We’re on the brink of a new generation of mobile: Mobile 2.0.
Many mobile banking applications offered today are ‘Mobile 1.0’ products. They do their job, but don’t drive engagement. Consumers use them to check their balances, find an ATM or pay a bill. Since these actions normally take less than a minute, there’s no real reason for a consumer to stay plugged into the app or share their experiences with other consumers. They aren’t doing anything to increase brand awareness, build loyalty or create engagement.
According to a recent article on Credit Union Times, mobile needs to be decoupled from online banking. They are two separate uses, and need to be treated differently. If you want consumers to download your mobile app to engage with your brand, that application should have unique functionality. This is where Mobile 2.0 steps in.
Mobile 2.0 applications will keep consumers engaged through customizable, targeted features that drive loyalty. These applications will leverage big data, data that banks and financial institutions already have access to and are already (or should be!) implementing into their current loyalty programs. Banks that leverage their mobile apps will be able to take their loyalty program to the next level. Mobile 2.0 apps will allow banks to give customers more of what they want: targeted offers, ways to earn rewards, access to mobile wallets and better insight into their account – all through a user-friendly interface.
For all this to happen, banks need flexible tools available to them, giving them access to APIs and other technical functionalities so they can fulfill their mobile visions as they brace for the future. There needs to be a solid foundation they can build off of as they join the Mobile 2.0 evolution.
Everyone knows mobile applications aren’t created overnight, but we’re excited to see how Mobile 2.0 applications will raise the bar for loyalty programs — there’s certainly a lot mobile could bring to the table. Don’t you think?