Beacons for next-level Banking: 12 functionalities for a Tailored Customer Experience

Posted by Doru Supeala / Monday April 11th, 2016 / Categories: iBeacon / 0 Comments

Bluetooth Beacons installed at financial service branches allow banks to integrate physical and mobile channels, to create a new type of interaction and effective commercial communication and to deliver to the customers a positive, pragmatic and personal experience.

Our integrated mobile solution already includes all the components needed to make this experience immediately effective: Bluetooth Beacon hardware, mobile middleware for iOS and Android and a very powerful cloud platform, able to monitor and manage the content and the interactions, to gather analytics and measure results, and to efficiently administrate the hardware infrastructure.

The solution is ready for complete integration with the bank own CRM and other platforms, so the customer activities, interests and needs performed both online and in the physical bank office could be efficiently identified, managed and resolved. For privacy and data security reasons, our solution is ready to be deployed as a Virtual Appliance on clients’ premises.

So, what are the Beacons-based functionalities that can help you deliver a profitable tailored experience for your bank customers? Our integrated solution brings Presence Detection, Customer ID Recognition, Welcome Interaction, Desk and Clerk Allocation, Notifying Account Managers, Tailored Financial Offers, Up-Selling and Education, Cross-selling and New Income, Branch Analytics, Satisfaction Surveys, Mobile Payments and Contextual Advertising.

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1. Presence detection

The beacons will detect the presence of your customers close to the bank, before they enter your branch. The range of an Enterprise Beacon is at least 50 meters large and this device is working very well in outdoors and indoors environments as well.

Clients will be notified that one the branches of their bank is in the proximity and, when available, they will get reminders about the scheduled payments or other transactions they usually do.

2. Customer ID recognition

By integrating our APIs with the bank own CRM, the solution owner will match the online and offline identity of the client and will know precisely his identity, his relationship history and profile, interests and customer behavior. The branch personnel will know precisely the personal profile data of the customer, when they will interact.

3. Welcome Interaction

When customers enter the branch, they get a Welcome message and, optionally, a short presentation of the available services at the location. They could choose the services they are interested in from an interactive menu.

4. Desk and clerk allocation

Based on customer’s service choices and on his personal profile, each visitor will be allocated to a specific desk and bank officer. The customer will receive a message about the availability of his account manager or of the requested specialist, the desk where he should arrive and the estimated time to wait to be served.

5. Notifying account managers

When a customer enters the bank and indicates his services of interest from the menu, his personal account manager will be notified about his presence at the location and could introduce in the system the time needed to be available for that specific customer. Appointments can be fixed days before the visit and the customer and the account manager will receive just a reminder to be there in time.

6. Tailored Financial Offers

Based on the transactions history and other personal data and previous activities and options,  visitors waiting at the premises will be profiled and will receive personalized products and service offers, coupons, discounts and other rewards, but contract drafts or other documents to be signed as well. They also can get simulations and estimates for potential transactions, deposits or credits. The bank could use various tactics, like dynamic pricing, account optimisations and other upselling techniques.

7. Location-based up-selling and education

While waiting, customers can use this time to pay their monthly invoices, by using the branch services. Based on their payments records, the bank will know what type of services does he pay for every month and will inform visitors on how they can manage their usual costs for utilities, mortgage or rent.

Re-financing some credits could be a good business opportunity as well. Multimedia educational content can be delivered to the mobile devices of the waiting customers, based on their profile, offering the opportunity to immediately activate new services, change options, settings and preferences for their financial arangements.

8. Cross-selling, new income generation

By placing beacons on various commercial locations, the bank can encourage customers to use their financial services to get advantages like discounts, coupons or bonuses. For example, customers could be informed exactly in the moment of payment that, if they use a specific credit card, they could benefit from special offers or commercial opportunities. At the same time, retailers, hotels, venues or other commercial operators will optimize their financial flows, by reducing the number and duration of bank transfers.

9. Branch Analytics

By using a Bluetooth Beacons network, banks will gather very important quantity of high-quality data related to their customers’ behavior and to better understand and anticipate needs, flows, rush hours, profiles and resources involved to better satisfy all customers. Duration of each visit, number of monthly visits, the busiest days and time intervals, types of transactions, time to deliver a specific service, waiting time, all these coordinates can be precisely measured and actively improved and optimized.

10. Satisfaction surveys

All customers will be invited to evaluate their experience, at the end of the visit, by using a short and interactive satisfaction survey. Beacons at the exit will confirm that the visit ended and the cloud platform will launch the survey module. The information about the quality and efficiency of the bank services will be as accurate and objective as possible, being collected immediately after the direct interaction at the branch.

11. Mobile device-based payments

By placing beacons on your teller desks or at your own ATMs, mobile payments can be done by using only the own devices of your customers. Our technology can replace the need to use a card to access the ATM, by using the proximity capabilities and the secured data transfers via mobile and cloud platform.

12. Contextual advertising

Create value from the location information, by allowing business partners to use your Beacons network to broadcast commercial messages for their mobile app users or by distributing advertising content via your mobile application, targeting specific audiences.

Tactics like Retargeting and Push Notifications are also available and could be veryy effective, by using our CMS platform. Customers can be approached as well after their visit ends, by using the information collected about their profile and behavior, but also taking in consideration geofencing, time-based or visit-triggered push content.

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