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8 Ways Beacons will transform Retail Branch Banking

iBeacon in Banking is getting hot. We’ve listed some potential use cases that financial service firms are showing real interest in.

1. Welcome Communication: As customers pass or enter a branch, the bank can deliver a welcome notification to the customer depending on their interaction with the mortgages app. There could be 5 segmented user messages and possibly more than 30 notification scenarios that would be highly relevant to the person. These notifications could ask the person if they wish to speak to a relevant representative. The could include a personalized map of the office and where to find the available specialists currently in the office.

2. Customer Recognition: When a customer enters a branch, branch personnel can be alerted and can be provided interaction history, their mortgage application to date and sales prompts for interacting with the customer based on their value. This enhanced recognition can improve service and loyalty.

3. Availability and Wait Times: Much like at an Apple store, a customer could be provided the wait times for specific services/specialists as well as a way to set an appointment using their smartphone app. With interactive notifications a user could be asked in the notification is they wish to make an appointment now or later and respond directly in the notification.

4. Personalized Product Offers: Based on the customer interaction with the mortgages app, account ownership and any CRM information, a bank may provide personalised pricing that can be sent to the customer’s smartphone upon entering the branch. This could allow for dynamic pricing of services or rewards offers based on the customer’s current relationship or relationship potential.

5. Location Specific Offers: If a customer is standing at a deposit slip counter, they could receive a notification (along with introductory video) related to remote deposit capture services so the user knows the next time that they can easily lodge the deposit through the app or ATM.

6. Surveying: With iBeacon a bank will be able to identify those customers who were present in a branch and this can then provide a way to solicit customer opinions and service ratings when the customer leaves the branch or after a certain time period.

7. Branch Analytics: With iBeacon, banks will be able to understand which customers are using branches, what are the busiest days and times, how long on average are customers spending in branches and what type of transactions customers are completing. This data can assist in optimizing the branch experience for customers in the future. This data can also assist in cross-channel attribution tracking.

8. Beacon Enabled ATMs: For customers who have authorized communication via their mobile device, a verification notification can be sent to the users device so they can verify they have used their banking card at a particular ATM. This technology would reduce the burden of verification for fraud and could also potentially replace the need to use a card to access the ATM.

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