This article discusses the growing popularity of mobile banking apps and the need for better anti-fraud security measures to prevent advertising fraud.
The banking and financial services sector is changing as a result of increased digitalization. More people than ever are choosing mobile banking apps over brick-and-mortar institutions to improve the efficiency, speed, and ease of their daily lives. However, despite a sharp rise in mobile banking, banking apps’ adoption rates of anti-fraud security to thwart advertising fraud have remained mostly unchanged.
Optimizing mobile banking app marketing to combat advertising fraud
Offering an app simplifies transactions and account management for customers. In 2022, Statista predicts that over 90% of the UK will utilize internet banking, offering companies the possibility to surpass competitors in a competitive field. Digitalization and customer experience enhancement will improve customer numbers and revenue for businesses.
Increasing mobile marketing funding without maximizing ROI is pointless. Apps must spend in the proper marketing channels and avoid erroneous visitors to increase ROI. Financial institutions are committed to cybersecurity, hence the bogus traffic.
Due to advertising fraud ignorance, the industry loses millions of dollars each year. Juniper Research predicted that digital ad fraud would cost $68 billion in 2022 and $112.6 billion in 2026.
Advertising fraud is invalid traffic. It blocks digital adverts by injecting clicks and overwhelming them with bots. To profit, this weakens a company’s advertising. It impacts all campaign goals.
In Italy, where Statista reported a 36% mobile banking penetration rate in 2021, advertising prioritize client and user acquisition. Fraudulent clicks never lead to app users, preventing banks from rising in app store rankings and earning more customers.
As mentioned, in highly penetrated areas like the UK, retaining customers is a priority. Marketers misinterpret fake installs and engagements for actual customers, distorting metrics. Advertising teams will employ polluted data and grow the wrong channels when they invest more to raise top-of-mind awareness.
Illegitimate traffic hinders user acquisition and misattribution. Invalid traffic threatens banks’ mobile app success by increasing operational costs, decreasing user experience, and decreasing user base. In the fast-growing sector, marketers cannot use bot-inflated data to scale and spend.
Finding an Answer
A quick and easy solution to increase the efficiency and trust of your return on investment is to exclude bogus traffic. Understanding the methods for fraud prevention on mobile apps is the first step. When it comes to protecting your apps, consider the following:
- Boost Visibility – Organizations could rely on analytics from places like the app store, which only provide surface-level information with no meaningful understanding of the traffic’s quality. As a result, growth strategies based on false information are developed, which ultimately completely stops growth.
- Know Your data – Mobile ad fraud may be present if marketers notice anomalous increases in traffic, clicks, and downloads yet see a decline in or stabilization of their user data. This is frequently observed when user interaction is high in the early stages of the funnel but quickly declines after installation.
- Keep an Eye on Your Mobile Measurement Partner – As they only function at or after the app install attribution level rather than at the impression or click level, relying solely on your MMP’s attribution data will probably increase vulnerabilities. Increased traffic and real consumers will result from a partner who can support your MMP and make sure installs are properly acknowledged.
Giving Oneself Competitive Advantages
People in Europe gain from taking care of their financial requirements quickly and easily with a digital wallet. According to Finder’s research, over 25% of British individuals held accounts with digital-only banks as of January 2022. Looking ahead, digital banks are populating the online financial scene and escalating rivalry, in addition to legacy banks releasing apps.
The expansion of online banking apps is being hampered by a target on their back. Businesses in the financial sector are unable to profit from an app’s operational and customer-focused advantages due to invalid traffic and ad fraud, which lowers ROI. Mobile banking providers must eliminate fraudulent traffic from their campaigns and create a flexible and effective methodology that thwarts fraud before it can cause harm if they want to have an advantage over their rivals in the market.