2013 Mobile Finance Trends and Innovations


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The 2013 Mobile Finance Trends and Innovations slide deck highlights the most interesting and important mobile finance trends from the first half of 2013. It draws on research from CI’s Mobile Monitor service and our ongoing tracking of the mobile finance space. The slide deck also includes commentary on relevant mobile developments outside of the financial services industry, key takeaways for financial services firms and thoughts on what’s next for mobile finance.

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2013 Mobile Finance Trends and Innovations

  2. 2. ABOUT CORPORATE INSIGHT Connect With Us Corporate Insight provides competitive intelligence and user experience research to the nation’s leading financial institutions. For over 20 years, the firm has tracked technological developments in the financial services industry, identifying best practices in online banking and investing, online insurance, mobile finance, active trading platforms, social media and other emerging areas. There are no assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing our clients with unparalleled, unbiased intelligence on the competition. Corporate Insight welcomes the opportunity to speak with the media. If you are interested in citing our research or would like to schedule an interview with one of our analysts, please contact Intermarket Communications at 212-888-6115 or corporateinsight@intermarket.com. Media Inquiries 2 DANIEL J. WIEGAND Senior Analyst, Mobile Research & Consulting 212-832-2002 x-118 dwiegand@corporateinsight.com BEN POUSTY Marketing Manager 212-832-2002 x-134 bpousty@corporateinsight.com
  3. 3. TABLE OF CONTENTS  Introduction  2013 Mobile Finance Trends and Innovations o Leveraging Smartphone Capabilities: Camera & Voice o Menu Design & Navigation Converging o Account Information Remains a Priority o Enhanced Investment Research… Especially on the iPad o The Future of the Mobile Wallet  Mobile Finance: 2013 and Beyond o Three Takeaways for Financial Services Firms o What’s Next?  Corporate Insight Thought Leadership  About the Author 3
  5. 5. Mobile finance has gone from practically nonexistent to ubiquitous in less than ten years. That time period has seen striking changes in mobile technology and its implementation by financial services firms. Devices such as the iPhone, iPad and Android smartphones have grown more powerful and gained a central role in consumers’ everyday lives. This makes it increasingly important for financial services firms to be able to reach clients on their preferred device and offer them new and innovative tools to manage their money. KEEPING UP WITH MOBILE FINANCE 5 INTRODUCTION This slide deck presents interesting and noteworthy mobile finance trends from the first half of 2013. It draws on research from CI’s ongoing tracking of the industry, as well as a few relevant developments outside of the financial services space. We conclude with key takeaways and our thoughts on what could be coming next for mobile finance.
  7. 7. LEVERAGING SMARTPHONE CAPABILITIES: CAMERA 7  USAA expedites account opening o Late 2012: Image of a blank check to pre-fill initial deposit information o April: Driver’s license photo to load personal information  U.S. Bank launches Mobile Photo Bill Pay in March o Firms continue to add standard bill pay as well – Discover Bank in January, E*TRADE in March, Merrill Lynch & Merrill Edge in May  Chase adds receipt capture to its Jot small business app in April o Similar to American Express’ ReceiptMatch launched in 2012 2013MOBILEFINANCETRENDSANDINNOVATIONS Chase Jot Receipt Capture
  8. 8. LEVERAGING SMARTPHONE CAPABILITIES: CAMERA 8  Mobile check deposit continues to proliferate o January: Added by Discover Bank o February: Scan and upload multiple checks through USAA Deposit@Mobile o June: Added by KeyBank  Mobile check deposit is currently available from 83% of the banks Corporate Insight tracks, as well as several investment firms 2013MOBILEFINANCETRENDSANDINNOVATIONS USAA Check Deposit
  9. 9. LEVERAGING SMARTPHONE CAPABILITIES: VOICE 9  E*TRADE has offered Nuance- powered voice recognition since April 2012  USAA starts a pilot “virtual mobile assistant” program in March, expands to all clients in April  Shortly after, GEICO adds Voice Assistance from “Lily”  IBM plans to offer phone, online and mobile customer service powered by its Watson supercomputer; early clients to include several international banks 2013MOBILEFINANCETRENDSANDINNOVATIONS USAA & GEICO Voice Commands
  10. 10. MENU DESIGN & NAVIGATION CONVERGING 10  Slide-out menus offer advantages that account for growing popularity • One-touch access to a long list of app screens and features without navigating away from the current page • Does not take up valuable screen space like static bottom icon menus • Familiar to users of other popular apps such as Facebook  Already used by Capital One, E*TRADE and Fidelity  Vanguard and Discover roll out new left- side menus to their apps in 2013  American Express uses a slightly different right-side design but essentially the same approach in its April iPhone app revamp 2013MOBILEFINANCETRENDSANDINNOVATIONS Vanguard & American Express Menus
