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Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
Tc Bank Technology Innovation Indiana
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Tc Bank Technology Innovation Indiana

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  • Took two years for mySpace and LinkedIn other social networks to get popularIt took 38 years for radio to reach 50 million people. The internet got there in 5 years flat.”
  • Text alerts on balances, payments, etc.
  • Call your ATMA customer contacts the bank with a cell phone to withdraw money from the ATM. The bank initiates the transaction and the ATM spits out the cash, without a card being used, as soon as she arrives. Diebold has obtained several mobile banking patents over the past two years, one of which addresses the possibility for the consumer to \"call-ahead\" ATM deposits or withdrawals.  The new technologies covered by the patents will allow consumers to use mobile devices to locate and get directions to the nearest ATM, \"order\" cash withdrawals remotely, generate electronic checks to pay for goods or services, transmit wireless payments, and conduct other transactions more securely and conveniently.
  • Call your ATMA customer contacts the bank with a cell phone to withdraw money from the ATM. The bank initiates the transaction and the ATM spits out the cash, without a card being used, as soon as she arrives. Diebold has obtained several mobile banking patents over the past two years, one of which addresses the possibility for the consumer to \"call-ahead\" ATM deposits or withdrawals.  The new technologies covered by the patents will allow consumers to use mobile devices to locate and get directions to the nearest ATM, \"order\" cash withdrawals remotely, generate electronic checks to pay for goods or services, transmit wireless payments, and conduct other transactions more securely and conveniently.
  • Call your ATMA customer contacts the bank with a cell phone to withdraw money from the ATM. The bank initiates the transaction and the ATM spits out the cash, without a card being used, as soon as she arrives. Diebold has obtained several mobile banking patents over the past two years, one of which addresses the possibility for the consumer to \"call-ahead\" ATM deposits or withdrawals.  The new technologies covered by the patents will allow consumers to use mobile devices to locate and get directions to the nearest ATM, \"order\" cash withdrawals remotely, generate electronic checks to pay for goods or services, transmit wireless payments, and conduct other transactions more securely and conveniently.
  • Transcript

    • 1. You can download today’s presentation at http://www.plantemoran.com/Industries/FinancialInstitutions/Banks/ While crystal-ball gazing is never the best way to formulate business strategy, an understanding of present trends and future possibilities can help meet challenges. As banks change for the future, they need to prepare for a competitive marketplace by transforming processes and infrastructure, and most importantly, their thinking. The bank of the future must have a networked IT landscape, increased automation, niche products and better understanding of customer needs to succeed. plantemoran.com
    • 2. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Gen Y / Millennium Generation  Just beginning to enter the workplace, The Millennial Generation (or Gen Y) was born between 1977 and 1998. The 75 million members of this generation are being raised at the most child-centric time in our history. Perhaps it's because of the showers of attention and high expectations from parents that they display a great deal of self- confidence to the point of appearing cocky. As you might expect, this group is technically literate like no one else. Technology has always been part of their lives, whether it's computers and the Internet or cell phones  They are typically team-oriented, banding together to date and socialize rather than pairing off. They work well in groups, preferring this to individual endeavors. They're good multitaskers, having juggled sports, school, and social interests as children so expect them to work hard. plantemoran.com 1
    • 3. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Gen Y / Millennium Generation Banks’ most loyal customers are their oldest customers, while Gens Y and X are the retail banking customers of the future. They’re also the least loyal and hardest to please, according to a recent Maritz® Poll.  Generation Y-ers, the oldest of whom are just in their mid-20s, will soon become the banking industry’s most sought-after customers. But attracting these customers is a marketing puzzle since they combine a comfort with technology with a continued reliance on branches and in- person interaction.  As far as bankers are concerned, Generation Y isn't quite ready for prime time. But they will be in another decade or so, and therein lies the dilemma: how to attract and service a client base that has lots of potential, but currently does little to bolster the institution's profitability. plantemoran.com 2
    • 4. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING In 1998 Who Would Have . . .  …predicted that in 10 years, Google would be the fastest growing advertising media companies?  In 2007, the year-over-year growth of revenue on Google.com (US) — approximately $2 billion — was more than twice as much the growth of ad revenue in all of the next 5 offline media companies (i.e., Time Warner (TWX), Disney (DIS), Viacom (VIAB), CBS (CBS), and Clear Channel)  3rd Qtr 2008 - Google revenue up 18%: Google has posted a revenue of $5.70 billion for the stretch your minds on quarter ended December 31, 2008. In a time how current technology when many forms of traditional media such as will evolve … print are seeing a decline, Google is out performing many of its competitors . These results equate to an increase of 18% compared to the fourth quarter of 2007. plantemoran.com 3
