Beacon Technology Solutions in Banking

Ever since the invention of beacons in the year 2013, businesses have realized its benefits and adopted this technology. For this reason, we can find excellent reviews and statistics on the beacon technology in retail stores, airports, museums, groceries, and stadiums. However, there is not much information on beacon technology solutions in banking. So, if you want to know more about the use of beacons in the banking sector, keep reading then. You will find everything you need to know below.


Why Do Banks Need to Improve Their Marketing Ways?

There is no denying the fact that traditional marketing has understandably lived its age. According to different researches, people between the ages of 18 and 40 are the highest population of banking customers. However, annoying bank withdrawals and deposits, long ATM queues, and tiring customer support are becoming unpopular among the generation. That’s because the new generation is used to the fast pace and digitalization of almost everything they deal with.

Therefore, to satisfy the needs of their customers, banks should act wisely and adopt beacon technology solutions. Apart from the beacons, there are many other technologies that banks can adopt too. Some of the examples include biometric identification, touchscreen devices, artificial intelligence, virtual tellers, and a lot more. However, we will only focus on the beacon technology in this article.

How to Leverage Beacon Technology Solutions in Banking?

Banking sectors can deploy the beacon technology. in their branches in many ways. Let’s take a look at some of them below.

To Draw Existing Customers to Store

The new versions of beacons can easily detect the presence of a customer that is 50 meters away. This is what provides the banks with an opportunity to send relevant reminders to the phones of the customers.

Let’s take an example of a person that keeps delaying a visit to the branch for weeks. However, one day when the customer is walking around the mall, they receive a reminder on their cellphone when they are in the range of the beacon. This is what prompts the customer to visit the bank and take care of all the outstanding chores that they were delaying for ages. As a result, the client will leave the bank relieved and remember the branch for the positive experience.


To Attract New Customers by Offering Discounts

The beacon technology solutions not only help the current customers of customers to solve their problems, but they also attract new customers to the bank. Want to know how? Well, the beacon technology is an effective tool to acquire new customers.

When the branches leverage proximity marketing with beacons, they will be able to plan discounts and in-store events. When the passersby will get notifications of these events and discounts, they will come inside the branch themselves.

To Amplify the In-Store Experience

Beacons can likewise demonstrate priceless with regards to upgrading the general branch client experience. They follow up on a large group of nitty-gritty client-relevant items, giving tellers and banking collaborators the knowledge they need to offer customized types of assistance.

Beacons move information in the two bearings, so when a client strolls into a branch, the coordinated signal and CRM programming can guarantee that the financial faculty knows who this client is, invites them with a warm, customized message, and supports further interest with extraordinary offers.

By gathering inputs on the visit reason and expected administrations, reference points can likewise better oversee client assumptions and assist with apportioning the right agent. Likewise, an individual financier can get a warning that the following client is moving toward the branch, to cordially end the current gathering and begin the following one exactly on schedule.

To Foster Customer Education

Banks can also benefit from the beacon technology solutions to educate their customers. For example, they can advise the customers of the wait time for any given service. Not only this, but they can also encourage the clients to set up an appointment with the bank at any specific time.

Even though it is a bit unlikely that the technologies will altogether eliminate the banking lines, it will help the customers practice the regular banking traditions more engagingly. For example, to make the idle time of the customer more interesting, banks can introduce them to relevant articles, digital marketing content, or videos.

They can send all of the content to the smartphone of their clients while they wait for their turn. In addition to the above-mentioned content, the content can also include materials on discounts & offers and mobile banking security.

To Power ATMs

The use of beacon technology solutions around ATMs is another way you can utilize this technology in the banking sector. While the proficiency of customary ATM wraps and on-screen advancements is moderately low, by sending organized advertisements and pop-up messages to ATM clients, banks can poke clients to pull out more money, buy bank items (like Mastercards), and pursue portable banking. All of that can be accomplished by introducing signals at ATMs and sending off crusades shown on ATM screens in light of a client’s details.

With the help of ATM-based beacons, banking sectors get the chance to reach their customers from the outside of the branch. As a result, they can improve the experience of their customers and provide them royalty ranks. They can do this by messages on mobile and giving the clients directions to the nearest ATM that has the shortest queue. Not only this, but they can also offer the customers rewards when they withdraw frequently.

Final Words

Beacon technology solutions in banking sector can be a great initiative for both the banks and the customers. It will help the banks provide a great customer experience to their clients so that they will keep returning. Need to know more? Contact us now! We will be happy to assist you in any way we can.