The Use of QR Codes for Mobile Applications in the Financial Services Industry

Jan 24, 2013

Vya Staff

1-24-13-B_thumbOn-the-go banking is being offered more and more by financial services companies. Although many consumers still favor accessing information from a web browser, a mobile banking study done in January 2012 showed that 48% of mobile banking users downloaded their bank’s mobile banking application. This level of interest opens a door for QR codes in the financial industry to lead users directly to application downloads for mobile banking and making mobile payments. Applying this tactic can enhance and increase mobile commerce.

This review is on a QR code in the financial services industry. The code was found on the back of a statement envelope mailed to a credit card account owner. It's great to see more companies in the financial industry reach out to their customers to better their banking experiences.

JPMorgan Chase is one of the oldest financial institutions operating all over the world. Their services include investment banking and financial services to consumers, small business and commercial banking, transaction processing, asset management and private equity.

The Chase QR code located on the back of the statement envelope is scannable by Android Phone, Blackberry, iPhone, and Windows Phone. Underneath the 1" by 1" code reads a simple call to action – “Scan to get the Chase Mobil App”. Once the code is scanned, it takes users directly to the applications center of their phone where they can download the mobile banking app for free. No navigation or searching is needed because the QR code takes users straight to the installation screen. Below is the functionality that is included with the mobile app:

• Monitor your account
• Perform transactions
• Find locations and contact Chase
• Customize alerts and notifications
• Manage your Chase credit card
• Manage your Chase liquid card

Positives
Here is what we liked about the QR code.

1. Ease Of Scan

The Chase QR Code was placed on the back of an envelope, in the middle, providing a flat surface for an easy scan. Similar to our previous QR code workshop where the code was also part of a mailer, there was plenty of white space with nothing to interfere with the scan.

2. Call to Action

Chase used a solid call to action, letting users know exactly what they are being directed to. Right underneath the call to action was a little blurb stating available phone and tablet providers that support this download. This eliminates surprises as to wondering if the application will be a compatible download.

Conclusion
The use of QR codes in the financial services industry is an excellent way to help raise the use of mobile commerce. In Q2 2011, 54% of bank account owners used their Smartphone to manage their accounts. With mobile banking quickly growing, more financial companies are using this to their advantage by offering secure banking applications to their customers through mobile phones and tablets. QR codes make it extremely convenient for consumers to download the company’s mobile app. If customers are able to access their information and monitor their transactions from the comfort of anywhere, this can strengthen the relationship between the consumer and the bank, providing a better banking experience.

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Tags: Blog, mobile marketing, financial services, QR Codes, QR Code Workshop

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