Mercator has warned financial institutions that they risk being disintermediated by Apple Pay and Android Pay, but this press release shows how US Bank will remain relevant to consumer that adopt mobile.
In the report “The Six Million Dollar Customer: Using Technology to Build a Profitable Customer Base” Mercator identified how banks must proactively help customers manage their financial lives by making timely and relevant offers to automate specific financial activities. Doing this requires the bank to know more about its customers. US Bank has released a product that will collect valuable consumer data while offering value to consumers and US Bank business clients:
“U.S. Bank is launching Your Community, a geo-location based app, providing unique resources and information for consumers. The app, which initially launched in the Santana Row area of San Jose, Calif., features local events, promotional offers, financial education tips, noteworthy community news and much more. The app was developed in partnership with BlueSoho and is available for FREE download in the app store for both Android and iOS devices.
“We are continually looking for new and innovative ways to connect with our customers through their mobile devices,” said Dominic Venturo, chief innovation officer for U.S. Bank. “Your Community also allows our business clients to make offers available to individuals near the merchants’ locations. We encourage everybody to download the app and check out all the offers and helpful financial tips.”
While the initial launch focuses on Santana Row, the app also includes information that appeals to all geographic regions. When consumers download the app outside of San Jose, their location will be detected automatically, and they’ll receive relevant national U.S. Bank content.”
While not yet offering specific financial services or automating the financial goals of its customers, US Bank has taken the lead in deploying a mobile app that can establish a network effect between its customers and its business clients while also enabling increased awareness of its customer activities and needs.
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
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