Incentives for E/M-Banking Customers to Drive Usage
This Note looks at various ways of incentivizing customers to increase the uptake and use of mobile-banking (m-banking) services. It also presents some popular customer incentive schemes offered by m-banking deployments across the world.
Mobile banking services are new to most of the target clientele. It is therefore important to devise incentive schemes that will encourage clients to try out these services. Free registration and cash-in schemes, air-time discounts, limited period introductory pricing schemes are examples of incentives that encourage customers to increase uptake of m-banking services. Conclusions include:
- Offering incentive schemes can influence customers for first-time and repeat use;
- Operators need to be cautious while designing incentive schemes so that they do not have an undesirable impact on customer use and on the channel;
- Operators should measure the effectiveness of the incentive scheme periodically;
- Additional business volume and revenue generated and customer and channel satisfaction help to measure the effectiveness of the incentive scheme.
Mobile money providers can take strategic and operational decisions to ensure improved and effective incentive schemes on the basis of MicroSave’s Customer and Channel Satisfaction Measurement and Management tool that analyzes performance of incentive schemes from customer and channel perspectives.
