Given the rapid growth of the mobile-banking market, the time is right for competitive institutions to deploy enterprise cross-selling options. There is no doubt that mobile devices will change the way banks of all sizes do business and interact with consumers; the question to be answered is: How? Will mobile banking strengthen relationships and increase wallet share or commoditize the banking industry? Both consumers and larger financial institutions are embracing mobile-banking technology, as evidenced by the remarkable pace and momentum building in the marketplace. Basic mobile functionality will soon be expected from all institutions.
While Internet banking has taken more than a decade to mature, mobile banking is developing much more quickly. In the mobile world, banks that wait to implement sophisticated cross-selling techniques will miss much of the opportunity. Cross-selling and, more recently, enterprise cross-selling are critical tools for increasing wallet share and deepening customer relationships. Regardless of the channelbranch, online or mobileconsumers can actively accept the products they need when they need them. In the online world, a few financial institutions are now beginning to master the art of cross-sell offers, utilizing institutional knowledge to improve offers, and even making offers based on behavioral targeting.
There are many challenges to cross-selling in a mobile environment. To begin with, the size of …
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