As contactless options surged in popularity during the pandemic, the QR code made a surprising comeback. Once thought to be on their last legs, QR codes have resurfaced as one of the top options for low-friction contact between organizations and users.
But how does this relate to financial institutions? Can FIs effectively leverage this trend for their own benefit? What are the use cases for QR codes, and why are they an improvement over other methods? In this article, we’ll break down why financial institutions should be looking to implement QR more frequently, and how they should go about it.
QR allows users to navigate quickly to their end goal with a simple scan from their smartphone. Letting users bypass the navigation stage prevents them from abandoning the process due to complications or time constraints, resulting in enhanced conversions.
The pandemic revived QR codes because the technology and infrastructure to quickly and easily implement them were already in place. Many businesses now rely on QR to enhance customer experience, deliver information, or as a form of outreach. Crucially, QR codes are a familiar sight to many users, and require no explanation or learning process, so they tend to see much better engagement than providing a simple web address.
If FI’s are attempting to expand (or reach out to inform their existing members), they can hardly afford to ignore the gift that is the return of QR. QR codes are incredibly simple to implement, free to use, and are familiar to most users. As an added benefit, QR benefits from the intuitive use of contactless options popularized during the pandemic. Use cases for QR abound, and are applicable for any industry, but are especially relevant to FI’s who are searching for ways to engage with their audience.
QR codes may be the easiest way to enhance the ability of physical advertisements to secure solid, qualified leads. By streamlining the interaction process, businesses no longer need to rely on potential members recalling their experience with the advertisement. Users can instantaneously bring up a direct link to relevant information, and act on it quickly, reducing the attrition that traditional ads would experience from common forgetfulness or unwillingness to take multiple steps.
Collecting feedback is an essential part of the operation of FIs across the country. Knowing how your members feel about the services you’ve provided them and their future needs are essential to forming a trusting relationship. QR codes can help tremendously with generating this feedback. Users are already on their mobile device and can complete simple surveys in a matter of minutes, providing valuable insights at no cost.
FIs are becoming increasingly reliant on their mobile and online services to provide their members with the tools and services they require on their terms. Doing this, however, often necessitates downloading an organization’s app. While this may not seem like a huge barrier, it’s best to avoid any complication at all to ensure your efforts have the maximum effect. QR codes allow you to bypass the app store of whatever device you’re using and download instantly. The benefit of this approach is twofold: it increases app downloads, but also helps organizations cultivate a tech-forward image for themselves, something vitally important when considering engagement with younger generations.
Where and when to use QR technology are important factors to consider if you want your implementation to be successful. Generally, you want to place QR codes strategically in locations where users are looking for additional information. This could be in the lobby of your FI, where a member has time to look over what’s being presented to them, or through a physical mailer. Both of these locations allow you to assist members in taking the necessary next step without putting up unnecessary barriers.
These locations also allow you to meet members when they are most receptive to new information. Engaging users when they are comfortable and relaxed allows them to take in information at their own pace, resulting in better conversions and ultimately better results for your FI and your members.
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