Back in 2016 the Economist Intelligence Unit asked marketers what technology trends they thought would have the biggest impact by 2020. Not surprisingly, 59% of respondents predicted mobile devices and networks would be king, followed by personalization technologies like geo-targeting (45%). It looks like those predictions are coming true for 2020.
As of December 2019, mobile devices are driving more than 52% of web traffic. In fact, two-thirds of people’s time online is via their smartphone. As a community bank or credit union, all you have to do to see the impact of mobile is compare your mobile banking app usage to the consumer desktop version. Which platform do you think will be your most popular in 2020? You got it: mobile.
Now that 2016’s mobile marketing predictions have proven true, we wanted to share our own thoughts on the big trends in store for 2020. And make no mistake — each one of these can have an incredible impact on your financial institution’s mobile marketing efforts.
5G Will Rule
Network providers were slower to provide much-anticipated 5G speeds in 2019, but 5G will be a game-changer in 2020. A new generation of 5G-capable phones and vastly-improved network coverage from the big four mobile providers will offer an exciting new landscape for apps and browsers. This means that your opportunities for in-app and browser-based mobile advertising will burst wide open. Imagine your bank’s ads enhanced with lightning-fast load speeds and eye-popping, fluidly-streaming video. You’ll want to be the first organization in your market to be 5G-ready!
Video Will Continue to Grow
If your bank or credit union isn’t using video in your mobile marketing ads yet, 2020 simply has to be the year you start. According to eMarketer, about 187.7 million American adults watch video on their smartphones, and they’re expected to watch a minimum of 30 minutes of video every day by the end of 2020. Video content gives you the opportunity to tell powerful stories: a family buying a new home with your mortgage team’s help, or a child’s joyful holiday financed with funds from your Christmas Club savings account. Imagine the possibilities!
Audience Targeting Will Become Even More Fine-Tuned
Consumers expect you to know them, their needs and even their secret desires, and show them ads for what they want and need at the right time and place. If they’re walking through a home remodeling show and start thinking about adding on to their homes, they’d be delighted to see a HELOC ad pop up on their smartphone. Or maybe they’re at a car dealership and you show serve up your super-special auto loan rate. Location-based audience targeting will become even more refined in 2020 and easier to achieve, as will targeting based on other demographics like age, interests, employment, and so much more.
Voice Search Will Dominate
If you’re ready to take advantage of all 2020 will offer mobile marketers, give RAIN Local a call. We not only focus solely on mobile marketing. We focus on mobile marketing for community banks and credit unions like yours. Let us help you win mobile marketing in your community today!