As banks look for ways to attract new and retain existing customers while reducing expenses, increasing use of electronic banking services is one way to accomplish both of these goals. Megan Pannier offers a strategies for banks to use to increase digital payments and electronic banking in her article, “Five Ways to Accelerate Adoption of Digital Payments,” published by The Financial Brand.

Pannier recommends the following components be included in your strategy, which can lead to increased engagement with your online banking customers.

1. Onboarding
2. Communication
3. Value Messaging
4. Employees
5. Incentives

Incorporating each of these elements in your marketing and customer development strategies will help increase your mobile and electronic banking consumers. Pannier notes in the article that a recent study by Fiserv found “higher use of digital payment services positively impacts the ROI of mobile banking customers as well as decreasing attrition and overall cost to serve.” Details on each of the five components are in the full article.

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