Mobile banking transactions are taking center stage in 2022 due to their convenience as well as their ability to foster customer loyalty. For this reason, financial institutions should push for more of their customers to opt into mobile banking and payments. Dan Schatt and Domenic Carosa are payment industry aficionados and experts at Earnity, an up-and-coming social cryptocurrency platform and marketplace. Here is a look at how financial institutions can boost the adoption of mobile payments by their customers.
Consumers generally are not interested in financial services’ technical aspects, according to Domenic Carosa. Instead, they want to find out how financial services can benefit them, simplify their lives, and help them to better manage their finances. This is precisely what Earnity does, and the marketplace makes this clear to its users, according to Dan Schatt. He has been quoted in publications such as Business Week and Financial Times for his financial expertise. In the same way, banks should produce benefit-oriented messages that clearly explain how their financial platforms will add value to their customers’ lives.
Banking institutions also need to empower their staff if they want mobile banking to become more widely accepted at their institutions. These institutions’ digital engagement strategies should include training front-line workers so that they are more aware of the institutions’ digital services. In addition, they should offer incentives for marketing these services to customers, including the chance to be promoted.
Traditional marketing can also be supplemented with incentive-based digital service campaigns to improve mobile/digital transactions, reactivations, enrollments, and first-time payments. In addition, banking institutions can use “cause” marketing to share how electronic payments benefit their communities overall with conscious consumers. All of the abovementioned steps can help financial institutions to take their customers’ use of their digital services to the next level this year, according to Carosa and Schatt.
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