The holiday season is fast approaching which also means it’s time for holiday shopping and mega sales. And these days, mega sales look a lot different than Black Fridays of the past. Digital sales have grown by 50%, and online mega sales (in addition to Cyber Monday) are popping up more frequently and earlier in the holiday season, creating more opportunities for online shopping, and in turn more online bank transactions.
Banks and credit unions need to meet their customers where they are, and right now it's providing digital experiences. From frictionless online transactions to contactless payment, banks are engaging their customers digitally more and more, and marketers are making those experiences possible with the power of tools like Salesforce.
Below are three trends that banks are leaning into this holiday season:
Sending Real-Time Mobile Transactions
We have all gone mobile — most of us manage our lives on our phones, so why wouldn’t we manage our banking there too? According to a study by JP Morgan, nine out of 10 people are depositing their money via their mobile phone. Almost every bank has a mobile app, and more than 75% of people are using them. Making sure real-time transactions are optimized and safe are a great way to meet customers where they are and provide them with the best possible experience.
Examples of real-time, mobile transactions include:
- Alerting consumers of unauthorized transactions by text
- Allowing you to easily approve and decline transactions on your mobile device
- Receiving personalized spending alerts to prevent overspending
Giving Customers the Power to Self-Serve
Forty-three percent of people surveyed by EY said they have changed the way they have banked because of COVID — meaning, they are now visiting physical branches less, and wanting to do their banking from their personal devices. The holiday season is busy enough without having to worry about visiting a bank in person, and the power to self-serve can save time and provide customers a way to safely bank on the go.
Examples of customer self-service include:
- Allowing you to inquire about your financial accounts by submitting notifications via text or email
- Using your mobile device and mobile app to pause spending or order a replacement card online without having to call service support
- Educating consumers about financial wellness by providing an online learning experience that can be managed through a separate mobile application
Creating Peace of Mind
While digital sales grew by 50%, ID fraud grew by 113% in 2020 compared to 2019. Online shopping is the most common scam type reported to the Better Business Bureau, and the FTC cited a surge in complaints about online shopping during the beginning of the pandemic. Safe banking has never been more crucial to customers.
Examples of how banks can create peace of mind:
- Reminding consumers of shopping fraud trends
- Creating access to their credit information in real-time
- Creating programs to help consumers save even during the holiday times for their future goals
For more content on how you can transform your banking with the power of Salesforce check out the blog post, “How Salesforce Can Modernize Your Banking.”