Not long ago, Forrester published a report that listed “Eleven Mobile Features That More Banks Should Offer.” These features are nifty and valuable mobile services that a majority of banks worldwide don’t offer. As a follow-up to this research, we thought that we’d share three additional mobile banking features that we see more companies rolling outin the near future:
Cardless ATM transactions. Over the next five years, Forrester predicts a sharp rise in cross-channel banking interactions - in which a customer or prospect moves from one touchpoint to another to complete an objective. Mobile will act as the so-called “connective tissue” in many of these cross-channel journeys. For example, some banks* now support mobile-to-ATM cardless cash withdrawals. In general, the bank’s mobile app generates a code that customers can either use to enable ATM usage or send to others who can then withdraw cash directly from an ATM. Leading banks are enabling cardless ATM transactions in an effort to expand their mobile services. Wells Fargo, for example, already has a good mobile app — and the company is now being proactive by rolling out cardless ATM access and other next-generation features. There are many scenarios and mobile moments where cardless ATM transactions will prove their worth in convenience and value to customers.
The other day, I stopped by my bank’s ATM to get some cash. After entering my card and PIN and while waiting for my money (during which I was a captive audience), I was presented with an ad for a new service from the bank. Unfortunately, the ad’s call-to-action was a message telling me to call the bank’s 1-800 number to find out more.
I had just encountered one of the broken or inadequate cross-channel experiences that millions of customers face every year.
This is a lose-lose situation: In this case, the bank knew — or should have known — a heck of a lot about me as a customer, yet it failed to use context* to design a better experience and guide me seamlessly across touchpoints. And as a result, the bank also failed to cross-sell me any products or services.
Forrester defines cross-channel behavior as any instance in which a customer or prospect moves from one touchpoint to another when completing an objective. Today, cross-channel goes way beyond online-to-offline transitions; going forward, these interactions will only increase in frequency and importance. Digital executives at banks are left with a tangle of customer journeys across various touchpoints (see image below).
Two years ago, digital executives at Scotiabank looked at the state of mobile banking and recognized the opportunity to roll out targeted mobile marketing to existing customers using the firm's mobile apps. At the time, too few banks were leveraging mobile as a marketing, sales, and cross-selling touchpoint — a problem that is still evident among US banks.
But rather than simply throwing random banner ads at mobile banking users, the digital team at Scotiabank opted to take a targeted approach that served up relevant offers in the user's context, made the "buy" task flow as convenient as possible, and put the bank in position to expand the effort in future years.
As a result, digital executives at Scotiabank have seen mobile cross-selling rates — as measured by year-over-year growth in unit sales via mobile banking — more than double, up 165% since the firm launched this effort.
Scotiabank’s mobile cross-selling initiative is just one example of a brand embracing the idea of mobile moments. Forrester’s wider research shows that mobile moments are becoming a major battlefield in banks’ efforts to win, serve, and retain customers.