BankMobile (joint presentation: "The Secret to Building The Uber Mobile Banking App")
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BankMobile's part of a joint presentation: "The Secret to Building The Uber Mobile Banking App" together with Jim Marous The Financial Brand) and Meaghan Johnson (Mapa Research) - BAI Retail Delivery 2015, Las Vegas NV.
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BankMobile (joint presentation: "The Secret to Building The Uber Mobile Banking App")
- 1. October 13 – 15 Las Vegas #retaildelivery Dan Armstrong Chief Digital Officer darmstrong@bankmobile.com +1.717.327.3475
- 2. Page 2 Mobile Banking in 2003
- 3. Page 3
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- 6. Page 6 • ~68 million Americans are unbanked or under-banked • Banks charge $32 billion in overdraft fees annually – with the bulk paid by middle-income Americans o That’s more than we spend on vegetables annually o That’s 3x more that what we spend on breast and lung cancer combined • Payday lenders charge consumers another $7 billion in fees annually • In 2014, for the first time, US customers interacted with their banks more through mobile devices than any other means .. including traditional online channels, ATMs, and branch visits • On average, customers visit bank branches 1-2 times per year vs. interacting with their bank 20-30 times/month on their mobile device Fast forward to 2015
- 7. Page 7 OUR MISSION: MAKE BANKING EFFORTLESS, FEE-FREE AND FINANICALLY EMPOWERING
- 8. Page 8 • No fees • Checking, Savings, Line of Credit, Joint Accounts, Fee Free Overdraft protection • Higher savings rates than the largest 4 banks (at least 0.25% APY higher rate, guaranteed) • Access to every ATM in the country for free • Free personal banker • Free financial advisor on-call • Open an account in less than 5 minutes on your phone BankMobile Features
- 9. Page 9 • Mobile-first banking and payments work, and are trusted by customers – young and old • Let customers decide what to use, and how to use it (#BYOB) • As virtual as we think you want to be, there’s no substitute for incredible customer service and talking to real people • It is possible to create financial tools, products and services that truly add value to customers’ lives, and that they enjoy using What We’ve Learned
- 10. Page 10 • Banks like virtualization: it reduces costs and churn, makes a nice marketing story • But for consumers: banking can be boring, or at times perfunctory • Can we truly change how people feel about banking? • Can the bank really be a meaningful and useful partner for a consumer?* We are only at the start of understanding the mobile channel. Challenge * just like bank advertisements promise