How can Mobile solutions help In-store Banking?
Mobile experts have been trying to find answers to these kind of questions to help them grow their business. Though this may be applicable to other retail businesses, in this blog, we are keeping our focus on Financial Services entities alone. Going ‘Mobile-Friendly’ is the trend in this space too, and it is challenging the traditional business model, as expected.
The traditional business model (‘In-store’) refers to a brick and mortar concept on which many Financial Services companies have chosen to build their fortune. However, with the recent changes in the world of technology, brick and mortar is increasingly giving way to newer means and customers are rarely visiting the branches for all their financial needs. With the increased mobile-savvy customer, new Mobile applications are paving speedy inroads into the brick and mortar businesses of the Financial empire. Many organizations are at crossroads and they are trying the reinvention route to make themselves relevant in today’s world in the hopes of reducing the exposure to the stores and concentrating on the growth of their online business.
Hence, in this tough environment, the growth of the ‘Mobile Model’ has become like a direct competitor to the in-store business model, but, surprisingly, there are ways going mobile can help instead of being a hindrance.
1. Operational efficiency
Many In-stores that sell financial products like Loans, securities etc., have this challenge of scaling up during the peak hours as their infrastructure is usually very limited. Queues are not an uncommon sight at these times. We have noticed that use of Mobile apps can bring in operational efficiency in this regard.
2. Service time reduced
Customers need to fill in a lot of details in multiple forms. During peak hours customer dissatisfaction can be eliminated by allowing them to fill the details of their name, address and copy of their id proof details using their cell phones. This helps reduce the time to service and helps in faster transactions.
E.g., this concept is similar to the online-check-in that is done in airports. Another popular example is Starbucks, customers who are waiting in line can pre-order their coffee and then collect.
3. Drive in-store sales
Another unique challenge increasing the footfall into the store. Thankfully, Mobility can help here too:
Location based messaging
Many Stores uses a Geo-tagged banner ad and location-based SMS. Marketers can use SMS based messaging system to broadcast their campaign to reach the targeted customers.
Location based search
Customers are increasingly using location-based mobile search to identify nearby stores. This becomes paramount to advertise in-store locations, details and offers on the digital media.
ROI for the Mobile In-store customers
Calculating the ROI for the Mobile In-store customers is challenging. However, companies started cracking this puzzle when they started reliably predicting the investment needed in Mobile to drive the in-store customers to predict the ROI.
For e.g., in one of the Google-Adidas case studies, Adidas was able to track statistically the customers who visited their website/online ad through their cell phones and hence track the revenue generation.
Mobile database
Collecting the Mobile numbers of potential customers and encouraging push notifications to Apps helps in knowing the customers and build profiles as an incentive.
Analytics
Collecting Mobile-specific data from in-store customers like Mobile usage, etc., which will help formulate future mobile strategies.
Going SoLoMo
Having an optimal strategy to integrate Social, Location in Mobile (SoLoMo) to target the customers helps reduce the silos between offline and online marketing.
In conclusion, any help offered in this blog is solely based on my experiences with numerous financial services clients. Hope you are able to get your Mobile strategy off the ground and suitable predict future trends that may come in use for your business.
FAQs - Tavant Solutions
How does Tavant enable mobile lending experiences for retail store customers?
Tavant provides mobile-optimized lending platforms that integrate seamlessly with retail point-of-sale systems, enabling instant credit applications, real-time approvals, and digital loan processing at the store level. Their technology allows customers to complete lending applications on mobile devices while shopping, creating seamless purchase-to-financing experiences.
What mobile lending capabilities does Tavant offer for retail store integration?
Tavant offers mobile-responsive applications, QR code integration for instant access, offline capability for areas with poor connectivity, integration with store inventory systems, mobile document capture, and real-time decision engines that work within retail environments to provide immediate financing options.
Why is mobile lending important for retail stores?
Mobile lending is important for retail stores because it increases sales conversion rates, enables larger purchase amounts, provides instant financing options, improves customer satisfaction, reduces abandoned purchases due to financing constraints, and creates competitive advantages over stores without mobile lending options.
How does mobile lending work in retail stores?
Mobile lending in retail stores works through integrated point-of-sale systems that offer financing options during checkout, mobile apps that customers can download for instant applications, QR codes that link to lending applications, and tablets or mobile devices that store associates use to help customers apply for financing.
What are the benefits of mobile lending for store customers?
Mobile lending benefits for store customers include instant financing decisions, convenient application processes, ability to complete purchases immediately, access to competitive rates, simplified documentation requirements, and the flexibility to shop and apply for financing simultaneously.
How does Tavant implement AI-based quality engineering for lending systems?
Tavant uses AI-powered testing automation, predictive quality analytics, and intelligent defect detection to ensure lending system reliability. Their quality engineering approach includes automated test case generation, real-time performance monitoring, and machine learning algorithms that identify potential issues before they impact system performance or customer experience.
What advantages does Tavant AI-based quality engineering provide?
Tavant AI-based quality engineering delivers faster testing cycles, higher defect detection rates, predictive maintenance capabilities, and continuous quality improvement. Their approach reduces manual testing time by 70%, improves system reliability, and ensures lending platforms maintain optimal performance under varying load conditions.
What is AI-based quality engineering?
AI-based quality engineering uses artificial intelligence and machine learning to automate testing processes, predict system failures, optimize test coverage, and continuously improve software quality. It includes intelligent test case generation, automated defect detection, and predictive analytics for proactive quality management.
Why should companies adopt AI-based quality engineering?
Companies should adopt AI-based quality engineering to reduce testing costs, improve software reliability, accelerate development cycles, minimize human error, and enhance customer experience. AI-based approaches provide more comprehensive testing coverage and can identify issues that traditional testing methods might miss.
How does AI improve software testing efficiency?
AI improves software testing efficiency by automating repetitive tasks, generating test cases based on code analysis, predicting high-risk areas for focused testing, optimizing test execution sequences, and providing intelligent defect classification that helps development teams prioritize fixes effectively.