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Beacon Technology is Retail Banking’s Smartest New Path to More Personalized Banking Services
BestFit Mobile whitepaper outlines best practices for using iBeacon capable BLE solutions to create better banking experience and more effectively offset emerging digital competition
By: BestFit Mobile
Since the wide scale advent of ATMs and other digital banking solutions, brick-and-mortar banks have faced ongoing challenges for customer acquisition and retention. According to two recent reports from Accenture, 35 percent of banks’ market share in North America could be at risk by 2020 as traditional branch banking gives way to emerging digital players. This requires banks to do a much better job of serving their customers’ needs with greater efficiency, while creating entirely new ways to engage with prospective customers.
“Retailers are aggressively moving toward in-store pilots with iBeacon capable technology because of the opportunities Bluetooth Smart solutions provide to connect with their customers and create engaging experiences,”
According to a white paper (http://bestfitmobile.com/
Digital queue management. With Bluetooth enabled, customers using a bank’s mobile app are prompted to select the service they require as soon as they pass through the door. Customers immediately are placed in a digital queue for the teller, loan officer or other branch personnel. Customers can sit comfortably until being notified via their mobile device that they can be seen.
Customized product offers. Banks can offer highly customized offers to customers waiting in the digital queue. In this case, beacon-based solutions enable banks to tailor these offers to individual customer needs far more effectively than floor signs or paper brochures that provide no options for customization. These products help bank branches maximize revenue generated per square foot, and can rapidly contribute to increased overall profitability.
Video teller service. Bank branches can also provide live video feeds through customers’ mobile devices inside the branch. Beacon technology enables live video tellers to securely identify the individuals they are speaking with and have their information brought up automatically. Basic branch transactions like check deposits can be easily accomplished with the use of the customers’ camera.
Drive-up tellers. Drive up customers in proximity of the drive-thru lane can be automatically prompted to select the banking services they require while still waiting in line. With this information window tellers can better serve customers allowing for fast, smoother transactions.
“As banks continue to evolve and explore new automation and mobile solutions, it is important to keep focus on providing the best possible experience for the customer,” said Mr. Cunningham. “Much like the ATM, iBeacon technology offers entirely new opportunities for retail banks to more effectively deliver highly personalized services and increase the lasting relationships with their customers.”
BestFit Mobile continues to be a thought leader in the industry regarding the best use cases for Bluetooth Smart, iBeacon capable technology. More information, including a link to the white paper and banking use cases, can be found at http://bestfitmobile.com/
About BestFit Mobile
Headquartered in Austin, Texas, BestFit Mobile develops and markets smartphone-based solutions designed to reinvent how consumers interact with brick and mortar retailers, banks, casinos and hotels. Leveraging over two years of institutional knowledge in Low Energy Bluetooth, BestFit Mobile creates customized solutions for retailers, to reduce showrooming, gain actionable data on shopper behavior and increase sales opportunities, while creating an elegant user experience for the consumer. Additional information on BestFit Mobile is available at www.bestfitmobile.com.
Scott Phillips + Associates