Digital banking customers who use electronic bill payments and person-to-person payments tend to be more loyal and spend more on average.Earnity co-founders Dan Schatt and Domenic Carosa believe there are five key strategies to increasing mobile payment acceptance.
Strong Onboarding Programs
As part of a financial institution’s overall onboarding strategy, it’s critical to engage potential users throughout the first 90 days of a new client relationship. A comprehensive onboarding approach might start at the branch with rapid enrollment in online and mobile banking and bill paying, an instructional demo, or an email with helpful links and advice delivered after a consumer establishes an account online. At the 30-day mark, include an email or direct mail piece as a concrete reminder to new clients who have yet to sign up for payment services.
Using event-triggered email marketing as part of regular client contacts can assist in raising brand awareness and encourage the use of electronic payments. Financial institutions that employ lifecycle messaging programs, in which outreach is automatically triggered at specified phases in the client relationship or by specific events such as the addition of a new payee, can significantly boost the adoption of electronic payments.
Dan Schatt and Domenic Carosa know that consumers are rarely interested in learning about the technical aspects of financial service. Instead, people want to know how such a service would benefit them, how it will make their lives easier, and how it will assist them in better managing their finances.Earnity does just that!
Empowerment of Staff
A financial institution’s digital engagement strategy must include training and empowerment of front-line employees. Employees who are knowledgeable about digital services and who use them often are more inclined to be promoted.
Incentives and Cause Marketing
Supplementing traditional marketing strategies with incentive-based campaigns can significantly improve transactions, enrollments, first-time payers, and reactivations. Earnity can help you navigate these tricky waters to bring your customers back again and again.
Connecting rewards to charitable organizations appeal to today’s more conscious consumer. Financial institutions may employ cause marketing initiatives to spread the word about the advantages of electronic payments and ways they benefit the community.