BankTech

7 Banks Trialing Beacons for In-Branch Engagement

MEDICIFounder and Chief Strategy & Innovation Officer

If you read tech blogs, you must have heard about beacons or iBeacons (Apple's version) which are tiny Bluetooth 4.0-based devices. These devices have been witnessing a lot of hype and some adoption in proximity marketing solutions where merchants are putting up beacons to send offers, promotions, coupons, etc. in the form of proximity messages. Financial Institutions such as banks have also started using beacon technology to boost customer engagement and explore new revenue streams.

Below is a list of seven such banks who have either implemented or are in the process of implementing beacon technology to leverage their services and to increase their customer engagement.

1. Barclays (UK): Barclays announced an in-branch beacon technology trial in 2014 to make life easier for customers, especially for those with disabilities.

Barclays

Based within an app, the technology will notify branch staff when a customer with an accessibility need enters the branch. The initiative, developed in response to a customer from the Barclays Sheffield branch, will reduce the need for customers to have to explain their accessibility needs each and every time they enter the branch, and will allow colleagues to assist customers more effectively.

2. US Bank (US): The bank is said to have invested in beacon technology to personalize the banking experience for its customers. Along with Mitek systems, the bank also predicted that banks and financial institutions will see beacon usage take off in 2015.

3. St. George Bank (Australia): The bank is said to have implemented beacon trial services in its branches in Sydney.

St. George BankWith this, it hopes to provide its iPhone customers a rich banking experience. The technology will detect a customer walking into a branch. Customers will then receive a welcome message and information on their iPhone. The customer can choose to respond to the information or can cancel the interaction.

4. DenizBank (Istanbul): With the iBeacon application, DenizBank provides its bank customers the comfort of a queue number without actually queuing at the branch. The bank has partnered with Blesh for providing this service to its customers. Customers who are within a 50-meter distance of beacon devices that work with Bluetooth technology at DenizBank branches can benefit from this service. The project was initially available in 200 Denizbank branches in Istanbul and was launched in 2014.

5. FirstBank (US): According to Jeff Kaufman, President of Retail Services at First Bank, the bank has big plans for leveraging the beacon technology by 2015 and plans to become a technology-savvy bank, providing a convenient and updated banking services to its customers.

6. Access Bank (Nigeria): The Nigerian bank released a mobile payment application called PayWithCapture. AccessbankWith this app, the users can scan a QR code via their phone camera and can make the payment instead of paying through cards. The application also works with beacon technology and NFC. 

With beacon technology, the bank can send personalized content and advertising and can motivate the customers to pay without contact.

7. Westpac (Australia): The Australian bank started its trial phase for beacon technology last year in February.

WestpacThe bank has conducted the trials in Australia and New Zealand and is expected to provide location-based offers and messages through Apple’s iBeacon to its customers whenever they walk past the bank branch.

You can also check out our report on Beacon Technology:

2015/16 Roadmap for Beacons Based Proximity Marketing - A Research Report

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.