Great new start-up using crowd sourcing to find those nasty hidden surprises in your bills. I imagine it's quite a challenge for the team to get the platform set up and running, especially for international roll-outs across different banking systems, but some potential for real value-add to end users here.
http://www.billguard.com/
Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts
Monday, February 7, 2011
Thursday, March 18, 2010
The Check-out of the Future: Fewer Humans, More Phones [video]
Older 'future video' and article from NCR via Fast Company. Even thought it's nearly a year old, i still love signs to a future of RFID/NFC, internet of things...
National Cash Register is one of those grand old American companies that, come the digital revolution, might have gone the way of the rotary phone. Instead, with a trimmed down name (now NCR), and a ramped up R&D operation, the company is transforming the way we handle our money--or its digital equivalent.
We visited NCR’s "Innovation Center," an expansive high-rise display space filled with next-gen ATMs, kiosks, and self-service systems that will let you do everything from check into a hotel (and find your way to your room), to burn a movie (and redeem the old ones you no longer want.)
We were most taken with the possibilities of using our cellphones to conduct business in all sorts of intriguing new ways. We got the company to demonstrate a few cutting edge applications that may soon appear in a bank or hotel near you.
Wednesday, September 30, 2009
Who's Innovating in 2009? Finovate Preview
Thanks Netbanker for this preview of some of the year's financial innovators
| By Jim Bruene on September 1, 2009 6:18 PM | Comments (3) |
With 32 new products and services being unveiled next month at our Finovate Conference (see note 1) and with planning season just around the corner, I thought it would be a good time to review the themes taking shape this fall:
- Control: More and more tools are being invented to help consumers and small businesses take better control of their finances, both on the credit and deposit side. The tools vary from very focused tools to manage health care expenses or 401(k) allocations, to broad tools that manage the big picture. This trend is expected to continue well into the next decade.
- Mobility: Most simple financial management tasks, such as checking balances, authorizing purchases, and so on will move to mobile devices. Another huge trend that will play out over the next 20 years.
- Peer-to-peer: You can't really cut out the middleman entirely in financial services; a trusted third-party is needed to authenticate both parties. However, the third-party may not always be a traditional financial institution.
- Safety & security: This one never goes out of style. But more so than usual, consumers are seeking safe havens for their savings and investments. And they expect more from their financial service providers. It will be a long time before risk-taking reaches levels seen much of the past 10 years.
- Segmentation (online): For the most part, online banking has been a one-size fits all service, since it came on the scene in the mid- to -late 1990s. That's not good enough going forward. There will be online, and mobile, services tailored for distinct segments. Initial efforts rolling out this year target youth markets, small- and micro-businesses, and savvy investors among others.
Guide to FINOVATE Companies
The following 30 companies (plus two more in stealth mode) will show their latest and greatest innovations in 7-minute demos at Finovate on Sep. 29 in NYC. Here's how our presenting companies describe themselves.
Backbase
BancVue/First ROI
Billeo
BillShrink
Bling Nation
BrightScope
Canopy Financial 
CashEdge
Credit.com
Fidelity National Information Services
Firethorn (Qualcomm)
Fiserv
Home-Account
Home-Account is a web-based mortgage finding service helping America's 75 million homeowners take control of their largest asset-- their home via their ‘home-account’. The service grades and analyzes homeowners and their mortgages, presents scenarios to improve their financial situation and then pinpoints the best realistic mortgage options in the market.
Infosys
Intuit
iPay Technologies
Kapitall
MShift
On Deck Capital
Outright.com
PayByMobile
PayByMobile is a virtual wallet that will let anyone text to pay when shopping online. Shoppers load money on their wallet at the same shops where they top up to buy airtime and then simply text to pay when shopping at their favorite online store. PayByMobile uses familiar prepaid mobile usability to deliver a simple yet secure online payment alternative for everyone who has a mobile phone.
People Capital
S1 Enterprise
Silver Tail Systems
SimpliFi
Skill-Life
SmartyPig
Strands
Yodlee
Monday, August 24, 2009
Bank Will Allow Customers to Deposit Checks by iPhone
Thanks @damjanov for sharing this from The New York Times
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_ty09AmeNJCtd9I8EAxzMAAo-jQo63I0ez5sSRcFdi4UyirYIFWBoTlTZzDV9h99Vev76PWgERb_4-Ike6PedueEgVQZuemi72roTQ3jr1wb0bKlmecUBQJL8FvisSIQcv7m1RMDauJcKlcVvAddFQx=s0-d)
J. Michael Short for USAA
Customers of USAA can photograph both sides of the check, send the images through an app and then void the check.
