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Is Beacon Technology Right For Retail Banking?

Beacons are small, cost-effective Bluetooth enabled devices that can communicate by sending messages or triggering an event on a consumer’s mobile phone or mobile app when they are within close proximity of a physical store location.

Beacon technology is bringing value for retail businesses, with a strong potential for banks and credit unions that want to integrate location-based communication with their branches.

Usage of this technology is only limited by developers’ imagination, with the retail industry already using it to increase repeat walk-in traffic. Success of utilizing beacon technology depends on how easy you can make it for consumers to use and the benefits provided. It’s not about technology, but it’s about user experience and user value.

According to a study by Swirl, beacons change people’s shopping behavior in the following ways:

  • 60% will spend more money
  • 61% will do more holiday shopping at the store
  • 61% will visit the store more often
  • 73% will increase likelihood of purchase
  • 60% will open and engage with beacon-triggered content
  • 30% will redeem a beacon-triggered offer

Source: www.thefinancialbrand.com

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