QR Code in Banking

QR Codes have become a popular and powerful tool in marketing products and services recently. These two-dimensional barcodes, scannable using a smartphone, can contain different types of information. They can make increasing awareness and engagement with your customers and business partners easier and faster.

In this blog, learn about how you can utilize the power of QR Code in banking. Modernizing your banking services is just a scan away.

Why You Should Use QR Code in Banking

Convenience for customers

Just a few years ago, I remember banks in our area strictly banning the use of cellphones inside the building for security purposes. But when I managed to come back after solely using online banking for two years, I was surprised that some banks no longer prohibit customers from using their smartphones inside the bank.

We cannot deny that customers nowadays are glued to their smartphones. Instead of fighting this development, we should take it upon ourselves to learn the new technologies and meet our customers where they are.

Speed of transactions

It is undeniable that the rise in the popularity of smartphones has sped up transactions. In fact, customers today expect your products and services to be available and accessible online.

With QR Codes, your customers can access your landing page and download content at their fingertips.

Integration with mobile banking

Along with the rise of QR Codes, the pandemic has also paved the way for the adoption and popularity of mobile banking facilities. Now, account holders can check their balance, transfer funds, and pay for their purchases without going to the bank or looking for an ATM to make a withdrawal.

With the integration of QR Code, mobile banking has now been made even easier. Now, all you have to do is scan the receiving account holder’s bank-specific QR Code to transfer funds. You no longer have to type in their bank account details, which is often composed of a long string of numbers. Thus, QR Codes have made transferring funds more convenient and secure.

How QR Code Works in Banking

Scanning process

Just like in any QR Code campaign, the first step is to get your customers to scan your QR Code. Your clients would need a smartphone or tablet, internet connection, and a QR Code reader or scanner (if their phone’s native camera cannot automatically scan QR Codes).

You may need to enable Wi-Fi inside your bank (for which you can also create a QR Code) in order to ease connecting your customers to your campaign.

Authorization process

A good way to increase security in your campaign is leading your customers to a URL that seeks for their consent before being redirected to the main landing page.

If you are implementing this step, make sure to inform your customers beforehand. This way, they would know to expect this additional step for security purposes.

Transfer of Funds

Account holders can send funds from their savings or current accounts simply by scanning the receiver’s QR Code. Note that, as of now, the QR Code is bank-specific and would only work when transferring funds to accounts in the same bank.

In addition, note that the QR Code is only used for transferring funds, not the other way around. One scam that involves the use of QR Code is when fraudsters trick unsuspecting customers into scanning their QR Code. The truth is that, like in cryptocurrency, you only scan a QR Code to transfer money, not to receive.

Implementing QR Code in Banking

Bank transactions

Choosing the right QR code solution

Finding the QR Code solution that perfectly fits the needs of your organization is the first step in implementing QR Code. There are different QR Code generators in the market today, and choosing the right one is crucial. One such company is QR Cloud.

QR Cloud (qr-cloud.com) is a reliable and secure QR Code marketing suite that allows you to do more than generating QR Codes. For an affordable subscription fee, allows you to create dynamic and reusable QR Codes, smart pages, and custom domains. Moreover, you get insights on the success of your campaign through data that you can access year-round.

If you want to see if QR Cloud is the right QR Code solution for you, we are offering a 7-day free trial when you sign up here.

Integration with existing banking systems

Second is the integration of QR Code in your existing systems. Some areas in which QR Codes can be integrated seamlessly with are: signing up to online banking, promoting your video campaigns, and encouraging downloading your mobile app.

Training employees and customers

The next step is to train your employees and customers on how to use your QR Codes. For your employees, this may come in the form of hands-on training or an advocacy campaign. They need to know how to use QR Codes, and how to recommend their use to customers.

You can also provide information on QR Code scams to protect your customers from malicious and fraudulent entities that utilize this technology. QR Codes as not immune to fraudsters, and public education would help combat this.

Promoting the new feature to customers

Finally, you have to promote your new campaign to your customers. This can come in the form of email newsletters, press releases on various websites, social media posts, posters and signage, and inclusion in your printed flyers and brochures.

What’s great about QR Codes today is that they are so popular that your customers would most likely know how to use them. You no longer need to train your customers on how to use the QR Code. All that’s needed is to include a call to action, and your customers would most likely know what to do. As today’s generation says, IYKYK.

But for older customers who may not be technologically savvy, giving brief training sessions during transactions can be necessary. Your personnel can teach them how to scan QR Codes face-to-face.

Conclusion

Keeping up with modern advances is key to the survival of most businesses. One of these advancements brought about by technology is QR Codes. You can implement QR Codes in marketing your bank’s new products and services. QR Code in banking makes transactions faster, more convenient, secure, and modern.

Create dynamic QR Codes and so much more by signing up with qr-cloud.com now.