White Paper. Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage

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1 White Paper Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage

2 The majority of financial institutions have yet to maximize adoption of mobile banking and are still unsure of what to strive for in terms of adoption metrics. Fiserv analysis shows that successful financial institutions have a mobile adoption rate of 40 percent of their online banking base, or higher. Data shows that mobile banking features and effective promotion are critical for achieving the highest levels of adoption. By understanding how mobile banking product attributes and marketing programs impact adoption, financial institutions can develop actionable strategies, such as target marketing and next generation product investment, to drive adoption and increase the return on investment. Many financial institutions are seeking higher adoption rates for their mobile banking services, but aren t sure what constitutes a reasonable goal. Based on Fiserv proprietary research, successful mobile banking programs are typically adopted by 40 percent of online banking users. An adoption rate of 40 percent of online bankers is a solid benchmark for financial institutions to strive for in order to achieve a higher return on investment. The Value of Adoption The ability to add and retain mobile bankers is vital to a financial institution s growth and profitability. A Fiserv proprietary research study conducted in March 2014 showed that across all age categories, digital bankers (consumers who use digital channels for banking) generate higher fees than non-digital bankers. Further, the same study revealed that mobile bankers generate even higher fees than online bankers. (See Figure 1.) When mobile bankers defect to a competitor, the financial institution feels the effects in lost revenue and profit. Mobile banking also reduces service costs, making mobile bankers even more profitable. Leveraging an Omnichannel Approach to Drive $1.5B in Mobile Banking Cost Savings by Javelin Strategy & Research found that mobile transactions are the least costly to complete, at an average of just 10 cents per transaction. The potential cost savings from moving in-person transactions to the mobile device are significant (over $1.5 billion, in Javelin s estimation).

3 Figure 1: Mobile Bankers are More Profitable Than Online and Non-Digital Bankers Annual Fee Revenue Generated Measuring Number of Times Higher Than Non-Digital Bankers 12x Mobile Bankers Online Bankers 10x 3x 2x 4x 2x 4x 2x 3x 2x 3x 2x 4x 5x 0 18 Years Years Years Years Years Years 70+ Years Source: Statistics based on Fiserv proprietary research as of March 2014 Product Weaknesses Hinder Adoption In their quest for greater mobile penetration, financial institutions can find product deficiencies present an obstacle. Consumers are no longer content with simple functionality such as the ability to check balances and instead expect a much wider range of mobile banking features. For instance, they increasingly look for mobile deposit capabilities, yet only about 42 percent of financial institutions offered this option in 2013, according to the Celent report, State of Remote Deposit Capture: All About Mobile, January Institutions that fail to invest in the next-generation features that customers or members expect will find their adoption lagging. Not only are next-generation mobile banking features desirable; their absence can prompt consumers to switch institutions. According to the AlixPartners Mobile Financial Services Tracking Study, 60 percent of smartphone or tablet owners who switched primary banks said the institution s mobile banking capabilities were important or extremely important in the decision. Poor Awareness Plays a Role Besides a lack of next-generation features, other factors can hinder mobile banking adoption. Often consumers are simply unaware of their financial institution s mobile offerings. Perhaps the institution hasn t engaged customers or members effectively as part of a mobile adoption strategy, or is using ineffective marketing approaches in an attempt to reach accountholders. Sometimes the institution markets mobile banking aggressively when it s launched, but fails to sustain a continued, comprehensive marketing effort. 3

4 Even if the financial institution is aggressive and consistent in marketing mobile banking, adoption may lag if accountholders don t see the service as relevant, valuable, and secure. Consumers need to see strong value in the mobile offering in order to adopt a new way of transacting financial business. They need to believe the service is relevant to their specific needs, challenges, and lifestyle. And with security concerns still topping the list of reasons why consumers don t adopt mobile banking, accountholders need to understand the safety and security measures the institution has in place. Given these challenges, reaching attractive levels of mobile banking adoption will require a concerted effort. Financial institutions can drive penetration for this channel by employing best practice strategies in three areas: product investment, marketing, and frontline staff engagement. Product Features Spur Adoption and Usage are especially effective in spurring an uptick in mobile activity. According to a proprietary Fiserv 2014 study, financial institutions that offer mobile deposit average approximately 60 percent more logins and transactions per month per customer compared to those that don t include mobile deposit as part of their mobile banking service. (See Figure 2.) Tablet banking capabilities also can boost enrollment and usage, since consumers conduct as much as twice as many financial transactions per month on a tablet than they do on a mobile device, according to Fiserv analysis. Figure 2: Financial Institutions That Offer Mobile Deposit Have More Engaged Customers Average Logins Per Customer 60% Difference Investing in the mobile banking offering is essential to making it relevant and indispensible, which is critical for attracting and retaining profitable customers and members. From busy consumers who don t have time to visit a branch, to digital natives who ve grown up expecting remote access to financial and other services, consumers of all types can appreciate the ability to bank anytime, anywhere. Investing in next-generation mobile banking product features that meet their demands and suit their lifestyles is vital to the initiative s success. With Mobile Deposit Without Mobile Deposit Average Transactions Per Customer With Mobile Deposit 60% Difference Without Mobile Deposit Fiserv analysis reveals that the addition of each new product feature leads to incremental adoption and usage of mobile banking. Certain mobile enhancements Source: Fiserv proprietary research, February