The Internet has taken a lot of the paperwork out of banking, but there is no avoiding paper when someone gives you a check. Now one bank wants to let customers deposit checks immediately — through their phones.
USAA, a privately held bank and insurance company, plans to update its iPhone application this week to introduce the check deposit feature, which requires a customer to photograph both sides of the check with the phone’s camera.
“We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would,” said Wayne Peacock, a USAA executive vice president.
Customers will not have to mail the check to the bank later; the deposit will be handled entirely electronically, and the bank suggests voiding the check and filing or discarding it. But to reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature. Mr. Peacock said that about 60 percent of the bank’s customers qualify.
USAA may seem like an unlikely innovator in mobile banking. It ranks in size just below the top 20 banks in the United States, and serves mostly military personnel, though many of its products are available to anyone.
But with just one branch, in San Antonio, and customers deployed all over the world, the company has been aggressively developing an anytime, anywhere banking strategy. Three years ago, it introduced the option of depositing a check from home using a scanner. That laid the groundwork for the phone deposit feature, which USAA plans to offer on other phones this year.
“Mobile is going to be a bigger part of how people do commerce and how they interact with their financial institutions,” Mr. Peacock said. “The great value that we see is the time savings.”
About a million of USAA’s 7.2 million customers use their cellphones to access their accounts — either via text message, a mobile browser or an iPhone application introduced in May. The deposit feature, which USAA previewed in an online video, puts the bank in the vanguard of the effort to turn cellphones into portable branches.
“USAA has been pretty progressive with this,” said Nick Holland, a senior analyst with Aite Group, a financial services research company.
The most popular banking tasks done on cellphones are reviewing account balances, transferring money, making payments and finding A.T.M.’s, analysts say. But in general, mobile banking has been slow to catch on. Mr. Holland said tighter budgets have forced banks to focus on using technology in ways that cut costs or generate revenue, rather than simply creating buzz.
“If banks can get people to stop calling call centers for mundane inquiries and instead send a text message,” he said, “that saves a bank about $14 for every one of those inquiries.”
Mr. Holland predicted that other banks would follow USAA and offer some type of mobile deposit capability, especially deposit options aimed at small-business customers who may be willing to pay for the convenience.
A study released recently by comScore, a digital audience measurement company, found that more than 15 million people in the United States used mobile banking each month, a number that is expected to grow as networks become faster and more people migrate to smartphones.
“It’s the iPhone that really propelled things to the forefront,” said Marc Trudeau, a senior director at comScore.
While comScore found that just 3 percent of mobile banking customers use Apple devices, Mr. Trudeau said the iPhone had paved the way for applications that let customers accomplish tasks more efficiently than with a phone’s Web browser.
For instance, Bank of America, which has an iPhone app, has more than three million mobile banking customers, and 43 percent of them bank with an iPhone or iPod touch, said Tara A. Burke, a company spokeswoman.
A cellphone is also always at hand, so it is potentially a more convenient than a computer. In fact, comScore found that people most often use mobile banking services at home.
“We’ve all seen the ads showing people banking from a beach in the Caribbean,” Mr. Trudeau said. “The reality is much more mundane than that.”
Tuesday, February 10, 2009
Online Personal Finance Traffic Soars
Thanks NetBanker for this overview of personal online finance sites
Online Personal Finance Traffic Soars; Mint Passes One Million Unique Visitors
Online Personal Finance Traffic Soars; Mint Passes One Million Unique Visitors
So it's not surprising to see that traffic grew by 300,000 unique visitors in January (+20%) compared to December. Total traffic was up 4.5-fold at sites open for a year or more (see Table 1). Including the class of 2008, total traffic was 2.0 million, a 5-fold increase from a year ago.
Highlights:
- Mint had another great month, increasing site visitors by about 200,000, a five-fold increase in the past year. Mint's gain in January was more than that total traffic of all nine 2008 newcomers combined. Mint had a 60% market share of the total of 1.8 million visitors in the category, about the same as December.
- Geezeo continued its wicked pace, growing 30% during the month, and posting a 12-fold increase over a year ago.
- Quicken Online, which launched in January 2008, more than doubling to 150,000 visitors compared to December. However, traffic at Quicken is hard to compare to other sites due to the massive traffic at its parent site: for example, <quicken.intuit.com> received 1.2 million visitors and <intuit.com> website had more than 10 million.
