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Adding the R in ROI for Mobile Banking

August 3, 2015

Consumers and small businesses alike find mobile banking extremely convenient, they can check account balances and determine if checks have cleared.  But when looking to open an account for almost anything other than checking or credit cards, such as a business loan or an IRA, detailed expertise is needed. Today, businesses mainly use mobile capabilities as a convenience factor after they have opened accounts and secured services from the bank in person.  But from a bank’s point-of-view, mobile is not currently a revenue-generator but more of a tool for customer satisfaction. 

With all the focus and investment in their mobile applications that the banks are making nowadays one would think there would be a clear ROI for it.  But the facts do not yet show this at all.  Retail banking is all about consultative selling and consultative selling is all about building relationships and nurturing those relationships. To date mobile has not played a part in consultative selling.

New advances in technology are now enabling the necessary in-person consultative process to become virtual – taking mobile into revenue generating territory.

With video capabilities business customers can engage with product experts at their convenience on both mobile and browser based devices.  Bank experts are now able to assist customers during the decision-making process using video to co-browse with the customer and annotate on the screen to provide product information as well as answer questions about product details and opening of new accounts.  The face-to-face video expertise provides extensive product guidance during the complex buying process for businesses products which helps build and enhance the customer relationship.

Likewise technologies that automate the sales process digitally enable banks to incorporate a consultative sales approach for mobile.  Automated sales processes empower banks to respond to its business customer’s inquiry with the right products and accompany that with the right level expertise to make the buying experience efficient, simple and secure. Banks can provide consistent product recommendations based on customer need, eligibility, historical benefit tracking data, and specialized banking data which accelerates account openings facilitating revenue generation in a mobile environment.

By integrating video into an automated sales process customers are able to connect instantly to the most appropriate bank expert helping in order to aid customers using any device during the buying process.  With the expertise the customer is guided through a discovery and decision process that recommends the most suitable products for each individual customer and leads directly into account set up. The result is an efficient and seamless cross-channel experience for customers.

Ignite’s Recommendation Guide solution provides a consistent cross-channel experience that intelligently guides a customer through a discovery and decision process that recommends  the most suitable products for each individual customer and leads directly into account set up. The integration of Cisco’s Remote Mobile Expert allows customers to connect instantly to the most appropriate bank expert whether the customer is on a mobile device, online or in the branch. This instantaneous connection to the right expert helps customers during the buying process.  When the process requires a customer to visit a branch, Cisco’s Connected Mobile Experience solution allows a bank to detect, connect, and engage customers when they enter using customer data to personalize their experience.

Click here to learn more about how integrating video into an automated sales process could improve customer acquisition and put the R into ROI for your mobile strategy.

 

 

 

Image courtesy of stuart miles at FreeDigitalPhotos.net

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