QR Codes Offer a Fast Touchpoint for Customers
Perhaps most important, QR codes are simple to use. A previous BizTech article noted that “the sleek square codes offered users a safe, fast and frictionless experience, providing a gateway from the physical to the digital.” People use QR codes daily to manage their investments, pay bills or apply for credit cards.
Banks are using QR codes on their websites, digital signage, physical branches and applications to reduce friction in the customer journey, ensuring that users can immediately find what they are looking for or connect with a customer service representative.
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QR Codes Generate Real-Time Analytics Insights
QR codes also offer IT leaders real-time analytics so that they can learn more about their customers’ behavior, purchasing trends and more. A QR code can also reveal the time and place that a customer gained access to a website or app, or the type of bank service used. On the back end, banks can also redirect the QR code destination to new services and products. This is a convenient way to test out and advertise new promotions so that customers stay well informed.
QR Codes Make Mobile Banking Contactless
Banks are also integrating QR codes with barcode readers to streamline the customer authentication process. This makes verifying transactions instantaneous. Say a customer scans a QR code generated on a mobile banking app at an ATM. The barcode reader at the ATM reads the QR code to authenticate the user and approves the transactions without requiring a card or PIN entry. Experts also refer to this as a “cardless ATM.” This contactless experience is a growing trend, and the global barcode market is expected to reach over $14 billion by 2030.
From support queries to digital payments, users can connect with their bank on the go, anytime. As the QR code-driven payment market continues to expand, banks have a unique opportunity to deliver a data-driven customer experience.