Wesabe was the only site in those open for a year or more that turned in a traffic decline, falling more than 30% in the month. However, keep in mind the Compete estimates are derived from an online panel and are not always accurate, especially for sites in the low six-figures or less. The company said that it had record page views in January. That includes both the traffic from the U.S., measured by Compete, and international visitors.
- BudgetTracker also turned in amazing results, nearly doubling its traffic to an
estimated 27,000 visitors.
- Of the 2008 startups (see Table 2), Thrive was the only one showing strong growth, increasing 50% over the previous month. Friday the company was acquired by Lending Tree for an undisclosed amount.
Table 1: Traffic at online PFMs launched more than 1 year ago
| Jan 2009 | Dec 2008 | Jan 2008 | YOY Chg | |
| Mint | 1.1 mil | 890,000 | 200,000 | 5.2x |
| Geezeo | 220,000 | 170,000 | 18,000 | 12x |
| Yodlee | 120,000 | 100,000 | 84,000 | 44% |
| Finicity/Mvelopes | 100,000 | 71,000 | 91,000 | 10% |
| Wesabe | 89,000 | 140,000 | 56,000 | 60% |
| BudgetTracker | 27,000 | 14,000 | 15,000 | 86% |
| Buxfer | 22,000 | 15,000 | 13,000 | 78% |
| PearBudget | 12,000 | 7,600 | 4,200 | 3x |
| ClearCheckbook | 11,000 | 9,100 | 4,600 | 2.3x |
| Total | 1.7 mil | 1.4 mil | 490,000 | 4.5x |
Table 2: Traffic at the online PFM class of 2008
| Jan 2009 | Dec 2008 | Month Chg | |
| Quicken Online | 150,000 | 53,000 | 1.8x |
| PNC Virtual Wallet | 41,000 | 45,000 | (9%) |
| Rudder | 39,000 | 61,000 | (35%) |
| Thrive | 21,000 | 14,000 | 52% |
| Scred | 2,600 | 630 | 4x |
| Expensr | 2,500 | 3,700 | (32%) |
| RateSurfer | 2,100 | 3,600 | (41%) |
| Expensify | 1,400 | 600 | 2.5x |
| Banzai | 1,300 | 1,500 | (15%) |
| GreenSherpa | 400 | ina | -- |
| iThryv | 210 | 2,100 | (90%) |
| Total | 260,000 | 185,000 | 41% |
Source: Compete, 7 Feb 2009; estimates of monthly unique visitors from the United States
*The percent changes were calculated from the underlying data set and due to rounding of the monthly traffic figures, the percentages may look slightly off
Note: For more information on the market, see our Online Banking Report on Personal Finance Features and Online Banking Report on Social Personal Finance.
Thursday, November 6, 2008
Top Mobile Trend: Mobile Wallets
Thanks Next Great Thing
November 3rd, 2008 by Sarah
November 3rd, 2008 by Sarah
Spurred by a generation used to paying with a click, mobile payment systems are in high demand Stateside. And thanks to the emergence of Near Field Communications and other innovative solutions, it won’t be long before we get them.
Just in the last week of October, both Visa (San Francisco) and New York-based Citi’s Mobile Money Ventures (MMV) announced the rollout of initiatives designed to enhance the banking functionality of people’s mobile phones.
Visa has a pilot program in Canada (through the Royal Bank of Canada (RBC) and Rogers Wireless ) that lets users wave and pay for goods at the point of sale using their mobile phones.
Pilot participants will be issued specially equipped, near-field communications-enabled Motorola mobile phones that can simply be waved at Visa payWave-enabled checkout readers at select retail stores and fast food restaurants in Toronto’s downtown.
Citibank Hong Kong is letting customers perform mobile banking or stock trading using MMV’s m-banking platform, which is independent of device and network.
Among the features that Hong Kong customers can use are account inquiry and management, funds transfers, payments and time deposit accounts. Also available is stock trading, including buying and selling, pending order management, stock quotes and portfolio management.
Meanwhile, some smaller fish are figuring out alternate ways to enable mobile payments using existing (and widely used) mobile technology:
Tagattitude uses the voice function of phones for secure payment through a technology called Near Sound Data Transfer—NSDT. The two phones establish an audio channel, go through a series of questions and then transfer money from one account to another. Here is a video of the mobile payment in action (WARNING: it may cause dizziness and motion sickness.)
Anam Mobile SMS Money Transfer allows users to send money to another person using standard text messaging. After both parties subscribe to the service, subscriber A can send money to subscriber B with a standard text and then both subscribers receive texts back when the money has been transferred.
