Why is Mobile Marketing Necessary for Finance?
Mobile marketing is no longer something that can be procrastinated as it is the need of the hour for the financial business world. Failing to integrate mobile tactics into the marketing strategy can prove to be quite costly for financial companies. The working of mobile marketing has been given below in detail. Why mobile is important? To understand the importance of mobile marketing it is necessary to first understand how important mobile phones have become in our lives. The reach of mobiles can be understood from the fact that four out of five adults in the UK use smartphones and almost an equal number of users have access to high speed data on their phones. This can give you an approximate idea of how many individuals can be reached by making mobile technology a part of your marketing for finance strategy. The consumer behaviour can be grasped with the help of market surveys, and this study can help you to devise a strategy that is suitable to modern banking requirements. According to a leading consulting firm, 67 percent of millennials use mobile banking, 85 million millennials are habituated to using mobile devices for their banking needs. It’s not only the millennials who have taken to the mobile for banking, the study also claimed that 18 percent of mobile banking consumers were found to be above the age of 60. These figures are only going to keep increasing as time passes, since mobile phones have created a lot of convenience when it comes to banking. Mobile banking enables us to manage our bank accounts on a device on which we spend a lot of our time and something that is with us for a major portion of the day. Use of Mobile in Financial Sector There have been many instances of use of mobile platform by banking companies for connecting with their customers. Besides the usual online banking and alerts, the mobile platform has been used for personalised communication, user engagement and immediate transactions. Mobile Apps Developing an application for mobile banking is extremely useful as it enables customers to withdraw, deposit, pay bills and many more functions. Mobile apps can also be used to connect with a customer base in a more personal way. For example a bank recently launched a campaign to encourage retirement savings by creating an app that shows them what they might look like upon attaining their retirement age. The campaign was quite successful and the bank’s saving schemes saw more sales than ever before. Mobile Money The latest step in the initiative to create a paperless environment is to reduce the amount of cash money in transaction. It can be achieved by increasing the popularity of mobile money. With mobile money technology there needs to be no exchange of currency but just a simple transfer of money through mobile phones. This technology has been used by non-profit organisations to collect money for those who were affected by natural disasters. The Haiti earthquake victims were given a charity through mobile money technology and as a result there are as many as 700,000 registered users who are now enjoying the benefits of this technology. Mobile optimized website With higher number of users now accessing information on the internet, it becomes necessary for financial companies to design websites that are responsive and quick to load. Similar to the desktop interface, the mobile interface should also be user friendly and should not lag in any of its features. There are many benefits of having a company website in its mobile version as it is no longer necessary for a customer to reach home and use a laptop of PC to access their bank account. They should be able to use their banking facilities while they are on-the-go. The mobile version of their website should be responsive and should be able to load fast. In other words the websites loading speed should be high or the time required for the mobile website to load should be minimum. These parameters are difficult to maintain when multiple scripts, images and encryption processes need to be run at the same time. The real test of a website is when the traffic to it increases a lot. Websites tend to become slower when there is higher traffic and it is at this time that the page speed should be checked. Importance of Security Finance is a field in which security is extremely essential. From the safeguarding customer’s money to preserving data integrity of their company information, there are many types of data that need to be protected. To improve security of mobile phones customers should turn off MMS auto retrieval, avoid messages from untrusted senders, update software regularly and using an efficient anti-virus software.