Mapa non-core banking apps report-brochure-nov12


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Mapa non-core banking apps report-brochure-nov12

  1. 1. © Mapawww.maparesearch.comOur promise:To provide research and insight services that makeyour job much easier10 non-core banking apps worth consideringPlus a shortlist of four reserves taken from outside FSNovember 2012
  2. 2. © Mapawww.maparesearch.comReport structure:A. Executive summary*B. Research approach*1. Ten examples* (29 pages)2. Shortlisted3. Conclusion* See subsequent pages for examples from this section.Topic:As part of on-going Mapa research in the mobile space we seethat banks are looking beyond core mobile banking apps toengage with both existing customers and prospects on mobiledevices. A range of techniques are being used.In our latest syndicated report, we take a look at some of thebest non-core banking initiatives in financial services, and take alook at other sectors, providing some thought-provoking ideasfor banks. Implementing these ideas will provide value for theircustomers, build loyalty and branding , and extend product andservice offerings.In the report we look in detail at 10 different non-core bankingapps plus a small number of initiatives taken from outside thebanking sector that could be relevant for a financial servicescompany.Methodology:For all examples we include quick facts, business cases, ourcommentary and analysis, and screenshots, as well asstatistics and other insight we have obtained (includingquotes and comments from the organisations behind theapp). The report comprises 42 pages.What are banks doing - beyond core mobile banking apps - to engage with bothexisting customers and prospects, using the app opportunity?Objective:The key objectives of the research was to:• Gain an understanding of what types of non-core bankingapps are available to customers, as well as non-customers.• Identify the business cases amongst selected apps of interest.• Investigate apps outside the banking sector, and see if anycould be applicable to a financial services company.• Provide evidence of success regarding the app initiativeshighlighted.
  3. 3. © Mapawww.maparesearch.comSee subsequent pages on what to expect from thereport:10 non-core banking apps worth considering
  4. 4. © Mapawww.maparesearch.comSummary of approachAs part of this report project we have researched:• Approximately 80 banks and financial services companies across the following countries:• 40 non-financial services companies, primarily in the Nordics, UK and USA. Sectors researched include hotel, retail, telecomand travel.• We have also reviewed documents held at Mapa such as previous syndicated reports, conference material and bookmarkednews stories captured as part of our ongoing monitoring of digital developments around the world.• Screenshots have been taken using live Mapa held consumer accounts. In some cases insight has also been provided by usingscreenshots available within the AppStore / Google Play.Research approach• Belgium• Denmark• France• Netherlands• Norway• Australia• Hong Kong• New Zealand• Singapore• USA• Spain• Sweden• Turkey• UKEurope: Outside Europe:Sample page from report
  5. 5. © Mapawww.maparesearch.comObjectivesThe objectives of the research was to:• Gain an understanding of what types of non-core banking apps areavailable to customers, as well as non-customers.• Identify the business cases amongst selected apps of interest.• Investigate apps outside the banking sector, and see if any could beapplicable to a financial services company.• Where possible, provide evidence of success regarding the app initiativeshighlighted.This report will feed into internal planning and decision making processes,providing both creative inspiration as well as a tool to strengthen businesscases.Chapters CoveredWe start off with a summary of our research process.In Chapter 1 we look in detail at 10 different non-core banking apps, includingquick facts, business cases, our commentary and analysis, and screenshots,as well as statistics and other insight we have obtained.Chapter 2 has examples that we have obtained as part of doing researchoutside the banking sector. For all the examples included in this chapter wesuggest why these could be relevant for a financial services company.In Chapter 3 we summarise the key findings and comment on the future.Executive SummaryEKey themesThroughout this research project a number of keythemes have emerged:• Housing and mortgage related apps are, by far,the most common approach by banks to extendtheir app offerings. This is also the app initiativeoutside core banking that we see providing thebest business case.• Loyalty schemes and deals create anotherappealing business case, particularly around theuse of GPS functionality and the option to redeemquickly and easily. This will be the new app battleground.• We anticipated that there would be a largenumber of app initiatives aimed at youths andstudents: considering them a digital savvygeneration that banks want to tie closer to theirbusiness. Currently few such initiatives exist.• Despite a huge worldwide search we have onlybeen able to find and include a small number ofnon-banking apps that we see as having potentialfor banks to build a case around.• Our conclusion: should banks just stick tobanking? Considering our scope and findings;banks, in most cases, seem to think so.Sample page from report