PocketFuzz equips cash-only retailers at festivals, venues, and concerts with their simple SMS-based payment solution that works with any major card or bank, any carrier, and any phone. A buyer’s text along with their personalized secure 4 digit PIN completes a secure transaction in mere seconds. Charges appear on users credit card or bank statements just as any other purchase would. First time users can set-up their account online or using a call back method.
At the end of the day, we just want to dial up a Big Mac. And we don’t think we should have to move to Japan to do it.
Tuesday, June 24, 2008
Social media in the financial industry
Web Strategy by Jeremiah has provided us with this list of Social Media in the Financial Industry:
With loyalty to brands decreasing over time, companies need to figure out how to reach customers where they are, where many, are discussing their financial past, present and future online.
The finance industry has a unique challenge, hindered by government regulations and often a conservative culture, they have a real challenge embracing the online conversation that’s already happening between customers.
Wells Fargo
The first and greatest case study to date is of what Wells Fargo has done with their multiple blogs, starting with the Guided by History blog, Later, they launched the Student Low Down blog, and X. With the success of these programs they also launched a virtual world called Stage Coach Island that lets members learn and experience financial management.
H&R Block
This company has done quite a bit with blogs, virtual worlds, Facebook campaigns, and social media programs and campaigns. During tax time, there was a significant upswing of activity from Facebook applications, and they engaged in online dialog in Twitter by first monitoring keywords and directly responding to members.
Intuit
Online communities are nothing new to Intuit, this customer-focused brand let’s customers self-support each other, as well as communicate to them using blogs. Quickbooks (financial software) has extensive growth for SMBs who want to connect to each other.
Chase +1
This credit card company used Facebook to find out about what customers desired, laying the foundation for delivering a customer-focused product
Ernst & Young
This large accounting services and consulting firm is anxious to reach new hires fresh out of college, by creating a sponsored Facebook group, they have online dialogs with graduating students starting the interview process online. Smart way for each party to learn for each other.
Royal Bank of Canada
Launched this ongoing blog called the Innovator Blog, which goes back to October 2006. Link via Trevor Cook.
ING
Trevor Cook has more details, listing that ING has an Asia / Pacific blog, My Cup of Cha, a microfinance blog, and a Chinese blog.
With loyalty to brands decreasing over time, companies need to figure out how to reach customers where they are, where many, are discussing their financial past, present and future online.
The finance industry has a unique challenge, hindered by government regulations and often a conservative culture, they have a real challenge embracing the online conversation that’s already happening between customers.
Wells Fargo
The first and greatest case study to date is of what Wells Fargo has done with their multiple blogs, starting with the Guided by History blog, Later, they launched the Student Low Down blog, and X. With the success of these programs they also launched a virtual world called Stage Coach Island that lets members learn and experience financial management.
H&R Block
This company has done quite a bit with blogs, virtual worlds, Facebook campaigns, and social media programs and campaigns. During tax time, there was a significant upswing of activity from Facebook applications, and they engaged in online dialog in Twitter by first monitoring keywords and directly responding to members.
Intuit
Online communities are nothing new to Intuit, this customer-focused brand let’s customers self-support each other, as well as communicate to them using blogs. Quickbooks (financial software) has extensive growth for SMBs who want to connect to each other.
Chase +1
This credit card company used Facebook to find out about what customers desired, laying the foundation for delivering a customer-focused product
Ernst & Young
This large accounting services and consulting firm is anxious to reach new hires fresh out of college, by creating a sponsored Facebook group, they have online dialogs with graduating students starting the interview process online. Smart way for each party to learn for each other.
Royal Bank of Canada
Launched this ongoing blog called the Innovator Blog, which goes back to October 2006. Link via Trevor Cook.
ING
Trevor Cook has more details, listing that ING has an Asia / Pacific blog, My Cup of Cha, a microfinance blog, and a Chinese blog.
Tuesday, June 10, 2008
MoneyAisle: Live Auctions Where Banks Compete for You
Cheers to Mashable for this post on a new finance site/model in which banks bid for consumers:
MoneyAisle
June 9, 2008 — 04:05 AM PDT — by Kristen Nicole —
MoneyAisle’s service launches today, and its offering may be something that becomes more commonplace in the coming years. As banking options move online, and comparative tools like LendingTree streamline the process on the banking and consumer side, one trend in particular is slowly overtaking the banking industry overall.
