SMS marketing for bank customer acquisition

Mobile is no longer a nice to have. Mobile can deliver specific calls to action to specific consumers, based on location, time, and, most importantly, a demonstrated interest in the products or services being offered. Banks that do not put mobile first and foremost do so at their peril. Mobile is all about experiences and personal interactions with brands.

Are enough of our banks focused on mobile banking as a service? Yes and in a big way.

 Banks are looking to provide innovative services to their customers, and to remain competitive they have to offer mobile banking to customers. By moving certain services to mobile, customers can use on their own time. With transaction and access charges remaining low convenience provided by mobile banking outweighs the costs in the minds of consumers. It all depends on what fees the banks choose to charge and the perceived value to the customer. The core tenant of mobile banking is the cost of convenience for the customer

3 top benefits of mobile banking are the ability to view accounts anywhere at any time, helping users stay in control of their finances and access to real-time information. A recent report looking at the financial behaviors of Bank of America mobile users found that 25 percent say they are avid users of mobile banking. This group cites their top mobile banking activities as checking account balances (81 percent), transferring funds (64 percent) and paying bills (63 percent).

Banks  are looking to mobile banking to generate revenue for sure, but they will also look to save costs since the ROI on call center deflection, cost-effective deposits, etc. is already very compelling.

Juniper has big bets on how mobile banking will affect payments and commerce in the coming years. Additionally, the company defines the mobile commerce market as being made up of mobile payments, mobile retail and mobile banking.

The three inevitably tie together with transactions, information and alerts, mobile point-of-sale and remote access all being factors that will impact the mobile commerce ecosystem.

The big growth area for Kenyan banks, will be with real time settlements, with this, you will see a lot more customers using the bank bill pay option.

However for most banks, mobile banking awareness and adoption are low. Among top reasons for this, is customers don’t adopt the service simply because they don’t feel the need for it. Banks need to focus on building awareness and encourage adoption. This is where the use of mobile to acquire and grow customers is a must.

Recent study by Inmobi, states that Kenyan web user consumes 6 hours of media daily with mobile accounting for 31% of that time. Banks can no longer ignore SMS in their marketing campaigns, if they want to get the reach and awareness necessary for customer activation and acquisition on mobile banking.

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