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Banking on The Future of Mobile.


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We were asked to give a mobile banking planning/education chat with some agency folk here in NYC. This is a version of that deck/convo.

"A growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors. Mobile represents a necessary step forward for all retail banks."

Banking on The Future of Mobile.

  2. Financial services worldwide are facing tough market conditions. 
  3. trust and loyalty
  4. demands and expectations
  5. “ 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”
  6. Attracting and retaining customers is no longer just about what banks offer…
  7. But how b anks offe r it.
  8. Because its innovate or die. 
  9. Mobile represents the future of banking services. US Mobile Banking Users (thousands) 2007 2008 400 3,100 Source: ABI Research
  10. 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
  11. So, what is mobile banking?
  12. Nope.
  13. 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
  14. It didn’t just happen.
  15. Remember when? 
  16. Next. 
  17. Then.
  18. o. There were secu rity questions then to
  19. 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
  20. And got comfortable with advanced online services. 
  21. NOW
  22. There are some new considerations. 
  23. TEXT CON
  26. UTILIT Y
  27. Which means different things to different people.
  28. Transactional.
  29. Location-based.
  30. 13 months after launch, they had 1 million mobile banking customers.
  31. Over 100,000 users on peak high-usage days.
  32. 8 in 10 review transactions
  33. 8 in 10 review transactions 4 in 10 use their mobile phones to move money or pay bills
  34. Right. Of course America’s #1 bank offers mobile banking. 
  35. Introducing Huntington. #25.
  36. 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:
  37. 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:
  38. Mobile banking isn’t going anywhere.
  39. Either you’ll lead the way…
  40. 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