Insight Series – Effective selling on mobile: a challenge for banks

Selling financial products on small screens continues to pose a challenge for banks. However, as other industries test smarter mobile advertising, and as screens get bigger, consumers are ready and willing to ‘buy’ directly from their mobile device. It’s a missed opportunity if retail banks don’t get this right.

In this 70-page Insight Series Report, Senior Analyst Stephen Jones looks at wider multi-industry trends, the ideal selling experience (for both new and existing customers), and some examples from both public mobile sites and the secure areas of banking apps. Screenshots from user journeys highlight how some banks are managing to use mobile effectively as a sales channel.

The report assesses:

• Mobile as a sales channel in a wider, non-banking context.
• The current trends in mobile commerce and great mobile sales journeys.
• Onboarding: how customers discover products, the application process, and the approaches taken to retaining customer engagement, on mobile.
• Ways in which banks could use the onboarding process as an opportunity to cross-sell, and use existing customers to reduce the costs of the expensive onboarding process.
• Cross-selling: the ideal customer journey, how selling mobile itself is a vital part of cross-selling on mobile, how banks should best use the data they have on customers, and design and user interface.
• The future: how upcoming legislation will affect selling on mobile and how challenger banks and FinTechs have found unique ways to sell to their customers, as well as ecosystem approaches that could envelope the financial services industry.

We feature examples from Barclays, Citi, Wells Fargo, Nationwide, Fidor, N26, TSB, Starling Bank, Monzo, Pariti, BBVA and NAB, as well as interesting comparisons from the likes of ASOS and Amazon.

If you work in the digital, onboarding, mobile or sales team at a bank, or for a non-traditional provider, this report will provide invaluable insights and inspiration for acquiring customers and increasing their lifetime value. You can purchase the full report by contacting us today, or download a free sample by clicking below.