According to Forrester Research, over $200 billion in payments will be collected via mobile devices by 2015. Given the expediency of QR codes as a personalized channel to online payment portals, it’s not surprising that QR codes have seen progressive adoption in the financial services industry. Below, we summarize QR code usage statistics and the most creative and effective uses of QR codes in the financial services industry today.
Who’s using them?
According to a report released by Competitrack in February 2012, the financial services industry has been an early adopter of 2D codes, including QR codes, in print advertising. From a sample size of over 7,300 2D codes tracked in 2011, the financial services industry accounted for 6.7% of 2D code usage (placing third in industry use following retail and technology). Additionally, financial services was strongly represented in the Top 30 list of companies using 2D codes, including firms such as OppenheimerFunds, State Street, Aetna, American Express, and Chase, as reported by the Wechsler financial services blog, Bagel Tuesday. QR codes represented 87.8% of all 2D codes tracked in print for the period.
Creative uses of QR codes in the financial services industry
1. Use QR codes to increase exposure and impact of multichannel marketing campaigns. According to Bagel Tuesday, Oppenheimer Funds has used QR codes to direct customers to their mobile-optimized website, GlobalizeYourThinking.com, generating 1,000 video views in just 2.5 months directly from QR code scans.
2. Use QR codes to improve ease and convenience of mobile payments. Toyota Financial Services introduced personalized QR codes on billing statements in November 2011 to improve the ease of making mobile payments. As reported by PSFK, “Customers who download the Toyota Financial Services [mobile app] can simply scan the personalized QR code found on their billing statement to receive immediate access to their account.”
3. Use QR codes to link to dynamic information, such as interest rates. Because interest rates are constantly changing, QR codes can be used to reduce the complexity of campaign management, as they can be dynamically pointed to the most current interest rates.
4. Use QR codes to augment continuity and customer acquisition campaigns. QR codes can be used in ongoing continuity and/or customer acquisition campaigns to link to a mobile-optimized website providing relevant information and videos to assist with the customer’s buying decision. Advance America uses QR codes printed on direct mailers to connect prospects to a mobile-optimized microsite, youmightbesurprised.com, where video testimonials can be easily viewed from within a smartphone browser. QR codes could also be pointed to a mobile-optimized web form where prospects can immediately initiate a loan or credit application.
Determining if QR codes ‘fit’: A checklist before you launch
1. Does your QR use provide value and convenience with the scan?
2. Does your QR campaign provide a compelling call to action such as a discount, incentive, or further information provided with the scan?
3. Does your QR code link to a mobile-optimized website or web form?