FI Need To Engage Target Consumers Via SMS To Leverage Business

Press release – June 1, 2016

By The Paypers

A recent infographic released by Javelin & OpenMarket unveiled to financial institutions that engaging with consumers via mobile engagement strategies supports business opportunities.

The research identifies two of the most important customer segments: Moneyhawks and Emergents. Moneyhawks is considered the most profitable yet demanding customer group, accounting for 13% of the population. The second segment, Emergents, is punctuated by a mobile-first mindset, accounts for 35 % of the population, and will increase financial product ownership in the next 5-10 years, making them an important demographic for FIs to target. Both segments are seen as tech-savvy, typically leveraging mobile devices to interact with preferred FIs.

Additional findings include: 14% of consumers might leave their primary bank because of “unsatisfactory customer service”, 24% of consumers already switched banks because of “unsatisfactory customer service”.

What’s more, 55% of Moneyhawks and 35% of Emergents prefer to receive SMS alerts for bank activity compared to 27% of the general US population. 35% of Moneyhawks and 30% of Emergents prefer to receive fraud alerts through SMS versus 23% of the US population.

OpenMarket is a division of Amdocs and provides mobile engagement solutions for organizations to optimize their operations and enhance relationships with their customers and employees.