Smartphone usage continues to grow exponentially. With this growth comes new opportunities for community financial institutions (FIs) to engage in the digital space. To realize the true potential of mobile, however, FIs need a clear strategy beyond simply making online banking available on smaller devices.
Developing an effective digital strategy starts at the consumer level. Consumers increasingly expect to find the latest and greatest innovations at their fingertips. This expectation even extends to their FIs. By effectively incorporating mobile innovation in their digital strategy, community FIs can develop a strong offering that will appeal to their consumer base.
Below, I’ve expanded on a few tips TMG CEO Shazia Manus highlighted in a recent CBInsight article regarding the creation of digital strategies.
- Put all that data to work
FIs typically have a treasure trove of mined consumer data at their fingertips. Properly leveraging that data allows FIs to offer the personalized user experience consumers expect. Additionally, it helps FIs foresee consumer wants and needs before consumers even realize them as such. - Seek out collaborators
Community FIs should have digital strategy-planning sessions among their own staff. Beyond this, FIs should reach out to other organizations for support and discussion groups as a means of generating innovative ideas. - Take a page from science fiction
Robotics and artificial intelligence are moving beyond movies into the mainstream. Community FIs can use location-based services, such as geo-fencing, as marketing tools to send consumers customized messages and promotions related to their current geographic areas. Interestingly, geo-fencing can also be put to use in the fight against fraud and identity theft.