Consumer-centric models of banking and custom features are core to MoneyAisle’s service, which revolves around an online auction marketplace where banks bid for customers. It’s almost the reverse of an auction site like eBay. Banks using MoneyAisle can bid against each other in live auctions, starting with certificates of deposit (CDs), and high-yield savings accounts. These are the first two product offerings from MoneyAisle, and the company expects to expand beyond these two for more consumer offerings in the near future. Upon today’s launch, MoneyAisle has about 100 bank partners.
Aside from providing a 24/7 live auction service that aims to give consumers the best rate possible as banks literally compete for customers, MoneyAisle is touching on several developments we’re seeing in the banking and lending industries. The overarching trend is the leveraging of technology and online networks for the ability to survive.
But will MoneyAisle work? The concept will surely continue to develop, that’s for sure.
Sites like Zopa are taking a similar approach to lending, as consumers are able to put their requests (amount, interest rates, etc.) on the table and receive loans accordingly. We’re also likely to see services similar to MoneyAisle emerge in the coming year, as more banks become willing to participate in such services.
Banks are readily becoming more consumer-centric, looking to technological innovations in order to provide a competitive, custom experience. Capital One lets you customize your credit card with a photo, and JP Morgan Chase is planning on using Rearden’s concierge features as a perk for its banking customers.
http://mashable.com/2008/06/09/moneyaisl/
The new shake 'n' make
This post from iMedia Connection, details some cool new applications that are in the mix for Apple's iPhone. The Siite example is certainly relevant for Dairy Farmers Ski yogurt, but i wonder what our other brands could develop using this technology? You could shake coins from a piggy bank for Comm Bank or rock a cruise boat for P&O? Surely there must be loads more - let me know and post your ideas in the comments!
Breakthrough marketing with a twist, shake and squeeze
By Alan Ruthazer
Published: June 06, 2008
By Alan Ruthazer
Published: June 06, 2008
New iPhone applications open the field for creative marketing. Here are some examples of what's in the works.
Developers looking for the next marketing platform see the smart phone as a hot opportunity, one that -- with the impending launch of the new iPhone -- is heating up fast.
With the release of Apple's iPhone Software Developer's Kit (SDK) earlier this year, there has been tremendous speculation, along with a few sneak peeks of next generation applications for this mobile device from the likes of SalesForce.com, EA and Sega.
What's driving this fervor? Apple's elegant hardware and sleek user interface certainly go a long way toward forging a relationship between users and their device, but things really get interesting when one brings the accelerometer and multi-touch technology into play.
With the accelerometer the iPhone can measure gravity-induced reaction forces -- spinning, tipping or flipping-- and multi-touch functionality enables users to interact with the touch screen by simultaneously touching it in multiple locations.
As developers begin to tap into these technologies we will start seeing groundbreaking applications. This device also presents the opportunity to dramatically change the marketing landscape. That said, the following are a few iPhone-based marketing projects now under development in SiiTE Interactive's idea lab.
Shakin' things up
SiiTE is helping one of the fastest growing frozen yogurt franchises with a mobile coupon-generating iPhone application. Users make their fruit and yogurt choices, and then literally shake the phone to blend them up. Once the concoction is ready, a mobile coupon for their drink is displayed. Yogurt fans bring their iPhone into the store to have the onscreen bar code scanned and receive a discount.
For those about to rock
Since the cell phone has evolved as the replacement cigarette lighter for fans to hold high in solidarity at rock concerts, it is time for the evolution to continue. Soon music fans will be able to not only hold their lit iPhones to illuminate the concert halls, they will be able to shake them in unison to generate the sounds of maracas, tambourines, jingle bells, etc. This mobile music app may be among promotional items fans will download as they purchase their next iTunes song.
Give a little squeeze
To help a leading orange juice brand drive home the message that their juice is fresh-squeezed, users can take the "Juicer" challenge utilizing iPhone technology. Here, users try to beat the clock and fill as many glasses of OJ as they can by tilting their iPhone to roll an orange into a squeezing zone and then use two fingers to squeeze the juice from the orange. With a flick of the wrist, the used orange is flipped off screen as the next orange rolls into place.
Radical community
Nothing is quite as good as bragging rights when it comes to the world of board sports (surfing, snowboarding, skateboarding). Soon, thanks to the accelerometer, iPhone-equipped snowboarders will be able to verify whether that last spin was a true 360. They'll also be able to keep a log of their tricks and share their info with fellow snowboarders as they virtually compete against other users, and even the pros.
iFold
Many say the art of letter writing has died as a result of email culture, but the ancient art of paper folding, or origami, may spur its resurrection. Users will soon be able to send an Origami-gram to friends. Thanks to multi-touch technology, people will be able to write a note, then fold the virtual paper into custom origami configurations. Their swans, boxes and flowers will be saved in online galleries for other users to enjoy.
