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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

DIGITAL BANKING Tips - Tip 26: Mobile Marketing

15 July 2015  |  4114 views  |  0

Digital Transformation changed the way we live and make business, then gave two options to banks: CHANGE or DIE. As clearly stated by Darwin, neither the strongest nor the most intelligent but the most responsive ones to change survive. That is why many nice dinosaurs were dead while not very advanced insects (you may consult to the cockroaches in your basement about their grandparents’ success formula!) survived. Climate change was the change agent Darwin referred to, as of today the change agent is mobile. The way we would respond to mobile revolution will shape the future of the banking industry.

Much before the digitalization started, David Packard said that “Marketing is too important to be left to the marketing department”. If you have ever met (or worked) with any marketing professionals with limited understanding of the digital world and observed the way they used your (very valuable but limited) marketing budget – you might fully agree with him. It is a sad truth that the banks are in the back seat of the mobile era compared to technology and telecom companies, which are looking forward to capture some market share from the banking business – unless the banks do something about this. Mastering Mobile Marketing is one of the most critical prerequisites to survive and foster in the new economy for the banking industry.

This is the short version of the post. 

Starting from Tip 2 to Tip 30 only short versions of my posts are available at Finextra. From Tip 31, full (long) versions of my posts can be read here.

 

TagsMobile & onlineRetail banking

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