Why fintech is 'banking' on mobile to meet and engage new customers
Updated: Jan 18
In 2023 digital engagement should be top of mind for the financial services sector, and the place to do it; is on mobile.
Today, banks and money services have embraced the trend of online banking by bettering their online and virtual branch experiences. Today, those online transactions are moving more and more to mobile banking transactions, and as mobile continues to grow as the place where Canadians are spending most of their time. In 2022, just over 93% of the Canadian population browsed the internet on mobile. These users are made up of consumers that start their customer journey on mobile comparing products and services and looking for answers to questions like “How to open an RRSP”?
A report from Google trends indicates that in 2022 personal finances were a top priority for Canadians as searches related to financial health and money management have increased, and searches for savings accounts, credit cards, travel cards, wealth management, retirement planning, travel, life, and health insurance also spiking. For FI’s and other fintech and financial services providers this presents a large opportunity to meet and engage these Canadians searching for help with their financial planning on the devices they are using the most: mobile.
In Canada, smart phone users are spending just over 4 hours a day inside of their favourite apps, which is why in-app mobile advertising can no longer be ignored. With in-app mobile advertising FI’s, fintech organizations and financial service providers can connect with audiences to engage them with information about services, and products that enable the phone to bring the bank to the customer. With in-app and mobile advertising the financial, and crypto sector can meet consumers wherever they are in a blended and almost invisible manner while helping to generate awareness and, if desired, even conversion.
The key for these organizations is to do this in a frictionless and non-intrusive manner which in-app and mobile advertising can provide, and younger but aging consumers expect.
In a report from PWC, digitally engaged customers were shown to have higher levels of card spend and higher levels of engagement overall at the largest US banks. A key finding that can be easily used as inspiration by institutions in Canada to transform their marketing to a mobile first approach, and to start engaging new and existing consumers on new digital channels. Advertising in-app provides any advertiser with a vast and diverse demographic audience. This channel also presents a great opportunity to generate new business that even includes younger audiences in the GenZ demographic on the popular gaming apps they love.
Today, the banking customer is becoming less of a hybrid customer. They are less in-person and digital consumer both, and more of a mobile first and digital only customer. Because of this shift in how consumers bank and pay for goods, many financial institutions including crypto are making the switch to digital channels faster than ever, specifically mobile apps, to provide customers with a high level of access to banking services, solutions and products. For organizations in the financial sector pursuing digital expansion opportunities, remapping their traditional engagement tactics to a mobile first approach will truly be the key in winning new business while retaining existing ones.
I personally encourage readers to learn more about in-app and mobile advertising for financial institutions by reading our free Case Study on a mobile first approach for FI’s and fintech or by reading more about in-app and mobile advertising for financial services.
Carlos Guevara is the Marketing Director at APEX Mobile Media and previous host of the podcast "In Search of Good Data." He has also helped various organizations in the private and non-profit sector to become more customer-centric with the use of enriched data and modern marketing and advertising technology and strategies.