Oct 2010
BACK TO THE FUTURE: HOW MOBILE COULD HELP US RE-CONNECT WITH BANKS
By Phil Gault
A long, long time ago, I was lucky enough to spend three years at Bristol University.
Obviously, this meant I needed a bank. And the bank, in turn, decided I needed something called a Student Relationship Manager.
His name was Simon Gunn. A big man, with a beard, glasses and a distinct West Country accent.
I remember Simon well because I spent a fair amount of time in his company. Often in one of Bristol’s hostelries. He was always available to lend a sympathetic ear; and sometimes something even more useful in the shape of an extended overdraft.
As you can imagine, Simon was a popular figure in student circles. Word got around, business gravitated towards him – and I’d bet a large proportion of that business has stayed with the bank ever since.
I was reminded of Simon when reviewing the findings of our recent Financial Services research (see story above).
I don’t think there are too many Simons left. He and his kind have disappeared behind a wall of ATM’s, call centres and the internet.
Of course, to a large extent, these are all ‘enablers’. But they can also be relationship barriers; and it seems to me that banks today are in grave need of finding a way to re-connect with their customers, to re-personalise their service. In the current climate of mistrust and dislike, blandly smiling staff in a TV commercial won’t be enough.
I’d be the last to claim that Mobile can solve this problem in isolation; but I do sense that it has a relevant role to play. Of all the channels available to modern marketers, Mobile is the most personal. Whilst this multiplies the risk when it’s used insensitively, it also magnifies the reward when deployed insightfully.
So here are three things which I think any progressive bank should be thinking about. Yes, they’re logistically ambitious – but it’s ambition that makes a difference, especially when the perceptual problem is as engrained as it is with the banks.
Open new communication channels
Technology has changed the way we communicate. SMS, IM, Twitter – at heart, they’re all about communicating immediately and on our own terms.
But that’s not the way the banks (or indeed most ‘service’ organisations) work. Their rules still predominate.
Significant advantage is likely to accrue to the bank that’s prepared to re-write these rules. For instance, by allowing customers to text in a query and / or organise a call-back at the time that’s most convenient to them. In other words, by understanding and responding to how the modern customer expects to be able to communicate.
Make money management easier
Lots of banks claim to be dedicated to ‘putting me in control of my money’. But – however good the intentions – does it really feel like that ? How many T&C’s have you read recently that seem designed to simplify and empower ?
Given its immediacy, Mobile has real potential in this area. Imagine, for instance, a simple yes / no text mechanic that gave me the choice to sweep a pre-specified amount into a Savings account every pay day…especially if combined with a reminder that the next few months are likely to be unusually expensive (holidays, insurance renewals, etc).
Turn knowledge into customer value
No-one knows more than my bank about how and where I spend my money. Wouldn’t it be great if they applied that knowledge proactively for my benefit ?
One way would be to create an opt-in programme whereby relevant offers would be funnelled to customers on the basis of previous spending patterns. A bit like O2 Treats, but grounded in much greater insight.
For instance, my bank knows I’m a loyal Sainsbury’s customer. It knows how much I spend, and how often. If I gave it permission, it could use that intelligence to reward my future behaviour, perhaps via a mobile vouchering scheme. And just think of the opportunities and benefits this could create as mCommerce takes root and grows.
