This year approximately 8 financial institutions released mobile banking applications for the Iphone from Apple. In addition to helping you find branch locations, and ATMs, they each carry certain benefits that easily help you manage your banking accounts. Other services include paying bills and transfer funds between accounts.
At what point will these financial institutions and others start cross selling products to their subscribed customers? Although applying for a mortgage with these banks over an Iphone would be tough and horrible, applying for a checking account, savings account, CD, or credit card would be easy. Each bank knows who the customer is and what their habits are. Most banks are jumping on the “Going Green” bandwagon. Could this be their opportunity to target their customer just one step further? Is this the opportunity they need to stop spending all of that money on paper for direct mail?
Possibly!?
There is one problem. Would customers/subscribers of these applications risk their personal information to apply for a credit card and/or other account on their Iphone? Each of these financial institutions promises some sort of “security feature”, but would that cut it with the masses? I think that there is always going to be the “Old School” mentality of doing everything with paper or in your local branch. However, most people don’t understand is that the mail you send in is just as, if not more susceptible to people stealing your personal information.
Using the Iphone to cross-sell products to current customers is eventually going to happen. The question is, Who will be the first?
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