    • 5. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Technology Innovation  We all know about mobile banking, but the future holds much more than Mobile Technology just checking balances and paying bills via mobile phones. Text Messaging Social Networks  How can we stretch our imagination to predict technology trends beyond Millennium Generation what we know now? Google  History shows us that the answer lies Apple in today’s technology trends and the Second Life users using it Data Security & ID Theft … or tracking your kids behaviors plantemoran.com 4
    • 6. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Innovation  It doesn’t happen as a single event. It is a collection of events, issues, needs, and opportunities.  Cash -> Checks -> Credit Cards -> eMoney  Mainframes -> PCs -> Servers -> Networks -> Internet -> Mobile  Messengers -> Letters -> Phones -> e-Mail -> Text Messaging  Increasing pace and rate of change  Adoption times are shrinking  Took 38 years for radio to reach 50million users, Intenet got there in 5 years, mySpace got there in two,.  Wild cards (i.e., Facebook)  Need vs. Emotion  Just meeting a need doesn’t guarantee success. Understanding a consumer’s passion, frustration, ease, etc., can improve your adoption rates  In the beginning, it might not have an economic value plantemoran.com 5
    • 7. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Trend 1: Mobile Banking  Mobile Phone Technology  By 2010, 35 percent of online banking households will be using mobile banking, up from less than 1 percent in 2007  40 percent of Generation Y indicates that mobile financial services will be a factor in their choice of bank. (source: Celnet)  Text Messaging  76% of tweens use instant messaging as their main method of staying in touch with friends online plantemoran.com 6
    • 8. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Mobile Technology – What’s Next  Coming Soon:  Payments / eWallet  Confirmation  Location marketing  Text Alerts  Text your account for balance, transaction history, due dates, etc. plantemoran.com 7
    • 9. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Mobile Technology – What’s Next  Stretch your mind:  Google Maps ATM / Branch locator plantemoran.com 8
    • 10. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Mobile Technology – What’s Next  Stretch your mind:  Patent 7,040,533 enables mobile devices to interact directly with an ATM and a bank system to allow a customer to order cash withdrawals from a mobile device.  Call your ATM  Patent 7,207,477 enables mobile devices to be used in a checkout or bank environment to make payments using secure electronic checks.  Patent 7,201,313 enables a bank network to receive wireless communications from a mobile device, including a customer's bank account number and account cash value. This patent defines how a wireless device can quot;communicatequot; with a bank network to dispense cash and assess a customer's account for the value of the cash dispensed.  Patent 7,150,393 enables bank ATMs to communicate with mobile devices through a cellular network or other wireless methods. This application could also allow two or more customers to simultaneously conduct transactions with an ATM.  Patent 7,025,256 enables a user of a wireless device to interact with an ATM by using the wireless device's display and keypad instead of the display and keypad on the ATM. plantemoran.com 9
    • 11. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Mobile Technology – What’s Next  Stretch your mind:  iPhone Apps going beyond mobile banking SplashMoney ($9.99) SplashData SplashMoney is another mobile checkbook that allows you to track different account types: checking, savings, credit card, cash, asset, liability, money market and line of credit. You can create a budget and track and analyze your spending with customizable reports and charts. plantemoran.com 10
    • 12. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Trend 2: Social Networking  Facebook / MySpace  Three times more credit unions have a Facebook site than banks  LinkedIn, Tagged, Plaxo  In October, MasterCard and Citizens Bank had 293,000 and 960,000 unique visitors respectively and received 3,700 and 4,300 referrals directly from LinkedIn respectively. plantemoran.com 11
    • 13. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Social Networks — What’s Next  Coming Soon:  Encourage employees to use LinkedIn & Facebook / mySpace  LinkedIn Bank profile  Start a Facebook account for your institution  Actively participate in your local community Facebook site plantemoran.com 12
    • 14. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Social Networks — What’s Next  Stretch your mind:  Facebook Banking  MyMoney is an innovative banking application built on Facebook for Credit Unions. Fiserv developed MyMoney to enable Facebook users When a member adds MyMoney™ to their to search for and join a credit union and Facebook page, their friends will be notified manage their funds via the familiar Facebook and given the opportunity to also join your interface.Using MyMoney, they can view credit union right then and there, giving you yet another way to reach this growing account balances, history and transfer funds audience. right from their Facebook profile, with multiple layers of security protecting their data and accounts. Developed to reach younger members and potential members where they spend time online. plantemoran.com 13
    • 15. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Social Networks — What’s Next  Stretch your mind:  Blogging  Verity Credit Union started blogging in late 2004  Wells Fargo Blogs Staci Schiller, Wells Fargo Education Financial Services: quot;Our goal is to serve customers when, where and how they want to be served. People get their information in many different ways, and social media offers us a new opportunity to have a dialogue with our customers, learn from them, and provide information and advice on topics that are important to them. We're reaching new audiences in a personal way when our team members share their thoughts and experiences on blogs.quot; plantemoran.com 14
