“Should our mobile discount program integrate with our mobile banking app?”

A common question we hear from our customers (banks and credit unions) is: “Hey, can we integrate Larky’s mobile discount platform into our mobile banking app?”mobile_banking

We typically answer like this, “Well, we could do that. We could tie both systems together through an API, but here are some reasons why we probably shouldn’t do that…”

  1. Your mobile banking system is extremely secure to protect your users’ account information. In comparison, Larky doesn't require any sensitive information to help users receive and redeem local discounts. If you make users log into their mobile banking app every time they want to see their local discounts or to receive location-based mobile alerts, you'll significantly reduce the number of people who actually get those discounts. For your Larky-powered mobile discount program, users simply login a single time, and then it's truly set-it-and-forget it. No searching, no opening of the app, no check-ins. Just go about your business and get sweet discounts from local merchants, compliments of your bank or credit union.

  2. Mobile banking achieved about 30% penetration by the end of 2013. In comparison, discount and rewards apps are seeing penetration rates as high as 70-80%. If you handcuff your local discount program to your mobile banking app, you're naturally going to hinder adoption and usage.

  3. Mobile banking is a very different use case than getting discounts. Mobile banking is all about checking your balance, moving money, making payments, getting paid, etc. A discount rewards program is all about shopping. Most people don't associate mobile banking with shopping, so why try to create that unnatural partnership? It’s good practice to have different apps for different “use cases," as evidenced by the various different apps maintained by Google, Facebook, LinkedIn, Microsoft, etc. Kluging local discounts into your mobile banking app could also degrade *both* functionalities. Discounts could become yet another tab, screen, or feature that simply goes unnoticed, diluted by all the other tabs, screens, and noise. Consumers have come to expect that they will accomplish different tasks using different apps, and consumers know that a good app is most useful when it helps the user be smarter and/or more productive in one area.

Don't be bashful about having a separate mobile discount app for your users. They will appreciate the simplicity and you will appreciate the higher usage, lower cost, and the joy of not having to maintain it -- Larky does all that for you!

Have more questions about this topic or others like it? Ask us! We’ll answer right here on our blog because if you have a question, it’s highly likely that someone else out there on the interwebs has the same question.

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And if you’re tired of talking about mobile technology, banking trends, and discount platforms, then tell us what else you might like to talk about. For example, perhaps you’re wondering about the difference between Ding Dongs, Ring Dings, and King Dons. Thankfully, we found a place where we could learn the truth about this great snack cake conflict!

Larky is a mobile loyalty platform that amazes and works to keep members happy and loyal.  To learn more, visit Larky.com or email us at hello@larky.com.

Posted on November 13, 2014 by AndrewB - No Comments

Topics: Financial Institutions, Mobile