BANKING ON THE FUTURE OF MOBILE
BY @CONRADLISCO

Financial services worldwide are facing tough market conditions.
www.flickr.com/photos/7642964@N03/2872208724

trust and loyalty

demands and expectations

“
Financial services firms need to work hard
to regain the trust of their constituents, and
effectively communicating the steps they
are taking to address their difficulties will
help restore confidence in their
institutions, according to a new survey by
BackBay Communications, a strategic
marketing and public relations firm
focused on the financial services industry.
According to respondents, financial
services companies have an
opportunity to rebuild trust and
differentiate themselves in the current
difficult climate by being seen as
financially sound (71%), honest and
credible (69%), and having their
customers' interests in mind (58%).
“Financial Services Communications Challenges, Opportunities Revealed in BackBay
Communications and Marketwire Survey”
www.msnbc.msn.com/id/29613959

Attracting and retaining customers is no
longer just about what banks offer…

But
how
b anks
offe r it.

Because its innovate or die.
www.flickr.com/photos/24327034@N08/2555639408

Mobile represents the future of banking services.
US Mobile Banking Users (thousands)
2007
2008
400
3,100
Source: ABI Research

Over 150 million mobile subscribers will access banking
services on their mobile device in 2011.
3%
22% 41%
12%
7%
8%
2%
5%
Source: ABI Research

So,
what is
mobile
banking?

Nope.

Yep.
Features of Mobile Banking
Access your checking, savings, credit card, mortgage, line of
credit, loan, and other accounts
Pay bills anywhere, anytime
Transfer funds immediately
Locate banking centers or ATMs, along with maps and
directions

It didn’t just happen.

Remember when?
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Next.
www.flickr.com/photos/28978275@N06/3331832904/in/photostream/

Then.

o.
There were secu rity questions then to

Consumers got over it.
US Adult Online Bankers, 2000-2007 (% of Internet users and % of total population)
% of Internet users
% of total population
9%
18%
27%
39%
41%
53%
18%
30%
June 2000 January 2002 February 2005 September 2007
Note: persons who have ever done any banking online
Source: Pew Internet & American Life Project

And got comfortable with advanced online services.
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NOW

There are some new considerations.
www.flickr.com/photos/the_colmans/498188691

TEXT
CON

MOTIVATION
vs

SCREENSIZE

UTILIT
Y

Which means different things to different people.
http://www.flickr.com/photos/21795768@N05/3207476969

Transactional.

Location-based.

13 months after launch, they had 1 million mobile banking customers.

Over 100,000 users on peak high-usage days.

8 in 10 review transactions

8 in 10 review transactions
4 in 10 use their mobile phones
to move money or pay bills

Right.
Of course America’s #1
bank offers mobile
banking.
www.flickr.com/photos/22919290@N08/3328853599

Introducing Huntington. #25.

Mobile banking
launched on June 30th
2008 and within just 30
days they surpassed
9,784 unique users.
(Interactions/user):
2.75 Balance Requests
2.03 History Requests
0.27 Branch/ATM Location Inquiries
0.14 Transfers
0.05 Bill Payments
5.24 average interactions/user
Source: brandonmcgee.blogspot.com

Text banking
launched on
January 29th
2009 and
achieved 17,118
unique users in
just 30 days.
With the following interactions/user:
5.30 Balance Requests
0.50 History Requests
0.40 Service Requests
6.20 average interactions/user
Source: brandonmcgee.blogspot.com

Mobile
banking
isn’t
going
anywhere.

Either
you’ll
lead
the way…

Or risk becoming extinct.
“
Expect a growing polarization between leaders and laggards as
visionary financial institutions rise to the challenge of calamity
and move ahead of their weaker competitors.
- TowerGroup
www.marketresearch.com/product/display.asp?productid=2063442&xs=r