Mobile becomes a sales platform
With attention increasingly focusing on mobile payments and mobile banking, Fiserv is urging banks to look more closely at how to use mobile to not only deliver services to customers, but also as an up- and cross-selling channel.
Driven by work with Bank of Ireland, Fiserv is pushing the idea that mobile as a marketing channel can increase revenue, grow wallet share, strengthen customer relationships and boost the return on investment of the channel.
Speaking yesterday at Sibos, Geoff Keast, digital channels and payments director, Emea, international group, Fiserv, showed audiences how many retailers and social media organisations are leveraging the mobile channel as a sales platform. He pointed out how financial institutions can reap similar benefits by cross-selling their own products and third-party products through their mobile banking services.
“Generally, banks tend to see mobile as a way of delivering balances and transaction information, but today’s highly mobile-centric consumer (or ‘mobivore’) relies on mobile. It is the natural place to target them for products.”
And this has been born out at Bank of Ireland, which has already started to adopt the mobile channel as a way of cross-selling to select customers. “Business and banking is becoming increasingly digitised. And digital is increasingly about mobility. We have seen strong take-up of some of our popular products on our online channel. Offering these products on mobile is the logical next step,” said Jonathan Kidd, head of mobile, Bank of Ireland. The key is to offer the right messaging at the right time to the right consumer, asserted Keast. “Most banks already have a huge amount of data on consumers. Targeting them with the right message through mobile can be hugely beneficial.”