Fiserv Focuses on Three Drivers for Mobile Banking Adoption
Financial services technology specialist Fiserv has released a white paper with recommendations for how banks and credit unions can maximise mobile banking adoption and usage rates among consumers.
Entitled ‘Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage,’ the complimentary white paper offers strategies to optimise mobile banking investments, with a focus on the three key areas of product investment, marketing and frontline staff engagement.
The company says that the ability to add and retain mobile banking users is vital to financial institution (FI) growth and profitability. Research has shown mobile bankers to be valuable customers and mobile banking capabilities – or lack thereof – can influence a consumer’s decision about where they bank.
Its analysis shows that successful FIs have mobile adoption rates of at least 40% of their online banking base, and this can be considered a benchmark figure by which banks and credit unions can measure their own mobile banking adoption rates.
In the white paper, Fiserv outlines three main priorities for FIs looking to boost mobile banking adoption and usage:
“While many FIs are eager to go beyond initial levels of mobile banking adoption, product deficiencies, ineffective marketing and lack of knowledge among frontline staff can hinder their efforts,” said John Moon, senior manager of adoption marketing, digital channels, Fiserv.
“The combination of next-generation mobile banking features, targeted promotion and staff training can help banks and credit unions reach higher levels of adoption and usage for mobile services, and achieve a higher return on their investment.”