Educating Your Bank Customers on the Safety of Mobile Banking
As we live through the global Coronavirus (COVID-19) pandemic and adapt to “social distancing” rules, people are relying on their digital devices more than ever for all manner of experiences, from virtual happy hours with friends to everyday banking transactions. According to a recent survey, “more than 45 percent of banked respondents stated they have changed how they interact with their bank since the outbreak of the pandemic.”
As a community banker, you need to ensure your online and mobile banking services are ready to meet a surge in demand. Step two is educating your customers on the digital banking capabilities you offer and assuaging any fears they may have about safety and security. In this article, we’ll give you 7 ideas for effectively communicating with and educating your customers.
Ready to increase digital adoption at your bank? Let’s dive in!
Current Trends in Digital Banking Adoption
While various forms of “remote banking” have existed since the 1980s, the rise of smartphones brought a whole new meaning to “telephone banking” with mobile apps that allow customers to perform many routine transactions such as balance checks, transfers, bill pay, check deposit, and more.
As of December 2019, “nearly three-quarters of Americans (73%) most often access their bank accounts via online and mobile channels.” The same survey finds a slight generational divide as well, with people aged 18-29 most enthusiastic about mobile banking. Overall, only 17% of survey respondents cited their physical branch location as their preferred banking venue. These trends can only accelerate during the Coronavirus (COVID-19) pandemic, as many bank branches limit their in-person services to drive-up banking.
7 Ways to Increase Digital Banking Adoption at Your Bank
Banks have been trying to nudge their customers toward digital banking options even before the Coronavirus pandemic. For example, signing up for eStatement delivery can save your bank money on the costs of printing and mailing paper statements. The challenge now is to educate customers who aren’t aware of your mobile and online banking services to prevent disruptions to their customer service experience. Safety and security are the cornerstones of these educational efforts. With so many cybersecurity and hacking news stories, customers of all ages are rightly concerned about protecting their sensitive personal and financial information.
So how can you reach all your customers and address their specific concerns and needs? Here are our best ideas:
1. During the Onboarding Process
In addition to your ongoing efforts to educate existing customers, make sure you have the same messages included in your onboarding.
If you offer online account opening, you can capture new customers who are already digitally engaged. Use video, email, and/or brochures to tell them about the rest of your mobile and online banking services, including security features like the ability to cancel a lost or stolen debit card from your mobile banking app.
Customers who open accounts in the branch can receive the same materials, but customer service staff should take time to reiterate the main points and provide a demo on their desktop computer.
You probably already have email addresses for most or all your customers. Use an email platform to contact everyone quickly and efficiently with well-designed messages and newsletters that help customers get oriented with the mobile and online banking tools they are using more often now or for the first time. Even experienced mobile app users might not be aware of all the features available to them.
3. Social Media
This is another way to get your message out to customers (and non-customers) who follow your social media accounts.
Write a blog article listing all the ways people can bank from home during the pandemic. Create a dedicated page for Coronavirus updates and resources and link to it with an alert at the top of your homepage.
People learn in different ways, so while providing written instructions for your online and mobile banking platforms is important, it’s also worthwhile to make a video tutorial. Video is also a good type of content because it can be shared on a variety of platforms, from your website to your social media accounts.
Run a branded advertising campaign to target customers searching for your online banking platform or mobile app.
Reach customers who may not be online as much with attention-grabbing, attractively designed postcards and other mailers.
Highlighting Security Features
Throughout your digital banking communications, highlight the safety and security features your bank offers to protect customer data. For example, make sure your Security page is easy to find and share the same information through other channels
Find a Better Way with PrintMail
There are opportunities in every crisis and the Coronavirus pandemic is no exception. Banks can enhance their digital channels and convert more customers to online banking, mobile banking, and eStatements. PrintMail is here to help your bank and your customers through this transition with our best-in-class outsourcing services, including eStatements, digital marketing, direct mail, and more.