5 The following product features are especially valuable in driving both high levels of mobile banking adoption and new customer acquisition. consumers spend using it, financial institutions can enhance the mobile banking experience and boost its perceived value. Mobile Deposit With mobile deposit, the accountholder can deposit a check by capturing an image via a smartphone s camera feature, avoiding a trip to the branch. The AlixPartners annual mobile study has shown this service is so highly valued by today s time-stretched consumers that they will switch financial institutions to obtain it. By adding and promoting mobile deposit, financial institutions can significantly increase mobile banking registrations. According to the 2014 Fiserv study, mobile banking adoption is approximately 55 percent higher for those that offer and promote mobile deposit as compared to those institutions that don t offer or market the service. Tablet Banking According to the Tablet Banking Forecast : Design and Deployment Strategies for Mass Adoption report by Javelin Strategy & Research, 53 percent of US adults owned a tablet in 2014 and that figure is expected to reach 72 percent in The same study found a dramatic rise in tablet banking: over 1 in 4 consumers some 68 million people now use tablet banking, and over half of tablet owners had used the device for banking in the previous seven days. Tablet owners are more engaged with their devices than they are with a smartphone spending more time on the tablet and conducting more banking transactions on the device as compared to a mobile device, as indicated earlier. By offering functionality well-suited to the tablet s larger screen and the length of time P2P (Person-to-Person) Payments Person-to-person payments, also called social payments, are valuable for consumers who want the flexibility to make occasional or recurring payments to other consumers when and where it s convenient. Besides strengthening the mobile solution and attracting registrations, this service can generate revenue if the institution chooses to charge a fee for enhanced services like expedited payment delivery. Actionable Alerts Delivering alerts via mobile keeps consumers informed of account activity, balances and other vital information. Turning those alerts into actionable notifications that allow accountholders to respond in real time makes this feature significantly more useful. Financial institutions can enhance their mobile banking by delivering actionable alerts via SMS or push notifications. Busy consumers will appreciate the ability to stay informed of their finances and the option to take immediate action all while on the go, using a mobile device. Instant Balance An instant balance feature allows consumers to conduct the most commonly used mobile banking feature checking an account balance without having to log in, making it faster and easier to obtain critical information as needed. That convenience is so highly valued by consumers that the addition of an instant balance feature can significantly increase 5

6 mobile banking enrollment and use, as well as new accountholder acquisition. The experience of Bank of the West illustrates this point: As noted in a PR Newswire article, since launching an instant balance feature in 2013 the institution s mobile banking enrollment had increased 238 percent as of January 2014, with the average user accessing the feature 15 times a month. With 73 percent of enrollees actively using this service as of early 2014, it s proven to increase customer engagement for Bank of the West. Figure 3: Smart App Banner Example Marketing Strategies for Success Achieving high adoption for mobile banking also demands a comprehensive, integrated marketing program that leverages best practices proven to boost enrollment and usage. It s vital to get in front of consumers where they spend their time, whether in a physical location or online, to capitalize on organic traffic and steer them to the mobile banking and enrollment site. Smart App Banners can increase adoption for a branded mobile app just by improving awareness that the service exists. The Smart App Banner displays when the institution s URL is typed into a mobile or tablet browser. (See Figure 3.) This simple technique is effective at converting organic website visits into mobile banking app downloads. In particular, Apple App Store SM and Google Play banners are immediately recognizable and tend to generate download activity. Based on Fiserv research, up to 30 percent of website traffic comes from a mobile or tablet device; therefore, it is essential that financial institutions effectively capture and convert users to use the app. Source: Hughes Federal Credit Union Website via Mobile Browser 6

