Using Beacons in Banks to Enhance Customer Experience

To stay competitive in this digital era, banks looks to redefine their way of advertising that suits the need of their customers. One of the ways they can bridge the digital-physical experience is through the use of beacons. If Bluetooth beacons are deployed in the bank branches, it can integrate physical and mobile channels and provide their customers a positive, pragmatic and personal experience.

To stay on the top of radar, banks like City Bank, USA Bank, Barclays bank and many more are leveraging this location-based technology to create new type of interaction and to increase the lifetime value of their customers. With the help of beacon technology, Banks can understand the need of audience and can serve them in a better way with relevant offerings.

For instance: In order to enhance mobile banking service, Citibank deployed beacons at few of its branches in Manhattan to allow their customers to enter the lobby of the branch even during the off hours/24 hours a day.  If a Citibank customer approaches a smart banking branch, the beacons in banks will send push notifications to their device asking “want to enter the branch?” User can tap on the device to unlock the Bank’s door and receive 24-hour ATM access.

Let’s see what other benefits beacon technology has stored-in for banking domain…

Welcome Interaction

With the deployment of beacons in banks, customers can receive a personalized welcome message from the bank along with the brief outline of the services and facilities that are available for the customers. Welcome message can also include a indoor map of the bank, expected waiting time, bankers currently present at the office, special offers and promotions and much more.

Detects Presence of the Customers

Beacons can detect the presence of the customers who are in proximity of the bank.  With the help of Beacons based banking app, customers will receive notification that they are close to the branch and it will send push-notification about the scheduled payments and other transactions they usually do.

Improves Waiting Experience

Waiting in a queue is something that customers have to deal with when in banks, but with the help of beacons in banks, it can be made more engaging. Banks can drive great user experience by delivering digital content such as educational banking guides, videos, banking tutorials, Forex rates, news of stock price etc. which is relevant to the customer’s profile. This can surpass their waiting time and keep them occupied!

Provides Personalized Product Offers

Beacons in banks helps to provide personalized offers that cater to the need of individual customers. Based on the past activity, account possession, CIBIL score and demographics, various offers can be sent on the customer’s beacon based banking app when they are in proximity of the branch. This personalized relationship will help the bank to stay ahead in the competitive market. For instance, banks could reward customers based on their frequency of visits to the branch.

Branch Analytics

With the help of beacons, banks can gather data on customer visits such as the busiest time and days, what kind of customers are using which services, cross-channel attribution tracking, the average time customers spend in the branch and much more. This data can assist the branch to anticipate the needs of the customers and can enhance the branch experience future visits.

Resource Allocation

If beacons are deployed in the bank, it will recognize the customer profile and based on the past data, each visitor will be allocated a specific desk and bank officer. If the customer has already installed beacon based banking app, they will receive a message about the availability of bankers, a map of where the customer should arrive, expected wait time and much more.

Surveying

When the customers leave the branch, beacon based banking app can prompt them to share feedback about the services. Banks can use the feedback received to improve its services and ensure customer satisfaction.

Example to follow

Barclays: Barclays came up with an in-branch beacon technology to make interactions easier for the physically challenged customers. The customers can pre-log information in a mobile app about their disability and specific needs while visiting the branch. The beacon technology will notify the bank representative when a physically challenged customer enters the branch. This initiative was developed to avoid explaining their accessibility needs each and every time when they enter the branch and to help the bank representatives to assist their customers more effectively.

Conclusion

Beacons are the blessings for the banking industry; Using beacons in banks will help the banking industry to work more efficiently and enables to bridge the gap between traditional and digital banking.

If you are planning a beacon project for your bank and want to what difference can beacons bring in mobile marketing for your bank, speak to our team today!