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MOBILE MARKETING: Adoption rates can double from active promotions E-mail

 

Marketing can significantly impact consumer adoption of mobile financial services according to a study by Fiserv Inc. based on an analysis of data from the Mobiliti mobile banking and payments solution. That conclusion is fairly intuitive, but the degree of impact is striking.

 

According to the analysis, which looked at data across hundreds of financial institutions, banks and credit unions that have actively marketed mobile banking have experienced an average adoption rate that is twice as high as financial institutions that have not promoted the service.

 

Within 12 to 18 months of launching Mobiliti from Fiserv, financial institutions that did not market the service saw average adoption of around 10% among eligible users, whereas financial institutions that have marketed the service have seen adoption rates over 20%, and in many cases exceeding 30%. Eligible user bases vary by financial institution, with some enabling mobile banking for all customers and others focusing on online banking users.

 

Banks and credit unions using Mobiliti have access to Mobile Adoption Services from Fiserv to increase customer adoption and use of mobile banking, leading to a higher return on their mobile banking investment, according to the company. These adoption services include consultation from mobile adoption experts who share best practices, access to an online database of customizable marketing materials such as emails, banner ads and counter cards, and exclusive research and benchmarking data. Additionally, a Mobile Channel Value Calculator is provided exclusively to Mobiliti clients to help them understand quantified value of their mobile channel offering and assess their return on investment.

 

"The focus of marketing mobile banking should be on educating customers-if customers understand how they can benefit from the service and how to get started, the convenience will compel them to extend the relationship with their financial institution to their favorite devices," says Steve Shaw, vice president, Strategic Marketing, Digital Channels and Electronic Payments, Fiserv.

 

http://newsroom.fiserv.com/releasedetail.cfm?ReleaseID=726396

 

 

[This article was posted on January 8, 2013, on the website of ABA Banking Journal, www.ababj.com.]  
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