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Insurance Apps are Going Deep on Customer Interaction

[from NetBanker]

Apps that help you move, record the contents of your home and their value (for insurance purposes), track your driving performance, help you plan trips - insurance companies are making sure their apps give users bang for their buck and keep them engaged. 

USAA has one app that does everything, it seems...is the multi-app strategy stronger than the all-in-one approach?

48% of Teens Own an iPhone, 62% Looking to Get One

[from CNN Money, via Daring Fireball]

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: 

1. Making sure your website and OLB work well and look good on mobile devices
2. Figuring out whether there's any benefit to building an app for your FI
3. Worrying about mobile payment "game changers", i.e., digital wallets, NFC money trades between business and between phones, etc.
4. Working tablets and smartphones into your giveaways that are aimed at youth markets

Mobile Traffic Increasing for Top 10 Banks

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%
Banking total	102	85.1	39.1	16.4	19%
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%
5. Amex	15.3	12.6	3.8	2.7	21%
6. Citi	11.8	10.4	2.0	1.4	13%
7. Discover	7.8	6.5	1.7	1.3	20%
8. HSBC	6.5	5.5	1.3	1.0	19%
9. US Bank	5.5	4.8	0.9	0.7	14%
10. PNC	4.8	3.9	1.1	0.8	21%

Source: comScore, March 2013 (methodology)     

___

(via NetBanker.com)

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? 

Mailbox: Worth the weeks of wait? (Yes, yes it is.)

by Jimmy Marks

I downloaded the Mailbox app after months of waiting for its release. To my surprise, when I got the app, there was a wait list more than a quarter of a million people deep. I didn't know what stunned me more - the line in front of me or the line that eventually queued up behind me. When I finally got my "reservation" "filled", I was ahead of more than 800,000 hopefuls, waiting for their own launch day. 

Mailbox gained notoriety for the use of this reservation system, deployed to help keep their servers from crashing outright due to the enormous scale. I found this interesting from a technology standpoint and annoying from a user's standpoint. I'm Veruca Salt when it comes to apps and technology - "I want it NOW!"

After a three week wait (at a rate, I decided, of around 448 accounts activated every hour), I finally got my shot. 

Initial Reaction

First and foremost - this is a beautiful app. Clean, cool, easy-to-use...icons that make sense and actions that are easy to do. The app did a good job training me in the basics, right up front. Want to save an email in your "all mail" folder? Swipe right. Want to delete an email? Swipe right and hold. Swipe left and hold to move that email into a curated category from a selected list. Swipe left quickly and you get a block of options for "snoozing" that email. 

The "snooze" feature was what drew me to the app in the first place. I get so many emails at home AND at work and I know certain messages need full attention that don't receive it. So what do I do? 

I swipe and choose a time frame to deal with that message. That night? A week from today? "Someday"? A specific date and time? It's up to me. 

The long-hand version of this is setting a calendar reminder, but as a victim of Outlook, I can tell you that Mailbox's approach is much better. Who wants to open three windows and get pestered by twenty different automated reminders going off on the day something's due? I'll always prefer the "set it and forget it" approach. 

Another great moment came when I closed the app to view the home screen on my phone and saw a "new messages" bubble above the icon. 3,600 new messages?!? I went back into the app to see what I had to do about marking all those messages as "unread". 

But something amazing happened. The app informed me that the messages weren't unread emails - they were conversations in my Gmail inbox. Their way of dealing with it? Move those conversations to the "all mail" folder, a Gmail feature that I wish more mail providers would adopt. Why?

 

According to the principals of "Inbox Zero", the inbox is a place where messages should be read and then acted upon, either by archiving, replying, or deleting. Mailbox uses the Gmail setup of inbox and archive to help you get to zero quickly and begin developing good habits. What's funny is that, in five years of reading about and striving toward Inbox Zero, I'd never even considered using the archive in that way. Mailbox made it easy and sent all  my old email to the archive. Done and done. 

When that happened, I got a friendly little "congrats!" message from the app. Woo! Positive reinforcement! Now let's just hope I keep my inbox that neat and tidy. 

Things I Wish Were Different

Well, for starters, Mailbox only bothers with Gmail accounts. Have two Gmail accounts? Great. Have a Gmail AND an Exchange account? Tough, Gmail only. And my Exchange account could sorely use this kind of streamlining. On their website (linked above), Mailbox's creators say they hope to roll out "premium features" that users would paid for in a few months. If they said I had to pay $25 to roll in my Exchange account, I'd gladly do just that. 

