Does your financial institution take into consideration the time people spend on their phones? If the answer is no, then you are missing a great opportunity.
According to Google, smartphone users globally spend around three hours a day on their devices, with at least 84% of that time spent in an app.
With so much attention given to a single device, it is important that your marketing strategy considers these factors:
- Mobile world is displacing the online world: According to Statista, more than 3.5 billion people connected to the internet from mobile devices in 2017. Ask anyone to pick their device of choice and they will surely opt for a smartphone over a tablet or a laptop. People depend so much on their phone that according to a Financial Brand survey, 96% regard them as essential for their lives.
- 41% of smartphone users use their phones for financial services. Also according to data from Google, the most frequent tasks are checking account balances, payments of purchases and services, transfers or new product acquisitions.
- Smartphone users love apps. Among those who use their phones to get financial services, more than half claim to use their bank’s app because they consider it more convenient than calling or going to a branch. Users mainly appreciate their security and easy browsing.
Technology is in constant evolution and the financial industry must keep up with its growth. It cannot afford to lag behind in the development of digital tools, both web-based and for mobile.
In light of app development, why are websites still important
- 90% of clients use online banking, according to a Financial Brand report. Therefore, online access to accounts is a significant factor which may be done through a number of devices. Still, not every bank leverages their login screen. This is an outstanding space to promote new products and communicate relevant information to users, especially because it is the part of our website that our clients use the most.
- The number of users logging in to their accounts via app is increasing, in part, thanks to websites. Google says that 30% of app users download them after previously visiting the website. Marketing strategies cannot neglect these attention-grabbing spaces.
Finally, how to make the most out of mobile devices?
- Understand the shopping process. 51% of smartphone users find out about new products or companies through a Google search. Regardless if the purchase is performed digitally or physically, the shopping process always begins online and increasingly via mobile. Most websites or mobile apps that do not meet their goals fail for not orienting their strategy around the shopping process.
- Social media are a major communication channel: Consumers are demanding more and more mobile channels besides apps. Currently, 79% of internet users have a Facebook profile. This is a great tool both for grabbing their attention with in-app ads and provide an alternative communication channel.
- E-mails are not a thing of the past. According to HubSpot, there will be 5.6 billion active e-mail accounts in 2019. Almost every single phone must be linked to an e-mail account. As a result, e-mails are read almost instantly, they perform a role similar to text messages, and this channel must not be missed.
- Apps are becoming increasingly comprehensive. Some entities capitalize on phone tech and implement very useful tools. One the most developed features are check deposits. These are done directly via the app with the phone’s camera and no need to go to a branch. Most users who still do not use these apps are simply unaware of their existence. We must not neglect awareness campaigns on available tools, as these add value to services.
Nowadays, marketing strategies must be more consumer-oriented than product-oriented. Users wish for a simple, customized experience. Clients want to control what they see and when. Adapting to a mobile experience will leverage the advantages offered by technology in terms of client experience, convenience and costs.
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