“Mobile banking demands a major promotional push from financial institutions to evolve from an alternative to a leading channel”

“We still see a cautious approach from the market in its commitment to mobile financial services, as a lesser alternative, when in other cases – and with customers, we are already seeing the competitive interest obtained simply by the recognition given and awarded to the channel,” according to Oriol Ros, Head of Marketing at the infrastructure software vendor.

“We believe that this advantage is no longer a matter of technology conviction; in most cases, there is too much faith in the competitive advantages that the channel gives the bank, but that faith does not reach the institution’s promotional core, it’s difficult to convince yourself to invest in robust solutions that can channel the bank’s entire SMS strategy. It’s no longer a question of technology, but we are missing major investment in promoting services. If customers are not up to date about the services provided, their institutions’ technological investment risks generating frustration due to under-utilization in the long-term,” signals Ros.

“Launching a range of SMS banking services is not about positioning; it is a matter of business and efficiency, of loyalty, and this requires service recognition, followed by awareness and use of this service. Over two-thirds of medium and medium-high financial institutions provide mobile services, but no more than 10% customers, in the best-case scenario, are reasonably recurrent users.”

To go beyond the innovative stage in many of these initiatives, a major effort to promote services and educate customers in using the technology is essential. A good go-to-market practice to copy is the popular Apple Store. Transfer that concept to offices and call centers; those human resources – are essential assets in conveying the message and the mobile financial services on offer to the institution’s customers. They must act as channel sellers.” concluded Ros.

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