Posted by Mike Schneider
Money has gone mobile with payment and banking apps. According to Statista, the worldwide mobile payment revenue in 2015 was $450 billion and is expected to reach $1 trillion by 2019. The challenge for these apps is to convince users that not only is their money safe with online transactions, but that paying with their phone can be more convenient than paying with their wallets.
To enhance app user experience and increase engagement, payment and banking apps can leverage Skyhook’s Context Accelerator in 3 ways:
Payment apps can use geofencing to maximize the use of their products. One instance would be that the payment app can send messages to user’s phones telling them that the store they are in accepts that form of payment. This enables shoppers to use their payment apps whenever they are in a store that accepts them and ensures that users will use the payment method more often.
A mobile payment app can use geofencing to easily detect nearby businesses that accept payments through the app and reminds users to pay with their service at these stores.
Similarly, banking apps can use geofencing to activate reminders when users enter a location where loyalty points can be gained by using their card.
Payment apps can use Context Accelerator to pre load location and handle security procedures at the moment the user enters the store. Any work the app needs to undergo to generate a unique pin or check the status of an account can start earlier, instead of at the point of sale. The user’s app is now ready for them and open to the right screen or mode when they are ready to pay, enhancing user experience.
Banking apps that use Context Accelerator are aware of the app user’s location and can remind users where they went and may have made a purchase. This reminder capability - that could be triggered daily, weekly or monthly - enables users to keep better track of cash purchases that are not recorded on their credit statement.
Banking apps can also use Context Accelerator to proactively check user location to add an extra layer of security and detect if a transaction happens without the users’ phone being present. The app can notify the user that a certain transaction has been made in the absence of their phone to ensure that the transaction was intended, adding a new level of security.
Context can dynamically change user experience and increase app engagement by reminding users when they are able to make a smart and convenient payment decision. Skyhook enables app developers to build, measure, and optimize an infinite amount of geofences and deploy contextual user experiences at any location or category of venues with custom polygon geofences.
Interested in seeing what the Skyhook Context Accelerator can do for you? Contact us to learn more.