The future of banking is mobile banking! Mobile banking is the ability to perform the majority of banking transactions over a mobile phone. The primary benefits of mobile banking are:
Convenience
Transactions are completely portable and do not require an in-person visit or even a phone call to the bank.
Safety
The process is password protected; the account information is not on a check or plastic card; and Reg E protects the customer.
Cost Reduction
Savings result from lower employee based transactions, lower merchant costs than plastic (1.5% instead of 3%) and fewer steps in all phases of the banking and payment processes.
How will your bank utilize mobile banking as part of DAQ?
The first bank in each market that implements the phased-in approach to mobile banking will benefit the most. By offering the right product to the right customer at the right time, we will grow both our consumer and business relationships resulting to a substantial increase in DDAs leading to word of mouth marketing from our internal and external advocates.
Phase 1 – Innovation Phase – Keep it exclusive!
- Only involve 5% to 10% of current employees and customers
- Currently utilizing tele-banking and bill pay
- Signed up for your facebook page
- Have an advanced mobile phone
- Are highly engaged in the culture or have a close relationship with the bank
- Are very willing to try something new
- Have an optimistic personality
Phase 2 – Implementation Phase – Begins when employees are asking (not being told) to join in!
- 20% of the current employees and customers
- Have an advanced mobile phone
- Are satisfied with the culture or the level of service
- Are willing to try something new if proven
- Do not like being left behind and will often verbalize this fact
- Often have a dominate personality
After the first two phases and approximately 30% of your employees consistently offering the product to the target customers, you can begin offering mobile banking to the masses. Not before! If you follow this process your growth and the quality of that growth will be amazing. Mobile banking is the newest way to build closer relationships with your current customers and a door opener to merchants who want to serve their customers more efficiently while reducing fees!