There will surely be plenty more ideas to develop with these technologies as rumors about the next generation iPhones continue to spread. Some include the addition of a video camera, a broadband connection, GPS, and even haptic technology (a tactile feedback system where users will feel keys that aren't there).
As clever uses of these technologies roll out in upcoming months it will be exciting to see how Apple will make an impression on us with "one more thing."
Alan Ruthazer is CEO, SiiTE Interactive.
http://www.imediaconnection.com/content/19490.asp
Developers looking for the next marketing platform see the smart phone as a hot opportunity, one that -- with the impending launch of the new iPhone -- is heating up fast.
With the release of Apple's iPhone Software Developer's Kit (SDK) earlier this year, there has been tremendous speculation, along with a few sneak peeks of next generation applications for this mobile device from the likes of SalesForce.com, EA and Sega.
What's driving this fervor? Apple's elegant hardware and sleek user interface certainly go a long way toward forging a relationship between users and their device, but things really get interesting when one brings the accelerometer and multi-touch technology into play.
With the accelerometer the iPhone can measure gravity-induced reaction forces -- spinning, tipping or flipping-- and multi-touch functionality enables users to interact with the touch screen by simultaneously touching it in multiple locations.
As developers begin to tap into these technologies we will start seeing groundbreaking applications. This device also presents the opportunity to dramatically change the marketing landscape. That said, the following are a few iPhone-based marketing projects now under development in SiiTE Interactive's idea lab.
Shakin' things up
SiiTE is helping one of the fastest growing frozen yogurt franchises with a mobile coupon-generating iPhone application. Users make their fruit and yogurt choices, and then literally shake the phone to blend them up. Once the concoction is ready, a mobile coupon for their drink is displayed. Yogurt fans bring their iPhone into the store to have the onscreen bar code scanned and receive a discount.
For those about to rock
Since the cell phone has evolved as the replacement cigarette lighter for fans to hold high in solidarity at rock concerts, it is time for the evolution to continue. Soon music fans will be able to not only hold their lit iPhones to illuminate the concert halls, they will be able to shake them in unison to generate the sounds of maracas, tambourines, jingle bells, etc. This mobile music app may be among promotional items fans will download as they purchase their next iTunes song.
Give a little squeeze
To help a leading orange juice brand drive home the message that their juice is fresh-squeezed, users can take the "Juicer" challenge utilizing iPhone technology. Here, users try to beat the clock and fill as many glasses of OJ as they can by tilting their iPhone to roll an orange into a squeezing zone and then use two fingers to squeeze the juice from the orange. With a flick of the wrist, the used orange is flipped off screen as the next orange rolls into place.
Radical community
Nothing is quite as good as bragging rights when it comes to the world of board sports (surfing, snowboarding, skateboarding). Soon, thanks to the accelerometer, iPhone-equipped snowboarders will be able to verify whether that last spin was a true 360. They'll also be able to keep a log of their tricks and share their info with fellow snowboarders as they virtually compete against other users, and even the pros.
iFold
Many say the art of letter writing has died as a result of email culture, but the ancient art of paper folding, or origami, may spur its resurrection. Users will soon be able to send an Origami-gram to friends. Thanks to multi-touch technology, people will be able to write a note, then fold the virtual paper into custom origami configurations. Their swans, boxes and flowers will be saved in online galleries for other users to enjoy.
There will surely be plenty more ideas to develop with these technologies as rumors about the next generation iPhones continue to spread. Some include the addition of a video camera, a broadband connection, GPS, and even haptic technology (a tactile feedback system where users will feel keys that aren't there).
As clever uses of these technologies roll out in upcoming months it will be exciting to see how Apple will make an impression on us with "one more thing."
Alan Ruthazer is CEO, SiiTE Interactive.
http://www.imediaconnection.com/content/19490.asp
Thursday, April 24, 2008
Mobile banking
This from NewsOK By Don Mecoy - Business Writer
Seems even in the US they are ready for the mobile and money to meet
Online banking, a concept introduced just 13 years ago, has reached a point that many customers won't do business with a bank that doesn't offer it.
Seems even in the US they are ready for the mobile and money to meet
Online banking, a concept introduced just 13 years ago, has reached a point that many customers won't do business with a bank that doesn't offer it.
