Point. Shoot. Transfer.
Mobile Balance Transfer is a new, easy, attractive, cost-effective and green way for financial institutions to acquire new credit card customers. It broadens the reach of traditional balance transfer marketing programs by allowing customers to easily shop for lower interest rate offers from their smartphone.
How it Works
Knowing that most of their retail customers have credit card accounts with competing banks, financial institutions can add Mobile Balance Transfer to their arrays of mobile banking apps available to customers. When consumers access their mobile banking accounts or standalone balance transfer application, they see an icon for an app that offers the ability to shop for a better credit card rate.
Upon opening the app during a mobile banking session, consumers are prompted to snap a photo of their credit card statement from their current issuer. Mobile Balance Transfer accurately and securely converts the photographed data and sends it to the bank’s existing decisioning system. If the customer qualifies they are immediately extended a competitive offer. Consumers can accept the offer with a single touch of their device keypads, and the bank will automatically transfer the balance and acquire a new credit card customer. No paperwork, no junk mail, no fuss.
Consumers gain reduced costs on their credit card accounts and the banks offering Mobile Balance Transfer gain new credit card customers more cost-effectively than previous balance transfer methods.
Benefits to Customer
- Convenient: Apply and transfer existing balances from anywhere, at any time
- Savings: Improved credit card rates and terms resulting in immediate benefits
- Fast: Captures and sends relevant data accurately and automatically
Benefits to Financial Institution
- Lower cost: Reduces cost of acquiring new customer by 25% or more
- Improved Response: Higher response rates equal conversion rates
- New Interaction Channel: Real time customer interaction via popular mobile channel
