Bluetooth beacons to generate new revenue stream for mobile banking apps

Inside a mall in the US

2,500 US banks and credit unions will soon be able to add an “additional potential revenue source” by sending out branded, local offers to users of their mobile banking apps. The move follows a deal between Bluetooth beacon network operator Mobiquity Technologies and Relevant Solutions, a supplier of  in-store shopping content to financial institutions and mobile banking app providers.

“Relevant Solutions’ platform provides targeted and curated content management services to financial institution apps,” Jim Meckley, CMO of Mobiquity, explained to NFC World. “As Relevant integrates the hyper-accurate location information provided by the Mobiquity network, their clients gain the ability to add real-time contextual relevance to the experience and offers provided to shoppers.

“Financial institutions are interested in the ability to deliver valuable content and partner offers to their consumers when they are most receptive to such campaigns, when they are actually in a retail venue.

“This can generate direct partner-campaign revenue for the institution. Additionally, these targeted engagements provide the institutions an opportunity to remain ‘top of the consumer mind’ just as they are likely to be selecting their payment method.

“No actual payments would be made via the beacon network — the network, in conjunction with Relevant Solutions, enables a timely engagement that can influence payment method selection.”

Mobiquity currently has the “largest shopping mall-based beacon advertising network in the country,” the company claims, with a footprint that includes 220 premier US shopping malls that “should grow to more than 240 mall locations through Mobiquity Technologies’ exclusive relationship with Simon Property Group.”

“The national scale, fee income potential and location relevancy of these offers is key to our mission of helping our financial institutions and mobile banking app partners monetise the mobile channel while increasing engagement,” adds Relevant Solutions chief executive James Peil.

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