Mobile banking 2012


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A look at trends in mobile banking and whether a mobile app or mobile website makes more sense.

Lots of data from the Federal Reserve's March 2012 study.

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Mobile banking 2012

  1. Copyright 2012 McLellan Marketing Group • All Rights Reserved
  2. Ready or not… here it comes! Drew McLellan
  3. In 1983, the first commercial wireless call was placed with a Motorola DynaTac.It cost $3,995, weighed over 2.5 pounds, and was 10 inches tall (before the antenna).
  4. We’ve come a long way!
  5. Are we typical?
  6. Mobile phone?87% of Americans do. Federal Reserve study 2012
  7. Smart phone?44% of Americans do. Federal Reserve study 2012
  8. Accessed the web with your smart phone this week?84% of smart phone owners did. Federal Reserve study 2012
  9. In 2011, more smart phonesand tablets were sold than PCs
  10. Faster growth than anyother computing platform
  11. Consumers arebeing taught thattheir phone is $.
  12. Your customers’ realityI am offered choices.I am able to access information 24/7.Convenience and time are my currencies of choice.My loyalty is slow to take seed, easy to uproot.I am in control.
  13. What does that mean for banks and credit unions?
  14. I can do anything I need to do from my phone…including my banking
  15. What is mobile banking? 1. Text messages 2. Mobile optimized site 3. Mobile app
  16. What does that mean for us? 21% of mobile users have used mobile banking in the past 12 months. Federal Reserve study 2012
  17. What does that mean for us? 11% of those who haven’t used mobile banking yet, will do so in next 12 months. Federal Reserve study 2012
  18. Who is using it? Federal Reserve study 2012
  19. Who is using it? Federal Reserve study 2012
  20. Most common uses? Federal Reserve study 2012
  21. Adoption rates It took 10 years to get 40% of customers to use online banking
  22. Adoption ratesIn first 90 days of launching anapp, reports of 10-13% adoption.
  23. Surprising possibilities Capturing the underbanked and unbanked. Federal Reserve study 2012
  24. Surprising possibilities Minorities Lower income Younger CRA? Federal Reserve study 2012
  25. New revenue? Federal Reserve study 2012
  26. Today’s customer 20% of FI customers have used mobile banking. Another 20% say they will be the end of 2012.
  27. Today’s customer Almost 60% of large- bank customers in a recent survey said the availability of mobile services was a reason they had switched financial institutions. Federal Reserve study 2012
  28. Around the corner By 2015, 50% of all financial institution customers will be mobile banking customers. Yours?
  29. Native App or Mobile Website?
  30. Native App or Mobile Website? Native App Mobile WebDownload to your phone Access via browser Interactive interface Static, navigational interface Touch optimized Click and keypad Available offline* Must be online
  31. Text Messages
  32. Mobile Web
  33. Mobile App
  34. Advantages/DisadvantagesCompatibility/Cost• Mobile websites work across platforms and devices• Mobile apps only work for their specific operating system
  35. Advantages/Disadvantages
  36. Advantages/DisadvantagesAvailability• Mobile websites are instantly available• Mobile apps must be downloaded and installedUpgrade• Mobile websites can be upgraded quickly & easily, it’s active instantly• Mobile app upgrades have to be coded into the app and then theyhave to be downloaded and installed by the user
  37. Advantages/DisadvantagesSustainability• Mobile websites are easy to support & add new content• Mobile apps can be costly to fix bugs and to enhance features
  38. Advantages/DisadvantagesLife Cycle• Mobile websites are accessible to all users for as long as the Web isup• Mobile apps are accessible for as long as the user keeps the samephone or re-downloads app to new phone
  39. Eventually, you’ll need both smartphone-users-account-38-mobile-phone-users/
  40. What should you do today?
  41. What should you do today? (internally & externally)
  42. What should you do today?
  43. What should you do today?
  44. What should you do today?
  45. There’s no going back
  46. But thiscustomer sticks!
  47. Meet Drew McLellan • 25 year agency veteran • Top Dog at McLellan Marketing Group since 1995 • One of AdAge’s top Marketing & Branding Blogger ( • Author 99.3 Random Acts of Marketing • Co-editor of the Age of Communication book series with Gavin Heaton • Speaks 50+ times a year at conferences/workshops etc. • The Wall Street Journal calls him “one of the 10 bloggers that every entrepreneur should read.”
  48. drew@mclellanmarketing.comCopyright 2012 McLellan Marketing Group • All Rights Reserved