  11. 11. ACCOUNT INFORMATION REMAINS A PRIORITY 11  New, robust aggregation and analysis tools o In April, Discover’s iPad app adds the Spend Analyzer o As part of a revamp in May, Merrill Lynch & Merrill Edge enhance graphs and extend aggregation to their iPhone apps o In May, Vanguard adds portfolio analysis 2013MOBILEFINANCETRENDSANDINNOVATIONS Discover Spend Analyzer Vanguard Portfolio Analysis
  12. 12. ACCOUNT INFORMATION REMAINS A PRIORITY 12  Deeper account history archives o From April to June, Capital One’s credit card history goes from 1 month to 45 days to 4 months o In April, ShareBuilder adds a 60-day transaction history to its smartphone apps o Also in April, American Express expands history from 1 to 6 months  Adding access to statements o March: Discover & Vanguard o May: American Express 2013MOBILEFINANCETRENDSANDINNOVATIONS American Express Search Transactions & Discover Statement
  13. 13. ENHANCED INVESTMENT RESEARCH… ESPECIALLY ON THE iPAD 13  New and improved mobile research capabilities o In late 2012, Fidelity introduces advanced interactive research tools for the iPad o E*TRADE’s revamped iPad app in February features a new Compare tool o Merrill Lynch publishes a research channel on the Flipboard app as of March o Charles Schwab adds a video Market Update in May o TD Ameritrade integrates myTrade investor community access in May 2013MOBILEFINANCETRENDSANDINNOVATIONS E*TRADE iPad App Compare Tool
  14. 14. 14  Asset management firms prioritize the iPad for advisor and client research use – often before mobile account access o John Hancock iDiversify app in May o JP Morgan Insights app in June o Firms including AllianceBernstein, Franklin Templeton, Invesco, Oppenheimer Funds & PIMCO introduced iPad apps in 2012 2013MOBILEFINANCETRENDSANDINNOVATIONS John Hancock iDiversify ENHANCED INVESTMENT RESEARCH… ESPECIALLY ON THE iPAD
  15. 15. THE FUTURE OF THE MOBILE WALLET 15  Most buzz comes from outside of the financial services industry, from tech, retail or startups o Google Wallet, Square and PayPal are expanding their offerings o Apple Passbook gradually improves capabilities with iOS 7  Mobile deals continue to grow among financial services firms o Discover Extras launches in March o USAA expands Shopping & Discounts option in April o American Express, Bank of America and Capital One have offered similar programs since 2012 2013MOBILEFINANCETRENDSANDINNOVATIONS Discover Extras and USAA Shopping & Discounts
  16. 16. MOBILE FINANCE: 2013 AND BEYOND 16
  17. 17. THREE TAKEAWAYS FOR FINANCIAL SERVICES FIRMS 17 1. Firms are finding new, innovative ways to use built-in smartphone capabilities such as a camera and microphone for tools that do not have an online equivalent 2. At the same time, they are working to improve their smartphone and tablet apps’ fundamental capabilities, specifically account information and market research 3. Mobile technology and design standards from outside of the industry have already made an impact on financial services firms’ mobile development, and bear watching for the future 2013ANDBEYOND
  18. 18. WHAT’S NEXT? 18  Increasing personalization for home displays, menus, etc.  More apps for Windows Mobile  Experimentation with responsive Web design 2013ANDBEYOND ShareBuilder iPad App Fidelity Windows Mobile App
  19. 19. CORPORATE INSIGHT THOUGHT LEADERSHIP Asset Management and Social Media: A Guide to Social Marketing This guide looks at how asset management firms use popular social media platforms such as LinkedIn, Twitter, Facebook, YouTube and Google+ to connect directly with investors and financial advisors. The guide is also available as a slide deck. The Millennial Opportunity Whitepaper This whitepaper examines the marketing tactics, strategies and online resources leading financial institutions are using to connect with Millennials. This is also available as a slide deck. Slide Deck: Apple iOS 7 Ideas for Financial Services Firms Apple iOS 7: Ideas for Financial Services Firms explains how firms can leverage the new features in iOS 7 to make their mobile apps more user-friendly. Mobile Infographic: Android vs. Apple Apps Across Financial Services Mobile Trend Infographic compares Android and Apple iOS app development across the financial services industry. 19
  20. 20. ABOUT THE AUTHOR Daniel J. Wiegand SENIOR ANALYST MOBILE RESEARCH AND CONSULTING Dan Wiegand leads Corporate Insight’s mobile finance research efforts and is the Senior Analyst for CI’s Mobile Monitor service. He has conducted extensive research on mobile finance with a focus on the mobile apps, platforms and capabilities leading financial services firms offer prospects and clients. Dan’s past work in the space includes the Money on the Move: Mobile Finance Review 2011 and 2012 Mobile Leaders reports that offer a comprehensive look at the mobile landscape. Dan has also authored a series of reports focusing on key mobile functionalities including iPad apps, account information, transaction capabilities, security and more. Dan graduated from Harvard University in 2006 and has been a member of the Corporate Insight team for the last seven years. He also works as a senior consultant and project manager on CI’s Consulting Services team. CONTACT DAN: T: 212-832-2002 x-118 E: dwiegand@corporateinsight.com 23