A look at the Deloitte mobile payments industry analysis

prelin —  February 26, 2013 — Leave a comment

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As part of our focus on mobile banking we’re looking at the Deloitte study on the topic and how to maximise revenue. For more information download the rest here.

  1. Banks now have the potential to expand beyond their physical stores as well as ability to cross sell and up-sell products to existing customers. Not only is this a revenue generator but a loyalty and CRM tool.
  2. Banks have an amazing view of what their customers buy and where they like to shop. Merchants could employ such aggregated information to target customers more effectively than they might through other means. In addition, banks could use this knowledge of their core customers to strengthen their own abilities to acquire new customers, cross-sell existing customers, improve decisioning capabilities and provide better customer service — resulting in significant value streams for banks.
  3. Mobile banking could provide bank customers with the ability to compare options at time and place of purchase. At the same time, banks could offer these shoppers complementary services, such as financing or leasing options, insurance quotes (through partnerships) and more.
  4. Banks could conduct targeted marketing campaigns to customers who use mobile banking. For example, banks could pinpoint shoppers’ physical locations to make relevant offers to their customers, such as offering them temporary line increases.

The report is fascinating as it delves into demographics and other useful information on the topic of mobile banking.

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