Another thing: I have several email addresses that I manage using my Gmail account as a catchall. As best I can tell, Mailbox doesn't allow me to send from these addresses. Sure, the emails still come in, but I can't choose to send from any other alias, which stinks on ice. I'm sure they'll get to it with time, but the sooner the better for my taste. 

Mailbox can't handle Gmail's labels, but you can create lists based on your current labels (All Things Digital seems to think it's a bit tedious, I haven't really bothered with it yet.). You also don't get your Priority Inbox, but I've never used that anyway, so...no harm, no foul. 

If I had to put together a wishlist of what Mailbox should do next, it would be: 

1. Multi-source Integration (for Yahoo, Exchange, AOL, Outlook, etc.)
2. An iPad app (so that you can finally justify buying an iPad as a second monitor/workspace on-the-go)
3. Ability to send and receive emails from different addresses as you can through Gmail

Related Reading

• A few articles popped out at me as I did my research on Mailbox. This  "Terms & Conditions" piece over at Digital Trends reads through, what else, the terms and conditions agreement for Mailbox. Their rating? Pretty good, if you only look at the app and not Gmail's side of it. 
• Most of the reviews I've read follow this one from Gizmag: great app, but that wait is a killer. My take? Yeah, it was a long wait, but worth it. And once you're on the other side of that wait, why gripe about it anymore?

I think with a little more time and a little more money, Mailbox will turn into the go-to email client for folks with hundreds of emails to contend with every day. I love it already and I'm only using it one inbox. A zeroed-out, ready-to-rock inbox, that is.

But until everyone can get it at once? Waiters gonna wait, haters gonna hate.

 

Square Wallet Provides a Sneak Peek at the Future of Proximity Payments

From NetBanker's "Mobile Monday": 

But this post is about the other side of Square's two-sided market, its mobile wallet for consumers. I've already written about Square's gift card option launched right before the holidays, but I hadn't used the wallet for day-to-day charges.

In surveys, consumers don't yet see the value of a mobile wallet. Mobile payments are looking to replace a plastic-card system that works very, very well. And who's costs, so far, are mostly hidden from consumers

We have a Square reader here at the Herndon office. I'm not certain you could use Square Wallet for the "day-to-day charges", unless you're at a Starbucks. It's not widely adopted enough yet to be much more than a trinket. 

But it's a pretty cool trinket... -JM

[NetBanker] 

Siri, But For Finance

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. 

A model of the iPhone 4 rendered entirely with style sheets

by Jimmy Marks

Pulled in this interesting link from our Twitter feed - it's an iPhone rendered in pure CSS3. What is CSS3, you ask? It's the next iteration of style sheets that focuses on high functionality without a lot of extra code or data-guzzling plug-ins. It's not a "working" iPhone, it's merely a simulacrum, but it is very neat.

So, why should you care? Because what used to take a lot of heavy Flash animation and lots and lots of time will now be easily rendered with simple styles. Imagine creating new applications for your website that would interact not only with a user's mouse, but with their fingertips as well. Many browsers are already showing everything CSS3 can do and even some of the older ones are updating and upgrading to bring everyone in on the fun.

A treat for the senses that actually informs? That's every Internet user's dream. Things like this are showing us just how far we can go.

Security and Privacy Plague Mobile Web's Forward Motion

A new article from eMarketer examines concerns that consumers have expressed about mobile - chief among them, privacy and security. 

by Jimmy Marks

It used to be that "The Internet" was something you used in your home. You had to have a computer connected to the web via cable. Then came the idea that the Internet was a practical business tool - email revolutionizes communication! High-speed Internet makes websites more robust! Wi-Fi is the new guard - the web without wires, in every Hotel, Airport, Starbucks and McDonald's in your neighborhood. 

Mobile is the latest wave on the shore. The same Internet that used to demand that we buy large tower CPUs and big monitors now only requires us to have a smartphone and our thumbs. But there's something troubling about that - it's the same Internet. Which means the same problems and the same fears. 

Take a look at this chart from eMarketer. There are concerns among smartphone users about apps that track their various patterns (you've already heard about the iPhone tracking issue to be sure). Smartphones and tablets emit and receive data - what does that data say about the user? Is the picture flattering? 

When it comes to moving your financial institution forward with mobile, how are you allaying concerns about security? Did you do a good job of getting your customers to trust your OLB and website? If not, try to recover the fumble for mobile - it could make or break you in the long run. 

 

Mobile Tags and QRs are the Talk of SXSW

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. 

From "The Flack" blog: 

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. 

(Special thanks to Christopher Morris for the link, via Twitter)

Tech News Roundup

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).