Retailers have been joining the mobile wallet craze for a while now. This technology allows them to set up in-house payment systems, reward programs, and more. However, banks and other financial institutions can benefit from introducing mobile wallets as much, or even more, than stores.
A bank or credit union that offers a mobile wallet option can easily gain more customers. One good strategy is to set up affiliations with local stores so that the bank's wallet can be used throughout the financial institution's service areas. This makes the wallet more attractive to customers, and combined with other benefits, can get people to sign up at the bank just to gain access to this service. Of course, the institution then has a chance to upsell its other offerings, such as savings and checking accounts.
Mobile wallets also allow financial institutions to serve those who ordinarily wouldn't get bank accounts. Some people just don't trust the regular banking system, while others have financial histories that disqualify them from getting regular accounts. Offering mobile wallets bypasses both problems. Customers put their own money into their mobile wallet accounts, and since these wallets only work with available funds, there is no need for customers to worry about overdrafts. The lack of overdraft potential also protects financial institutions since there is no risk of being stuck with bad checks to cover.
Thanks to Netclearance, it's easy for financial institutions to set up their own white-label mobile wallet offerings. The company offers a combination of technologies and services dedicated to mobile payment systems, so you'll be able to get your bank, credit union, or other institution's mobile wallet running in no time.