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Fiserv Paper Examines How CUs Can Maximize Mobile Adoption
Tuesday, November 18, 2014 6:40 AM

Fiserv released a white paper with recommendations for how financial institutions can maximize mobile banking adoption and usage rates among consumers. "Exceeding the Mobile Adoption Benchmark: Effective Strategies for Driving Greater Adoption and Usage" is a complimentary white paper that provides proven, actionable strategies to optimize mobile banking investments, with a focus on the three key areas of product investment, marketing, and frontline staff engagement.

Fiserv said its analysis shows that successful financial institutions have mobile adoption rates of at least 40 percent of their online banking base, and this can be considered a benchmark figure by which FIs can measure their own mobile banking adoption rates.

In the white paper, Fiserv outlines three main priorities for financial institutions looking to boost mobile banking adoption and usage:

  • Product Investment. Fiserv research has shown that financial institutions that offer mobile deposit average 60 percent more logins and transactions per month compared to their counterparts that do not offer the feature. Investing in next-generation capabilities is vital to mobile banking success.
  • Targeted Marketing. Achieving high levels of adoption for mobile banking requires a comprehensive, integrated marketing program. Financial institutions can leverage smart app banners, cross-selling techniques and pop-up pages within online banking to raise awareness of mobile banking and drive enrollments. Communication through social media channels should also be considered as it can be extremely useful for driving engagement, particularly among younger consumers.
  • Staff Engagement. A financial institution's frontline staff plays a key role in encouraging mobile banking enrollment. Both branch employees and call center staff can be turned into evangelists for mobile banking, capable of driving new registrations at a significant rate. Training staff on how the mobile banking service works, how to enroll new users, and how and when to promote it can lead to significant adoption dividends.