New Fiserv study says marketing is key for mobile banking

Banks and credit unions that actively market their mobile banking services have experienced adoption rates twice as high as financial institutions that do not promote the service, according to a new statistical analysis by Brookfield-based Fiserv Inc.

The company analyzed data among users and non-users of Fiserv’s Mobiliti mobile banking and payment services Services, which are designed to establish mobile banking relationships and increase customer adoption of mobile financial services.

The analysis looked at data across hundreds of banks and credit unions.

Within 12 to 18 months of launching Mobiliti from Fiserv, financial institutions that did not market the service saw average adoption of around 10 percent among eligible users, whereas financial institutions that have marketed the service have seen adoption rates over 20 percent, and in many cases exceeding 30 percent.

Fiserv’s adoption services include consultation from mobile adoption experts who share best practices, access to an online database of customizable marketing materials such as e-mails, banner advertisements and counter cards and exclusive research and benchmarking data.

The growing popularity of mobile banking was the topic of a recent BizTimes Milwaukee cover story.

Fiserv chief executive officer Jeff Yabuki will discuss emerging trends in business technology when he serves as the keynote speaker at the Northern Trust Economic Trends Breakfast to be presented by BizTimes Media on Jan. 18. To register to attend, visit www.biztimes.com/trends.

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