PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
In early March the stock exchanges were going wild over the IPO (Initial Public Offering) of Snapchat while the C-Suite execs, including 26-year-old co-founder and CEO Evan Speigel, waited to see how the markets would react to their companies stock. Originally priced at $17 a share, the stock rose as high as $26.05. Not too bad for a company that posted a $515 million loss in 2016. So how does a company with such dismal numbers excite investors about their initial offering? Additionally, what can financial institutions learn from Snapchats IPO as they change mobile banking platforms and release it to their members?
1. Ring the opening bell with a supermodel- Evan Speigel didn’t just show up to the stock exchange and give the green light, he rang the opening bell with supermodel fiancee Miranda Kerr. To avoid spending your annual budget on the appearance of a supermodel at your branch, you may want to find another way to show your members that you are young, interesting and attractive. In announcing your new mobile app, show ‘sneak-peeks’ of the new UI and design. Do this in an attractive and enticing way and you have your members getting excited about the change.
2. Announce, Announce, Announce – Google, “Snapchat announces IPO” and you’ll receive 634,000 results. While not as many people will be talking about the initial offering of you’re your financial institution’s mobile banking app, it is crucial to get the word out to as many of your members as possible. Use every channel you have access to, including social media, website, press releases, in-branch posters, word of mouth, email blasts, local newspapers, etc…
3. Watch don’t read – If there is one lesson you should take away from Snapchat, it is that people would rather watch something than read something. Reaching your members is the first step but actually capturing their attention can be difficult. If you simply post a paragraph of text on your website and expect your members that visit the web page to actually read it, you’ll be sorely mistaken. Create a video or tutorial of your new mobile banking app and slap it on the front page of your website, share it on social media and have it playing in your branches. People love videos.
Whether changing mobile banking providers or offering mobile for the first time, remember that this is a big change for members. However, the IPO of your mobile banking app can be a big day for your financial institution if approached correctly.