7 Another effective marketing technique is to cross-sell mobile banking with promotions that display when consumers log in to online banking or bill payment. Since online bankers are the best candidates for mobile banking, cross-selling in this environment enables the institution to target the lowest-hanging fruit and quickly boost adoption. Additionally, pop-up or interstitial pages that display automatically upon login to online banking are one of the fastest ways to drive mobile banking registrations. An effective pop-up or interstitial page can improve awareness of mobile banking and promote the benefits that make it valuable for consumers. To maximize effectiveness, these types of pages should be deployed only for a limited time and not made a permanent part of the online login experience. Other effective techniques for promoting mobile banking include the following: Send a message about the service to accountholders within the online banking message center Keep marketing messages fresh by rotating content periodically, focusing on different features such as bill payment, mobile deposit, or security measures Use a vanity URL for mobile banking (such as finame.com/mobile) in print and online marketing and link it to a dedicated mobile page, driving traffic and associating the financial institution with this convenient service Award prizes for the best personal stories of how mobile banking helped the customer or member a great way to highlight its value and relevance Develop personalized messages that present use case scenarios accountholders can relate to, tailoring the examples to resonate with specific demographic segments (such as Gen Y or Baby Boomers) Make it Social Social media channels like Facebook and Twitter should be an integral part of any mobile banking marketing campaign because they are extremely useful in driving more engagement, particularly among younger consumers. Fiserv analysis reveals that several best practices can improve the effectiveness of social media promotion of mobile banking. Facebook and Twitter posts that use a lead-in question to convey the innovative features of mobile banking yield higher than average engagement with consumers. A typical lead-in question about mobile banking might be, Did you know you can deposit checks using your smartphone? Links, pictures, videos, sweepstakes and contests also boost engagement when promoting mobile banking on Facebook. (See Figure 4.) When using social media to promote mobile banking, use the rich visual characteristics of each social media channel to boost engagement. Compelling imagery, short videos, and links help increase the effectiveness and reach of posts. Both Facebook and Twitter also offer low-budget options for sponsoring posts and tweets to reach targeted groups of users, including those using specific mobile platforms. 7

8 Figure 4: Questions, Sweepstakes, Incentives Yield Higher Engagement Value Proposition, Service, Product Issue or Content Feature vs. KPI Index Sweepstakes/Incentives 1.44 Specific Functionality Lead-In Question Link Picture/Video Maintenance/Outage Issues Call to Action Convenience Question for Audience Hashtag Security /7 Accessibility 0.39 Time Saving 0.34 Source: N = 203 sampled Facebook posts related to mobile banking from January, 2013 to April, 2014 The Fiserv Social Media Marketing Study of Mobile Banking and Bill Pay conducted in 2014 demonstrates that financial institutions are beginning to make use of social media s full range of functionality. Two-thirds of the financial institutions analyzed promote mobile banking on Facebook and 26 percent specifically promote mobile deposit. The majority of their mobile banking posts include links, pictures, videos, and calls to action. Nearly 8 out of 10 use Twitter to promote mobile banking and a third issue tweets about mobile deposit. More than half of those promotions include links and 40 percent use hashtags and calls to action. Turn Staff Into Evangelizers In addition to a strong product offering and a comprehensive marketing campaign, a successful mobile banking adoption strategy also requires using the financial institution s frontline staff to encourage enrollment. As outlined in the white paper Mobile Banking Adoption: Your Frontline Staff Holds the Key to Growth, both branch employees and call center staff can be turned into evangelists for this critical service, capable of driving new registrations at a significant rate. 8

9 Figure 5: Client Adoption Outcome 60% Mobile Adoption (of Online Base) 58% Online Adoption (of Total Customer Base) banking is an ideal time to recommend the addition of mobile banking. Having each frontline employee sign up for mobile banking is a great way to get them comfortable with the service and turn them into strong advocates who can share their personal experiences. Appointing one person as a mobile team leader who is equipped to handle staff questions and help with training is a good way to ensure employees have the support they need. Fiserv clients that have employed a comprehensive frontline staff strategy and initiative using techniques like these have seen their mobile banking adoption surge as a result. (See Figure 5.) Client Live on Mobiliti for 1.5 Years and has Implemented all Frontline Staff Strategies Source: Fiserv proprietary research, February 2014 To take on this role, frontline staff will need proper training on how the mobile banking service works, how to enroll new users, and how and when to promote it. For instance, enrolling a customer or member in online Any frontline staff training on mobile adoption should emphasize the importance of engaging accountholders at various stages in their lifecycle. As Figure 6 illustrates, consumer engagement will evolve as the accountholder progresses from awareness, to discovery, to enrollment, and finally to usage. Understanding how to engage consumers effectively in order to move them along that continuum will be vital to the frontline staff s success in driving mobile banking adoption. Figure 6: Engaging the End User (Lifecycle) Awareness Discovery Enrollment Usage Source: Fiserv Inc. 9

10 You Can Exceed the Mobile Adoption Benchmark While many financial institutions are eager to go beyond initial levels of mobile banking adoption and achieve greater success, product deficiencies and ineffective marketing can hinder their efforts. Industry data and analysis reveals that next-generation mobile banking features, targeted promotion and frontline staff involvement are vital for reaching the highest levels of adoption. Through actionable product, promotion and staff engagement strategies, financial institutions can greatly increase mobile banking adoption and enjoy a stronger return on investment through lower attrition and higher revenue-generating consumers. 10

11 About Fiserv Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit for a look at what s next now.

12 Fiserv Inc. 255 Fiserv Drive Brookfield, WI Fiserv Inc. or its affiliates. All rights reserved. Fiserv is a registered trademark of Fiserv Inc. Other products referenced in this material may be trademarks or registered trademarks of their respective companies COL 08/14

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