With the disruption of smartphones, banks have been turned upside-down and today, they are the ones searching for clients, while users rarely visit traditional branches anymore. This means that, if Banks don’t act fast, they’ll keep losing relationships with customers. Consumers are increasingly looking for digital banking services provided by third-party tech firms. This is deteriorating the relationships between banks and their customers, and banks are losing out on branding and cross-selling opportunities.
But not all are bad news for banking, recent studies have revealed that almost 50% of customers react positively to location-based communications, which means that they are expecting faster and more personalized services. Mobile app marketing uses location technology to provide customers with the right digital content based on their proximity, behavior, and preferences through smartphones at the most relevant moment.