Mobile users feel that a financial institution’s (FI’s) responsibility extends beyond simply providing account balance information and other basic account management functionality. According to a study by Wakefield Research and Varolii, nearly 2 in 3 (64 percent) believe that it is their bank or credit union’s responsibility to immediately alert them when they have a low balance or insufficient funds to pay a bill.
Moreover, the younger the customer, the stronger is the belief that FIs should be proactive; nearly 3 in 4 18-to-24-year-olds (73 percent) believe they should hear from their FIs versus just over half (56 percent) of those 55 years or older.
Additionally, over half (54 percent) want to be notified if there is unusual activity on their account or if someone makes a change to their account information, and 46 percent want to receive low balance alerts.
Significantly, 68 percent of consumers also report that proactive alerts could have helped them avoid a financial problem – such as a costly and embarrassing overdraft or forgetting to pay a bill on time. Among those under 35 years old, a remarkable 80 percent believe it could have helped.
Deep engagement is critical in mobile banking and the Monitise solution empowers FIs to proactively generate and send mobile alerts in order to deepen customer relationships, reduce costs and enhance revenue opportunities across the organization.
To learn more about Monitise’s proactive alerting product, click here.