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3 Ways to Leverage Your Bank's Mobile App for Customer Retention

Luke Tatge

Mobile apps—we all have them, but are we using them correctly for our bank or credit union brand? Basic functions can serve their purpose, but how are you leveraging your FI's smartphone real estate to boost retention?

Here are three simple ways to capitalize on the mobile space.

Video Chat

As video chat by way of apps like FaceTime continues to gain in popularity, banks and credit unions would do well to identify ways in which this sort of technology could benefit their customer or member experience. Engaging with consumers via a video chat format not only allows your FI to reach people where they're at—an essential part of any brand's customer experience moving forward—but it also makes operating outside of traditional banking hours more doable. Imagine a scenario in which video chat is available after the bank closes at 5 p.m., and until, say, 8 p.m. That extra set of three hours could endear a younger customer or member, who's grown to expect this level of service from retail brands, to increase his or her wallet share. (Plus, reps can operate remotely or in a closed branch.)


One particular element that many banks and credit unions aren't necessarily prioritizing in their apps is a simple search function. Major national banks such as Ally are embracing this technology in their mobile spaces and are seeing positive feedback. As more and more functionality is introduced into the mobile app space (and expectations for capabilities continue to grow), an easy way to find what you're looking for in a mobile portal is going to be more and more critical. Amplify your searchability prowess by introducing a voice-command element, and you're well on your way to healthier retention (and reduced frustration).

Anonymous Data

Via smartphone GPS services, your customers' and members' location data can often be aggregated anonymously (i.e., unassigned to a specific person) and can reveal a great deal about your consumer base. From pinpointing buying habits (i.e., "45 percent of our members shop at Target on a weekly basis) to identifying employment trends (i.e., "the most common employer among our customer base is the healthcare industry"), you may find opportunities to segment your messaging based on real-time behaviors. This goes for branch activity, as well—get a better sense of foot traffic and which of your FI's branches are over- and under-performing via this anonymous information.

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