An interesting and useful list of Do's and Don'ts...mostly Don'ts. To skip ahead a bit:
17. Stop planning – start doing
There’s a lot of internet marketing and strategy dropped on you daily – dozens of ideas and plans to implement. The big question is – are you doing it? Some people take planning so seriously, they never get down to actually implementing the useful stuff...
The rest of the list supports tighter, more focused, much easier-to-load content and page structures that make sense for all audiences. Move away from book-length swaths of content and auto-play videos and focus on what really matters - informing and enlightening an audience in less time with better content.
The key findings:
- 91% of teens say they plan to buy a smartphone for their next high-tech device, up from 86% last spring and 90% last fall
- 59% of teens say they are likely to buy an iOS device (unchanged from fall) and 21% are likely to buy an Android device (was 20%)
- Among high-income families, the iOS preference rises to 70%
- 48% of teens already own an iPhone, compared with 40% last fall
- 62% of teens plan on making an iPhone their next mobile device (flat vs. fall 2012)
And more than that - 51% of teens own a tablet of some kind.
What you should be doing with this news:
Table: U.S. desktop and mobile traffic at the top-10 busiest U.S. banks
millions of unique visitors, age 18+ (Feb 2013)
|Feb 2013 (USA)||Total||Desktop||Mobile*||Mobile Only||Mobile Incremental**|
|Total U.S. Internet||236||221||127||14.5||7%|
|1. Bank of America||31.5||24.1||11.7||7.4||31%|
|2. JPMorgan Chase||28.3||21.9||9.9||6.3||29%|
|3. Wells Fargo||22.2||20.0||3.5||2.2||11%|
|4. Capital One||15.4||12.7||3.8||2.8||22%|
|9. US Bank||5.5||4.8||0.9||0.7||14%|
Source: comScore, March 2013 (methodology)
Breune's take on the shift toward mobile banking/mobile account management:
Bottom line: It is no surprise that mobile usage is significant. But what I didn't realize is how quickly mobile users are giving up desktop online banking. Look at Chase and BofA, which have had mobile the longest. Only 1/3 of their mobile users went to the desktop during February. Partly, that's because many are single-service credit card customers. But it's strong evidence for what many have hypothesized: once users become accustomed to mobile convenience, they have much less need for desktop access.
Why bother going to the desktop when it's all on your phone, point "A".
Point "B" - how much will mobile wallets increase this effect? If you're spending money using your phone, managing money using your phone, and updating your balances using your phone, why bother with the computer...well, ever again, really?
from Jim Bruene at NetBanker:
But what really impressed me was the followup email I received shortly after completing the call (see below). It outlined what had transpired and provided several useful links to help in the migration from the old phone to the new. In addition, the company wisely encouraged self-service account management with several links below the signature line. Finally, the company inserted the name of the actual rep I'd talked to at the bottom.
We're getting to a point where "service" isn't handshakes and hugs - it's practical, fast, useful information that matters not to "everyone", but to one consumer in particular, every day, dozens and hundreds of times.
from The Financial Brand:
USAA will be among the first banks in the world to start toying with speech recognition software on mobile devices.
Members of USAA will soon be able to ask their iPhone what their current balance is, how much they spent last week and when their next loan payment is due — all through voice commands.
The voice recognition service, dubbed Nina, will be embedded into USAA’s iOS and Android application. To activate it, all a member needs to do is press the speech button in the USAA app and say “my voice is my password.” Then they can use natural language to make a wide range of banking inquiries.
Gotta hand it to USAA - they know their audience, they get it right, and they never sit still.
Jeff Russell from TMG Financial Services gave a great talk at the Water Cooler Symposium about the future of payments. Where are the technologies that have everyone talking, like NFC and PFM, and where are those technologies going? What is the threat level from outside players, like Google and Apple? Jeff has some sharp insight, and you can watch it in the video below or over on the CU Water Cooler website.
South by Southwest (SXSW) is a yearly even in Austin, TX dedicated to music, film, and interactive technology. This year, one SXSW goer gave the award for "most discussed/noticed technology" to QR codes or, more broadly, 2D barcodes of any ilk.
I'm talking 2D barcodes (i.e., QR Codes, Microsoft Tag...) that link the physical world to mobile. My client John Puterbaugh, CEO of Nellymoser and a pioneer in the development of technology that seamlessly delivers rich content to mobile devices, summed it up when he said on his PSFK panel:"2D barcodes codes are to mobile what the URL was to the Internet."
A ringing endorsement.
So, right now, you need to go to The Flack and look at all the cool shots he took of QR codes in the "wild" of SXSW. A lot of good brainstorming fodder to be had.
