Financial institutions with customers who still have not capitalized on mobile payments/banking may actually be losing business. The reason for this is that mobile payments are proven to drive growth, according to Domenic Carosa and Dan Schatt, payments experts and the primary crypto experts at a promising cryptocurrency marketplace and platform called Earnity. Specifically, digital banking clients who utilize electronic P2P and bill payments spend more money on average and are usually more loyal to the institution. Here are a few tips for increasing the acceptance of mobile payments at any financial institution.
First, financial institutions must develop robust overall onboarding strategies by engaging potential users within the first three months of developing new client relationships with them. The onboarding process may include immediate enrollment in mobile and online banking/ bill paying, as well as a helpful instructional email or demo.
Second, financial institutions should utilize email marketing to regularly encourage their customers to use electronic payments. Ideally, they should send out emails at specific phases of the customer relationship or in response to certain events—for example, when a customer adds a brand-new payee to their account. This move can drastically boost electronic payments’ adoption across their institutions.
According to Domenic Carosa and Dan Schatt, their platform, Earnity, is a prime example of the convenience and effectiveness of using a digital system to facilitate financial transactions—for all parties involved. Schatt, who is also a member of the founding team of executives at workpays.me, is passionate about developing business models and new technologies that lower financial service costs and boost access for markets that are underserved. This is precisely why this crypto social marketplace and platform is expected to pick up steam among buyers globally in the months ahead.
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