Educating mobile banking users
Jolette Roodt, writer/analyst, Entersekt, 15-07-2016
Recent research shows that fear is one of the greatest deterrents to online and mobile banking uptake. New data breaches, strains of malware, phishing scams, and other threats surface almost weekly, and can make these technologies seem risky to consumers. The best way to increase app enrolment is to eliminate the fear that impedes user engagement.
Firstly, make users aware that you offer mobile functionality. You could send out a text message or email campaign, upload an informative video to your website or YouTube channel, and make use of in-branch advertising (posters, brochures, looped video).
Secondly, assure them that your banking is safe. According to the Federal Reserve, “concern about the security of the technology” is cited as the reason for not using mobile banking by 62 percent of non-users. In the United Kingdom, security and fraud protection represent the most attractive features in a banking app – more attractive than leaving your wallet at home, checking your balance instantly, or receiving discounts and special offers. Make sure that you emphasise your security measures in your online and mobile banking marketing.
User education doesn’t stop once users are enrolled in your app. App users need to be informed – and regularly reminded – about the dos and don’ts of online and mobile banking. We suggest including at least the following:
- Use strong passwords of at least eight characters, containing upper- and lower-case letters, numbers and symbols
- Change your passwords regularly
- Download only apps and software from trusted sources
- Call your bank’s customer care line if you suspect any fraudulent activity
- Install anti-virus and firewall software on your PC
- Review banking activity logs and account balances often
- Use the same password for all your accounts
- Use links in email messages to get to websites, particularly login pages
- Share your PIN or credit card CVV with anyone
- Use public Wi-Fi or Internet cafés for activities such as online banking
- Trust emails or text messages offering rewards or prizes
- Open e-mails or attachments from unknown sources
If customers know how to use your technology, including what the risks are and how to mitigate them, they will be less afraid and more eager to use the tools and services you offer them.
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