iBeacon: You Can Take It to the Bank

iBeacon could change the way we do banking and shopping and all kinds of social and business activities. A micro-location technology, iBeacon works in conjunction with Bluetooth Low Energy (BLE) protocols that support low cost, low powered transmission. Essentially this means that iBeacon can pinpoint your location in a store and send specific information to your smartphone. Financial institutions are exploring ways that iBeacon can deliver high level support and experience as customer enter the bank.

If a customer enters a store, iBeacon can send coupons related to specific products in the store where you may be shopping. When passing through checkout, iBeacon could send a receipt and purchasing information to the smartphone. If a person is shopping in a mall, iBeacon can provide direction to specific stores and/or products within the mall. Large shopping chains like Macy’s and American Eagle Outfitters along with organizations like the National Football League and National League Baseball are already exploring a range of ways to incorporate iBeacon technology.

How might banks apply such technology? John Berry with the American Banker has offered a range of service suggestions that banking customers might opt-in.[1] Berry’s suggestions include:

Sharing specialized services and information.
As banking customers enter a financial services center, the bank can send customer key services available at that specific banking branch. Customers can learn availability and wait times at specific branches to meet with various specialists like mortgage officers, small-business specialists and financial advisors.

Creating appointments and advanced check in.
Customers can set up appointments with various specialists at the bank branches with their smartphone. It could be used to speed time to the bank counter for basic services.

Crowdsourcing customer service.
iBeacon could give banks a way of soliciting customer opinion and service ratings when customers visit specific branches or as they leave the branch. It could provide a range of ways banks could solicit customers for insights about how better to serve clientele.

Sharing offers and digital forms.
As customers wait to meet with a teller or wait at the drive-through, banks could send speific messages about loan rates, other banking products or even forms that need to be filled out.

Making real-time customer identification.
Prime customers could be identified when they enter the bank, and a manager or lobby leader could come to greet the clients and provide prime service that could open deeper service relationships.

Financial Institutions like Bank of America are exploring ways to serve customers through technologies like iBeacon. Banks and other businesses are learning how customers will respond to this new interactive technology, but the possibilities for increased customer service are wide open.

[1] John Berry. “How to Create an In-Branch Mobile Experience.” American Banker, February 7, 2014.

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