A 2007 consumer survey found that 85 percent of respondents wouldn't bank with an institution that didn't offer online banking. Nearly two of three respondents said they would move their finances to another institution that provided more robust online banking features, according to the CashEdge survey.
Roger Beverage, Oklahoma Bankers Association president, said electronic banking is now an expectation for customers and a necessity for banks.
"If you're going to maintain loyalty of customers — not just satisfaction, but loyalty — you're going to have to continue to explore ways for them to do business with you. And electronic banking is certainly one of those ways,” Beverage said.
Now that 40 percent of consumers have demonstrated willingness to bank via computer, mobile phone banking is the next wave, experts say.
"It will evolve into a mobile wallet, allowing banks to generate greater electronic payment volume through the combination of electronic loyalty programs, mobile marketing, and contactless payments,” says Dan Schatt, author of the report and senior analyst at Celent.
Despite the convenience of electronic banking, there remains a niche for the classic bank branch. In fact, customer satisfaction surveys show that smaller banks and credit unions do a slightly better job of pleasing customersFriday, April 11, 2008
Wednesday, January 23, 2008
Growing a New Niche in Retail Banking
http://www.strategy-business.com/li/leadingideas/li00058
by Alan Gemes, Fabienne Konik, and Caroline Moss
1/15/08
How some top performers are adapting to target the lucrative mass affluent market.
by Alan Gemes, Fabienne Konik, and Caroline Moss
1/15/08
How some top performers are adapting to target the lucrative mass affluent market.
The growing number of well-to-do consumers has already captured the attention of the retail market, and now banks are getting on board: In early September 2007, HSBC announced the roll out of HSBC Premier — offering borderless banking and preferential services — which they describe as “the first truly global personal banking service for the world’s…mass affluent,” a demographic group that is variously defined as possessing between US$100,000 and $1 million in liquid assets and that has demonstrated a taste for luxury and exclusivity. Another early entrant to the field, Citibank, describes Citigold, which offers exclusive services and rewards to mass affluent customers, as a “premium banking relationship…designed to give you — and your finances — the attention you deserve.”
Mass affluent customers are mobile, sophisticated, and extremely busy. As such, they demand financial advisors with specialized knowledge, they want the ability to schedule meetings with these advisors flexibly and easily, and they put a premium on privacy. As one of several key findings of a Booz Allen Hamilton study of retail banking best practices shows, top-performing banks around the world are tailoring their services across all channels to adapt to the preferences of this small but increasingly influential segment.
For banks seeking to enhance their performance, developing offerings to attract mass affluent customers may be the key to raising their profile and reducing their cost-to-income ratios. There is still room for them to jump in, but each institution must weigh the economics of such a move and determine whether there is demand for such services in its market. For example, the higher assets and average balances of this segment justify the costs of introducing new, more expensive offerings for banks like HSBC. One study has noted that mass affluent customers are roughly 30 times more profitable than those of the mass market, and the global mass affluent segment is expected to grow by 35 percent between 2005 and 2010. Thus, navigating this path successfully, through improving traditional channels such as branches and call centers and expanding new services such as online and mobile sales forces, can be quite lucrative.
Revamp the Mainstays
Although mass affluent customers are increasingly interested in alternate channels like the Web, banks can still target them by enhancing their experience in the branch, and on the phone.
Branches. The mass affluent should be offered a differentiated service that evokes a sense of exclusivity. The best retail bank branches provide a hotel lobby–style appearance, concierge, and interactive information. Their staffs have immediate access to customer and product information, and meetings with specialists can be booked in advance.
Some banks achieve this sense of exclusivity by creating a separate floor for the mass affluent to do their banking. At Citibank branches in Asia, for example, Citigold members have access to a separate area with plush sofas, no lines, and the opportunity to sit down and privately discuss their service needs with an advisor. Although they may not meet with a dedicated relationship manager, they will meet with a special officer who deals only with mass affluent customers and who has access to their personal information. These advisors will be better trained, and have a broader range of skills across products.
Call Centers. Even as call centers are becoming a less popular purchasing channel, banks should still consider a segmented offering for mass affluent customers. Once in place, though, the centers need to minimize hand-offs and ensure fast connections to knowledgeable advisors.
