Mobile money has the potential to cut the number of unbanked individuals by more than a third. According to Mastercard, more than 600 million people today have a mobile phone but not a bank account. When no banking services or financial products are available, people turn to informal providers without any legal protection and spending […]
How to merge the physical and digital world of your financial institution
The combined force of physical and digital environments is truly positive for financial institutions and members. Consumers are engaging with institutions in the offline and online world – trying on shoes and later buying it online, or researching a car on a website and then walk into a dealership to buy the one they saw. As these two spaces blend more closely together, institutions also gain the ability to concretely understand their customers’ likes, dislikes, and communication preferences.
Customers are still interacting with digital and physical channels and this is a mandatory step in the digital transformation the financial sector is experimenting.
Integrating digital and physical channels also offers better insights into customer behaviors and help strengthen loyalty. To maximize the benefits from the merge of these two distinct universes, financial institutions need to take a few key actions.
In this case I want to propose one way to combine it.
Offer benefits to your members
There is a huge opportunity in the use of digital channels to offer benefits by making alliances with local companies.
This could be done by having a specific sector to advertise within your digital channels where the institution can advertise companies such as restaurants, gas stations, clothing stores, for example.
These partnerships with companies can be through economic deals or simply by offering to participate in our communication in exchange for granting benefits such as discounts or promotions. This is a way to monetize our marketing area and also to give our members benefits in local stores that they will appreciate when it comes to being faithful to our proposal.
In this way we combine our strength digitally with physical benefits for members.
From Bankingly we are sure that digital is a priority for the future, but we also know that physical presence is also very important in the early phases of a financial institution digital transformation. That’s why combining both worlds can be key in the race to give our members what they really want.