning the newly-added benefits, like no-fee transfers.

Determine target users for a promo by their previous activity, such as those who have used a specific product or feature.

Target relevant product offers at users who performed a specific behavior, such as big spenders or saving types.

Offer personalized services and offers that adapt to each client's unique needs, ensuring clients receive information about benefits and offers that match their financial situation and interests.

Payment data enrichment can help you understand client behavior and provide personalized services.

Convert engaged app users to apply for more products by targeting them with in-app messaging when they open the application.

Verify that the customer has not yet applied for the promoted product before sending the message.

Attract your audience's attention with an appealing title and image, and briefly explain the offer with one–two sentences or a few bullet points.

Add a CTA button with an embedded Deep Link leading to the appropriate app section.

Additional reading: Mobile Banking App Development

In-app engagement is a crucial aspect of promoting mobile banking. Opening a new banking account or making a financial investment is quite a decision, so be prepared for a long journey and equip yourself with a multi-step messaging strategy.

You can stimulate in-app product discovery by sending a multi-step messaging strategy to your customers. This can help them navigate the decision-making process.

To convert engaged app users to apply for more products, segment your audience to target the most engaged users. You can identify them by setting your messaging to pop up when a user opens the application.

In-app messaging is the perfect channel to use for this purpose. It allows you to attract your audience's attention with an appealing title and image, and briefly explain your offer in one or two sentences.

Don't forget to add a CTA button with an embedded Deep Link leading to the appropriate app section. This will make it easy for users to apply for more products.

Consider reading: Mobikwik Application

Creating a full-scale messaging funnel is essential for promoting fintech app products. This involves sending more than one in-app message to convert someone uninformed of a new product into an active user.

You'll need to set the right expectations from these top-of-the-funnel in-app messages, focusing on metrics like views and CTR, not conversions.

Push notifications can also be useful for users, providing instant feedback and alerts on important information like new products or discounts. Personalize your notifications to avoid being too intrusive.

To effectively promote mobile banking, consider leveraging social media platforms. A survey found that 70% of customers prefer to bank on their mobile devices.

One effective marketing strategy is to focus on the convenience of mobile banking, highlighting features like mobile payments and account management. Mobile banking apps can be designed to be user-friendly and easy to navigate.

Targeted advertising can also be a powerful tool, with 60% of customers saying they are more likely to use mobile banking if they see ads for it. By targeting specific demographics and interests, you can reach the right people with your message.

Incentivizing customers to use mobile banking can also be a great way to drive adoption, with 80% of customers saying they are more likely to use mobile banking if they receive rewards or discounts. This can be done through loyalty programs or special promotions.

Building a strong online presence is also crucial, with 90% of customers saying they prefer to bank with a company that has a strong mobile app. By investing in a robust mobile app, you can build trust and credibility with your customers.

Take a look at this: How to Use Mobile Wallet

Promoting mobile banking requires a thoughtful approach, and it starts with adopting a campaign-building mindset. This means planning a segmentation and messaging flow, as opposed to sending disjointed messages with no targeting at all.

To succeed, you need to set a clear conversion goal for each campaign. This will help you measure the effectiveness of your marketing efforts and make data-driven decisions.

Creating content for multiple channels is crucial, including push notifications, in-app messaging, and email. Pushwoosh AI Composer can help you create engaging push notifications that resonate with your audience.

Sending your messages is just the first step; you also need to track, analyze, and optimize your results to ensure the campaign is on track to meet its goals.

Here are the key steps to follow:

A mobile banking app should have a simple and intuitive interface to make it easy for users to navigate and find what they need.

According to a study, 75% of users abandon an app if it's difficult to use. This highlights the importance of a user-friendly interface in a mobile banking app.

To achieve this, banks can use clear and concise language in their app, avoiding technical jargon that might confuse users. For example, a bank can use simple language to explain the concept of interest rates, making it easier for users to understand how their accounts work.

By prioritizing user experience, banks can increase customer satisfaction and loyalty, leading to long-term benefits for their business.