Banks should offer dedicated phone numbers for mass affluent customers; they may call in to the same call center as all other customers (though they won’t know it), but their calls will be immediately routed to people who are specially trained to meet their needs. Some banks have made progress in this area: Citibank’s Citigold offers its customers an exclusive 24/7 toll-free customer service number; Credit Suisse assigns mass affluent customers an advisor whom they can call directly; the Bank of China, as well as other Chinese banks, offer 24-hour access to assistance by phone and guarantee an instant connection. In fact, banks in Hong Kong and China are setting the standard for customer service in call centers.
Expand New Channels
For most retail banking customers, the traditional branch remains the preferred purchasing venue, but that is changing. The mass affluent have demonstrated a preference for alternatives such as online services and mobile sales forces.
Online. Mass affluent customers are 30 percent more likely to prefer the online channel. Increasingly, they are demanding the opportunity to purchase products and transact online, and this trend is likely to accelerate as broadband connections reach more and more homes worldwide.
Banks should develop Web sites targeted solely at the mass affluent in order to fully exploit this segment. These sites should begin with a landing page reserved for the mass affluent customers and should offer products and services tailored to their needs. For example, while browsing the Web site of Spanish bank Bankinter, mass affluent customers see messages that are targeted to their individual behavior, recommending products, such as trusts and access to equities, and tax planning, that they can then easily order or access. On some Chinese banks’ sites, mass affluent customers will see market projections that can help them make investment decisions.
South Korean banks are leading the field in online banking. Woori Bank, for example, is a top performer with a model Web site dedicated to its mass affluent clients. Their site, called “Two Chairs” — a reference to the one-on-one spirit of the service — includes links to articles with expert opinions, customer news bulletins adapted to the mass affluent’s information needs, and an online lifestyle magazine tailored to their interests. The site also provides assistance for Korean expatriates, information about finance and banking for customers looking to study or move abroad, and an online reservation system for Woori-sponsored VIP lounges at Incheon International Airport. In addition, clients will find an advisory center providing financial advice on a variety of issues and a “eFinancial Product Mall” that is differentiated from that of the bank’s regular site.
Mobile Sales Force. The mobile sales force brings salespeople directly to the customer — in his or her office, home, or in the location of his or her choice. The idea is to make the experience personal and as convenient as possible.
Very few banks offer mobile sales forces today. Yet mobile sales forces could be an integral part of a bank’s mass affluent service and could address the special requirements of this group: The sales forces should have sophisticated appointment systems and their staff should be able to complete requests swiftly. In other words, connectivity and empowerment are key to success in this channel. In addition, both specialist and generalist sales advisors should be available, there should be flexibility on the timing and location of meetings, and customers should be reminded of their appointments by text message. Follow-up is also crucial: Banks should send out meeting summaries, and, when possible, customers should be able to see the same advisor on more than one occasion.
In Asia, a number of banks, conscious of mass affluent customers’ preferences, invested in creating a special area to serve them in the branch. The customers appreciated the banks’ efforts; however, they soon started to send their drivers in their stead. The banks ramped up their mobile sales forces in response, to ensure face-to-face meetings with the client. In Hong Kong, mobile sales advisors are available to meet anywhere, at short notice. Mobile sales forces have also taken off in Latin America, in particular in Brazil, where oppressive traffic makes it less likely that time-poor customers will come to the branch: Banks need to go out and see them.
Opportunity for Growth
By providing segmented services across all channels, banks can set themselves apart from the pack, attracting mass affluent customers and ensuring their loyalty.
Citibank’s Citigold, for example, has a branding associated with it, offering segmented services across all channels — in branches, call centers, and online. In addition to the benefits described above, Citigold customers are offered priority processing, special savings and rewards, and access to financial advisors from Smith Barney to guide their investing and manage their portfolios.
The recent relaunch of HSBC Premier as a global banking offering is focused on the mass affluent’s mobility, and seeks to provide seamless cross-border banking. Among its offerings are a globally accessible number for emergency assistance, access to a dedicated relationship manager, access to banking services and lounge facilities (Premier centers) in 35 countries and territories, and the ability to view and manage — through a single Web site — all HSBC accounts held globally. HSBC has developed a Global Training Academy to get 5,000 Premier relationship managers on the ground, along with 3,000 support staff, all specially trained to serve the mass affluent.
These and other top-performing banks are developing and adapting their distribution channels to meet the needs of increasingly demanding customers: Their branches are attractive and well-designed, their Web sites are highly specialized and secure, their call centers offer quick solutions to customers’ problems, and their mobile sales forces enhance convenience and enable face-to-face interaction. As their numbers continue to grow, the mass affluent will offer banks that carefully and intelligently enter this market substantial opportunity to raise their game.
Monday, November 5, 2007
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