Nov 20, 2018
Financial Institutions Look to Increase Mobile Application Use Utilizing Branch Wi-Fi for New Account Downloads
A growing number of financial institutions are driving revenue growth and enriching customer relationships through innovative, best-in-class mobile banking experiences that offer convenient, secure account access.
Reasons to introduce managed branch Wi-Fi to assist in the success rate of on-boarding new accounts:
1. Reducing costs and increasing efficiency is critical, making the branch network top of mind. Ensure it has the right tools to impact ROI.
2. Investing in digital technology such as tablets, automated tellers, and digital kiosks will help drive account growth and improve customer service. All require Wi-Fi mobile access.
3. Tellers and customer service representatives no longer focus exclusively on taking deposits and cashing checks.
Today, they take on a more interactive, advisory role. Secure branch Wi-Fi allows them to utilize these skills to support mobile banking at the branch.Mobile represents the most promising revenue channel for financial institutions. Indeed, many banks and credit unions are boosting retail potential by increasing their mobile app registration numbers. With the added convenience and accessibility these apps provide, customers are finding more reasons to stay with their chosen institution. In fact, Bain & Co. report a 40 percent higher retention rate for customers that use digital banking applications. Furthermore, consumer markets favor financial institutions that offer more than just branch services, as 85% of customers seek out additional points of access, including ATMs and mobile applications.
With branch integration, employees can demonstrate the benefits of mobile on the spot, walking customers through a simple ‘how-to’ tutorial. However, to facilitate this process, customers must have quick and easy access to a secure, high bandwidth internet connection. Consequently, the most technologically-savvy financial institutions are utilizing managed branch Wi-Fi to address this need. Providing a direct ROI attachment to branch Wi-Fi.
In addition to expediting in-branch mobile registrations, branch Wi-Fi offers marketing and sales departments a range of useful tools as permission-based marketing and targeted offerings. Examples of the offerings are valuable insights about customer preferences and behavior. Some Wi-Fi devices provide location analytics such as dwell times and heat maps, helping branch-experience managers attract and retain profitable, mobile-first customers. Using this information, branch employees can better help customers discover, open, and manage accounts through their mobile device, ramping up overall engagement in the process.