Create valuable experiences for mobile banking users with mobility data
In our last mobile banking blog post, we discussed how app publishers can use mobility data to improve users’ financial literacy. In this post, we’ll discuss how it can also enhance your rewards programs by increasing customer engagement and loyalty.
The mobile experience and rewards program is important – especially for banks – to acquire and retain customers. In a survey conducted by Insider Intelligence, respondents were asked “what were the main reasons for switching to this bank or credit union?” 43% of respondents said they had switched financial institutions because of their mobile banking offering, and 20% said that they had switched because of rewards. It’s critical for banks to think about how their mobile experiences deliver high reward-earning opportunities.
What rewards will motivate your customers to use your app more? According to the latest consumer study by Arity, app users want personalized experiences and prefer to receive more frequent and tangible benefits. With Arity’s mobility data, you can enhance your rewards programs with personalized tips so customers can earn more points and redeem them how they like, based on insights about their habits and preferences. Here are some examples.
Encourage users to redeem and maximize points and rewards in a way that feels unique to them
With Arity, mobile banking publishers can give their customers real-time personalized suggestions to earn more rewards based on how they move through the world. It’s not enough to show users where they can earn rewards with an in-app map; they need actionable insights that will keep your app and your card on top of mind.
When your customers receive more tailored and personalized offers, they become customers that:
- Are loyal to your business
- Keep your card on top-of-wallet
- Increase ratings and referrals for your business
Rewards programs are among the costliest features for financial institutions; however, with Arity, it is possible to turn rewards into a great revenue driver by leveraging our predictive mobility insights model.