A Reachability Check is a crucial step to ensure your push notifications are delivered to the right people. It verifies if your message can be delivered to a particular user, taking into account reasons like opt-out or app uninstallation.

If a user has opted out of pushes or uninstalled your app, you'll still count on them unless you do a Reachability Check. This check helps you identify such users and take immediate action.

You can take action immediately by trying to send the same offer via other channels, for example, email. This way, you can still reach your users even if they're not receiving push notifications.

For another approach, see: How Does a Bank Check Work

Transparency is key to a great user experience. Customers want to see where they spent their money, which is why clarity of payment data is the standard in banking today.

This means being able to see the exact merchant's name, merchant logo, transaction categorization, or GPS location for their transactions. With visibility, clients can keep track of their payments and better manage their personal budgets.

This level of transparency helps customers make informed decisions about their spending and can even lead to better financial management.

Cash back programs are a great way to motivate users to use your mobile banking app more often. By offering bonus programs that reward regular activity, you can encourage users to take advantage of additional features.

Enabling mobile payments, such as splitting joint spending with friends or family, can increase user activity on the app. This, in turn, can lead to more opportunities for cash back programs to be effective.

Offering personalized promotions based on customer buying behavior can be a powerful tool. For example, by analyzing customer data, you can provide targeted offers that save users money on the goods they normally buy.

Cash back programs can also be used to increase user engagement and retention. By providing rewards for regular activity, you can create a sense of loyalty and encourage users to stay with your app.

To promote mobile banking, banks can leverage social media platforms to reach a wider audience.

One effective way to do this is by creating engaging content that showcases the benefits of mobile banking. For example, a bank can create a social media campaign highlighting how mobile banking can help customers save time and money.

Mobile banking apps can be designed to offer personalized rewards and offers to customers, increasing their engagement and loyalty.

Banks can also partner with influencers and content creators to promote mobile banking services to their followers. This can be a cost-effective way to reach a large audience.

By offering a user-friendly interface and seamless transaction experience, mobile banking apps can encourage customers to use their services more frequently.

To promote mobile banking effectively, you need to consider the unique characteristics of mobile devices and users. Collect contacts and customer permissions to maximize the effectiveness of your mobile branch.

Use responsive design to ensure a seamless experience across all devices. This means adjusting your formats to account for the differences between mobile screens and traditional computer screens.

To engage your audience, choose your digital communications partner wisely. This will allow you to go beyond creating mobile content that simply exists, and instead create customized outbound promotional and educational campaigns that really resonate with your users.

Here are some key considerations for your mobile marketing strategy:

Mobile banking has become the norm, especially with the COVID-19 pandemic accelerating the shift to digital banking channels. Prior to the pandemic, 33% of bank customers used mobile apps as their primary way to manage their bank accounts, while 24% used online banking most often via a laptop or computer.

Collecting contacts and customer permissions is crucial to maximize the effectiveness of your mobile branch. Train front-line staff to encourage customers to share their mobile contacts, explaining the benefits of receiving messages customized to their needs.

Use responsive design to ensure a seamless experience across all devices. Adjust your formats to account for the differences between mobile screens and traditional computer screens.

Maximize technology by choosing a digital communications partner that can help integrate variable data fields, allowing for customized outbound promotional and educational campaigns. This can go beyond creating mobile content that engages.

To see a visible increase in your fintech & banking product usage, you'll need to send more than one individual message. Plan a segmentation + messaging flow, set a conversion goal, create content for multiple channels, send your messages, track, analyze, and optimize your results.

Here are some key considerations for effective mobile promotion:

Collecting mobile contact information is a priority, and it's essential to stick to your word and only send what customers want to see. This will help build trust and encourage customers to share their mobile contacts with you.

Mobi¢int was chosen by Members Credit Union, a Connecticut-based credit union, to implement their mobile banking solution in 2017.

The implementation was notable for being based in Cos Cob, Connecticut.

Members Credit Union chose to implement mobi¢int in 2017, a year that marked a significant shift towards mobile banking solutions.

Related reading: What Is Credit One Bank