    • 16. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Social Networks — What’s Next  Stretch your mind:  Twitter  Follow the bank / or key employees Twitter is a free social networking and micro- blogging service that enables its users to send and read other users' updates known as tweets. Tweets are text-based posts of up to 140 characters in length which are displayed on the user's profile page and delivered to other users who have subscribed to them (known as followers). Senders can restrict delivery to those in their circle of friends or, by default, allow anybody to access them. plantemoran.com 15
    • 17. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Social Networks — What’s Next  Stretch your mind:  Social lending  Social lending sites connect individual lenders and borrowers through a peer-to-peer network that is streamlined, efficient, legally formatted, profitable, and most importantly - helpful. Social lending sites provide an opportunity to reduce loan rates and loan costs for borrowers and provide a rate of return for lenders which may beat investment alternatives. plantemoran.com 16
    • 18. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Trend 3: Virtual Worlds  Second Life (abbreviated as SL) is a Virtual World developed by Linden Lab that launched on June 23, 2003 and is accessible via the Internet. A free client program called the Second Life Viewer enables its users, called Residents, to interact with each other through avatars. Residents can explore, meet other residents, socialize, participate in individual and group activities, and create and trade virtual property and services with one another, or travel throughout the world, which residents refer to as the grid. plantemoran.com 17
    • 19. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Virtual World— What’s Next  Stretch your mind:  Wells Fargo’s Stage Coach Island  Wells Fargo launched Stagecoach Island in 2006, originally within Second Life, and then spun it off on its own. It's a chance for Wells to give users a truly interactive experience with their brand and increase their relevance to Millenials, who may feel that banks don't understand them. plantemoran.com 18
    • 20. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Trend 4: Branch of the Future As customers take to online banking and banks opt for technology solutions, one might be forgiven for thinking that the branch is an endangered entity. Nothing could be farther from the truth. The branch will remain, albeit changed beyond recognition. The branch of the future will become a retail outlet, a ‘store’ as it were, offering a range of financial products and advisory services. While customers will increasingly bank online, the reassurance of face-to-face transactions is essential for certain customers and certain transactions. plantemoran.com 19
    • 21. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Umpqua Bank’s Approach Certainly the message you would get if you were to visit the Umpqua branch in Portland’s trendy Pearl District neighborhood seems only vaguely related to the mundane business of certificates of deposit, checking accounts and loans. With free wi-fi access, Umpqua brand coffee, a spacious seating area and flat-screen television monitors, the place has been designed to suggest a stylish hotel lobby where you’re tempted to hang out (and, perhaps, read a tastefully printed brochure about certificates of deposit, checking accounts and loans). This and other Umpqua branches also serve as the setting for things like sewing groups, yoga classes and movie nights. Actually, the word “branch” is not used in Umpqua’s official internal terminology: the bank operates 127 “stores” in Oregon, California and Washington. plantemoran.com 20
    • 22. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Umpqua Bank – In the neighborhood plantemoran.com 21
    • 23. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Umpqua Bank – Online Experience plantemoran.com 22
    • 24. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Umpqua Bank When Umpqua’s President and CEO first announced this program to his Board of Directors, there was resistance, so he guaranteed them fifteen million dollars in new deposits the first year. As he began to see the program evolve, he raised his guarantee to thirty million dollars. The first week the store was open, it generated a record one million dollars in deposits. Nine months into the first year, Umpqua’s new store had a record fifty million dollars in deposits. plantemoran.com 23
    • 25. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING Generation X / Y / Millenniums  Connecting with them:  Rates / Fees  Communication Methods  Rewards Program  Facebook / LinkedIn  Referral Fees – Facebook referral program  Text Messaging  Blogging  Location / Convenience  Internet Banking  Mobile Banking  Physical Location  Banking Counselor  Person they can call upon  Explain the various banking products  Education vs. Marketing  Branch Experience plantemoran.com 24
    • 26. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING What else . . . plantemoran.com 25
    • 27. TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING TECHNOLOGY TRENDS IN BANKING • TECHNOLOGY TRENDS IN BANKING BillMyParents…. The service is primarily designed for kids to shop online. They select what they want, then at checkout, redirect the bill to their parents via an email alert to PC or mobile phone. Parents login and complete the payment process at their convenience using MasterCard, Visa, or Discover Card plantemoran.com 26
    • 28. Thank You! Raj Patel, Partner Plante & Moran, PLLC Raj Patel, Partner 248.223.3428 raj.patel@plantemoran.com You can download today’s presentation at http://www.plantemoran.com/Industries/FinancialInstitutions/Banks/

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