Every week, we here at DigitalMailer come up with a number of articles and resources that we share with one another, talking about the "next wave" of finance technology. Here's what caught our attention recently:
Electronic channels at “social banks.” (from BAI)
Fixation on Location (from GonzoBanker)
Cloud Computing is Greener (from Harvard Business Review)
Why Community Banks Need a Product Advantage (from BAI)
There IS an app for that...but why? (from CU Soapbox).
by Jimmy Marks
Look at your watch. Let eight seconds go by. Boom - another social media consultant has just appeared and has come up with an article about how much impact social media has on people's finances.
It's getting a little crazy. It seems like every time we turn around, we get one more guy saying that users of X social media site are Y% more likely to put their money in your credit union than any other human being alive. Whoops, another eight seconds went by, that's another guy yelling about how all those Facebook fans you have are the same as alternative capital!
Let's get serious for just a second. We've been talking social media for the last two posts (if you haven't read them, go do it). Come to think of it, we've been talking about social media for the last two YEARS. But we've never really taken the time to look at the impact "social finance" and whether or not there were numbers and trends you could count on when it comes to social media and online finance.
America (Banking) Online
Louis Hernandez at Open Solutions wrote an article (It Takes a (Global) Village: How to Use Social Media - CUJournal, 4/19/10) about social media. Some interesting facts about deposit balances and social network users (most of which, it seems, were culled from a report by Raddon Financial Group):
I found these numbers surprisingly high, given that we only started seeing a resurgence in savings in the past year-and-a-half or so.
I differed to Ron (Daly, my boss), who said "Ask what the average amount is among people who want nothing to do with this stuff." He's betting it's going to be a lot more. Anybody got numbers, comment on this article and let us know.
Other interesting numbers regarding getting financial advice via social:
Some fresh perspective from Jeffry Pilcher's Financial Brand blog, which ran a "Datahead" article about online banking and social finance (his data's from Forbes, Mintel and ComScore to be clear):
On this evidence, I'm willing to make a few guesses about where social media fits in the big picture.
1) Social media is good for ad hoc feedback, event coordination and notification, casual chat and (maybe) some selling. But most folks don't want advice from their social networks. And it's not specifically the networks, it's the people using said network.
Think about it - do you want to talk about your Roth IRA or your Mortgage with the person who keeps sending you "Which Twilight Character Are YOU!?!?!?11?!" Quiz on Facebook? No, you don't. At least, I HOPE you don't. You trust a few people in this world to tell you what you should do with money, and that conversation doesn't have to happen in front of an audience of hundreds.
According to this article from eMarketer Daily, the number of people using social media is going to be growing to about 66% by 2014. Getting a foot in the door now is smart, given that the trend is increasing and the risk is relatively low, but expecting it to be "the fix" for your institution is unrealistic. People don't start a financial relationship with some bank or CU that they found on Facebook. They go find their bank on Facebook because they already have a relationship with them.
People are loyal to a dependable product first, its associated brand second. Slap a member or customer with $200 worth of fees and all the social media in the world won't make a difference - they'll feel cheated and complain, and might even leave. Doesn't matter if they brought it on themselves -they're going to say it's your fault.
2) OLB, email and websites all need to be better. There's a reason you started offering online bill pay/banking, eStatements, eLerts and so on. It's because the more people are leaning on your online channel, the less they have to come all the way to the branch to deal with their money issues. Little things like transferring money between accounts and making payments are time sucks for a branch - let people work it out from home.
Emails, eStatements and online notices are popular (it's why we exist), but we still have people who are on the fence about communicating with members via email. Why? What's stopping you? You don't have to put a ton of personal info into the thing and you aren't spamming anyone. "We might get phished," you say? Yeah, you might. But if you're actively engaging members with emails and getting them accustomed to what an email from you looks like, you're training them about what the real messages look like versus a fake one. Come on, people, it's 2010. "I'm scared of email" stopped being a valid excuse in 1998. Get in there.
If your OLB, emails and websites aren't up to snuff, you're missing out. This is Web 1.0 stuff, and 2.0 is about to hit the bricks in favor of Web 3.0 (does that blow your mind, because it should). You're going to see the big banks and their big websites increase functionality in the next few years, and as Robbie Wright of CU Innovators recently said:
I will immediately think poorly of a product if they have a crappy looking website. crappy site=crappy product
Let's just cut to the chase: you have a budget of $1 million. You can spend it on your websites and online banking, or on your social media initiatives. You can only spend it these two ways, and you can split it any way you choose. What are you going to spend it on, knowing what you know now?
Talk to me, people.
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