Mobiquity Technologies, Inc. (OTCQB:MOBQ) ("Mobiquity" or "the Company"), which operates a national location-based mobile advertising network, has reached an agreement with Relevant Solutions, a leading provider of mobile in-store shopping content for financial institutions and mobile banking app providers that has the potential to provide more than 2,500 financial institutions an opportunity to bring branded, local offers to their mobile app users.
With the integration of the Mobiquity Networks SDK into the It Is Relevant family of branded and white-label apps, banks and credit unions will gain an additional potential revenue source and the ability to engage app users well beyond the activity of payments and account balance inquiries.
Mobiquity Technologies has the largest shopping mall-based beacon advertising network in the country. The network footprint currently includes 220 premier U.S. shopping malls and should grow to more than 240 mall locations through Mobiquity Technologies' exclusive relationship with Simon Property Group which according to Simon Property Group, provides advertisers the opportunity to reach approximately 2.6 billion annual mall visits with mobile content and offers when they are most receptive to spending, while located in the mall.
Financial institutions that employ the Mobiquity Networks/Relevant solutions will be able to tap into an active mobile user base. Mobile users will be able to check their account balance or make a payment with the real-time location precision of Mobiquity's beacon network.
More than half of the smartphone users in the United States have done mobile banking in the last 12 months, according to the Federal Reserve System in their March 2014 "Consumers and Mobile Financial Services" publication. Additionally, 12 percent of those mobile phone users who are not currently using mobile banking think that they will probably use it within the next year.
"Through this new offering, financial institutions will provide additional value to their customers while striving to drive more revenue and loyalty," said Dean Julia, Co-CEO for Mobiquity Technologies.
"The national scale, fee income potential and location relevancy of these offers is key to our mission of helping our financial institutions and mobile banking app partners monetize the mobile channel, while increasing engagement," said James Peil, CEO of Relevant SolutionsEO of Relevant Solutions.