How to unlock the potential of your Mobile Wallet as a financial institution
Mobile banking apps have already become a standard of service for most financial institutions. But Mobile Wallets? They are becoming more and more popular, but adoption rates are not as expected yet. In order to further increase the number of Mobile Wallet users, financial institutions should make use of existing technologies that allow customers to access essential and more comprehensive services from their phones.
Loyalty card management
As digital loyalty programs can be stored within the Mobile Wallet they overcome the two biggest hurdles of loyalty programs: consumers forgetting their cards at home or forgetting that they even signed up in the first place. According to Amdocs' "The impact of loyalty programs on mobile financial services" research 61% of customers like the ability to manage their loyalty programs from a Mobile Wallet, but only 21% of financial providers offer this feature.
Coupon and reward management
Paper coupons can be a hassle for customers as they often forget to bring them with them while shopping. No wonder that 53% of shoppers prefer digital only coupons (Inmar’s 2018 Shopper Behavior Study). By making coupons available in your Mobile Wallet, you support an experience that is convenient and delivers real value. You should even think about offering digital rewards for Mobile Wallet purchases as these help changing consumer payment behavior.
Attract and retain the younger generation
One of the hotly debated topics these days is how to establish long-term relationships with Gen Z respondents and engage them into using more financial products and services. This is rather knotty since young people are far more likely than any other demographic group to use Amazon or Google for financial services if their bank doesn’t meet their needs (Accenture Study "Beyond digital: How can Banks meet customer demands"). Financial institutions are well positioned to offer add-on services that satisfy their customers’ appetite for innovation.
Digital loyalty cards, coupons and rewards are all native elements of the Mobile Wallet ecosystem and complete the shopping experience. mobile-pocket is designed to deliver them. So the next time you are reaching out to your mobile wallet to make a payment, remember, that there’s a big opportunity waiting.
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