Top Marketing Challenges For E/M-Banking

This note focuses on major challenges faced by electronic/mobile-banking (e/m-banking) service providers while promoting their services. It also provides potential, actionable steps that could address the challenge of low adoption. The paper states that marketing is as important in e/m-banking as it is in more conventional retail businesses, and should not be seen as an avoidable expense.

Customers learn about a service, and how it addresses their needs through marketing. Marketing should give customers a reason to use the service. Many e/m-banking solutions do not work well because of low customer adoption when compared to the money and time spent on implementing the solutions. Challenges in customer adoption include:

• Failure to create a winning product;
• Failure to create a winning message;
• Overcoming limited customer knowledge and trust;
• Selecting the right marketing promotional activities;
• Limited marketing budgets;
• Lack of adequate customer service.

One-size-fits-all marketing does not work for e/m-banking. The marketing strategy must be devised after understanding the context and customer needs. Marketing needs to be consistent to create a certain image in customers’ minds and take them from being unaware to becoming actively engaged.