How beacon technology can transform the Banking Industry

Beacons have a broad range of potential use and part of that is consumer-focused. With a Beacon, it’s all about the applications and how mobile engagement can be increased through interactions based on location. There is a multitude of potential applications available for this technology. This blog will focus on how ibeacons can transform the banking industry.

What is a beacon?

Beacons are a small, inexpensive device that works with Bluetooth technology and smartphones to create a different way of providing location-based information and services.

How does it work?

Beacons work using Bluetooth Low Energy and are often powered by batteries. The beacons themselves are typically stuck to walls/ceilings or hidden in other objects. It has a range of sending signals up to 70 meters. A smartphone with an app will receive the signal and trigger the action accordingly. For example, when a user walks past an area where the beacon has been set up, it triggers the message to be sent to the user’s device. 

Man receiving push notification

How Banks can utilise Beacons

Beacons offer exciting opportunities for banks. By using beacon technology, it will enable your bank to work more efficiently and bridge the gap between traditional and digital banking. iBeacons enable a bank to gain a greater insight into their customer preferences and habits, and they also provide a number of opportunities for banks including:

  • Welcome messages to users who have entered the branch
  • Customer recognition
  • In branch availability and wait times
  • Personalised product offers
  • Branch experience surveys
  • Real-time branch analytics

If your user has the mobile banking app and a beacon is installed in the branch as soon as they enter the branch they will receive a message to select the service they require. Upon completion, the customer is placed in a digital queue for the service they desire. Banks can also leverage mobile and beacons for product offerings. Every customer waiting in-branch will be presented with banking product offerings that are tailored specifically to them, based on their user profile. 

TBC Bank

By using the Xtremepush platform, it enabled TBC Bank to engage with their customers by using location-triggered notifications. TBC Bank has active beacons in a number of locations in order to deliver location-based marketing campaigns.

TBC Bank wanted to improve customer experience in their branches and to find out what their customers think of their in-branch experiences. Therefore, TBC Bank introduced a service rating survey in selected branches. The notification is triggered on the exit of the branch where the customer is then asked to complete a service rating survey.

Also, through the use of personalised location-triggered notifications, TBC Bank has built awareness of their card offers, increasing the usage of their card while driving revenue for their partner merchants. In return, TBC Bank customers are building loyalty points, receiving in-store discounts and can now pay in installments.

You can read the full TBC case study here.

The Xtremepush Platform and Beacons.

The Xtremepush location functionalities are simple to use; you can add an address or drag and drop locations to start tracking location entries, exits and dwell time. When using the Xtremepush platform you can upload an unlimited amount of Beacon locations.

With the Xtremepush platform, you can easily manage your unlimited beacons and build important relationships with your customers. Our powerful location-targeting functionality will allow your business to identify users in real-time and precisely target them at the right time and at the right moment with the right personalised notifications that create demand.

Have a question? Speak to our team today.

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