  6. 6. © Mapawww.maparesearch.comTen examples: Citi – ThankYou Rewards1Quick facts• Check your reward point balance• Browse a product catalogue from Best Buy stores• Redeem your points at Best Buy, checking out on your mobile• Purchases can be picked up in-store or deliveredBusiness caseThe Citi Rewards scheme is part of their central marketing strategy tobuild customer loyalty. It will drive profitable customer behaviour, includinggreater account acquisition, spend and fee revenue, and reduced attrition- all of which bring direct revenue for the bank. After only 5 years ofrunning the scheme, the Citi claimed 13 million customers, making it oneof the world’s largest loyalty schemes. Once the business case for therewards scheme itself is created, it naturally translates to the mobilechannel. With smartphone penetration in the USA at over 50% andnumerous mobile coupon and rewards sucess stories, a mobile version ofThankYou Rewards seems obvious. Increasing accesibility of the schemeincreases the value of the rewards points.Mapa commentsThankYou Rewards was one of the first bank lead apps to join up rewardpoints with a mobile commerce solution. Citi are perhaps the leadingexample of a bank letting customers unlock the value stored in their loyaltypoints. Citi points can also be viewed in the mobile banking app andshared among Facebook friends.Further insight and statistics:“It’s about giving our customers what they wanted,”said Ralph Andretta, executive vice president ofloyalty and new products at Citi.“We’re starting to see people actively engage withus on mobile,” Mr. Andretta said. “We’re veryexcited about the new mobile app.We’re also very excited to partner with Best Buy -they have depth and reach,” although Citi wouldconsider partnering with other retailers.As part of the app promotion any Citi ThankYoumember who downloads the app at the Best Buystore in Union Square, New York City from noon to9 P.M. will receive bonus ThankYou Rewardspoints.August 2011, Mobile Commerce
  7. 7. © Mapawww.maparesearch.com1Mapa comment:The integration of mobile devices with physicalcommerce is increasingly prevalent. Previously,customers may have only used their phones tocompare prices online, but now retailers areattempting to include mobile devices for shopping,checkout and loyalty. One new intitaitve comesfrom Sainsbury’s in the UK : can search, scan and redeem ThankYou Rewards at Best Buy. Customers can also see their rewards points in the mainmobile banking service. N.B. ThankYou rewards can also be shared on Facebook (see next page).ThankYou rewards app landing pageafter login (login with rewardsmember username and password)If at a Best Buy store, customers canscan in product barcodes to see howmany points they would need toredeem them.Customers can then purchase the product bychecking-out on their mobile phone. Afterreceiving a confirmation email, the customer canpick up their product in the store.Ten examples: Citi – ThankYou Rewards Sample page from report
  8. 8. © Mapawww.maparesearch.com1As part of the overall Citibank US Facebook page they have created a dedicated ThankYou Rewards app as part of which theypromote the different benefits that comes with the scheme including the option to transfer as well as a sharing points with others.Ten examples: Citi – ThankYou RewardsLink to page: page from report
  9. 9. © Mapawww.maparesearch.comA selection of reports to buy:1. Tablet Banking: 3rd Edition - Is it more than just the iPad?Published Jan 2012.2. Mobile Promotion: The report will cover a global review of howbanks use mobile banking as a tool for promoting /selling productsand also how mobile banking itself is promoted to customers.Published March 20123. PFM Tools: Is PFM worth the investment? (follow up to 1stedition PFM report ). Published June 2012.4. Mobile User Experience: We’ll look at the good, the bad and theugly of mobile banking interfaces. We’ll also be asking subscribersfor their input on what a killer experience should be. PublishedAugust 2012.5. Security: Successfully managing a delicate balance.Published October 2012.6. Mobile Apps: 10 non-core mobile banking applications worthyour time thinking about. Published November 2012.7. Mobile payments: Market review of point-of-sale initiativesincluding a deep dive in to the customer experience of a selection ofservices. Delivery December 2012.8. (Bank) Simple review: What are disruptor brands like Simpledoing that we (banks) could bring to our brand to improve ourcustomer experience?. Delivery December 2012The internet is still rapidly changing. Just when we thinkit can’t get better; it does. New ways of marketing, theimpact social and mobile, the change in consumerbehaviour; are all impacting the way online businessesare servicing their customers and converting new ones.Banks are also getting more innovative; launching cleverservices, embracing new technologies and engagingcustomers with stimulating and creative content. This isnot a single country story, it is an international story.With our reports we can keep you up to date and makesure you are not missing anything.More about our insight reports
  10. 10. © Mapawww.maparesearch.comOur ClientsOur services are focused on the relationship wehave with you. And its aimed at giving youinformation and support when you need it, andfor whatever you are working on.At Mapa, we realise that you have projects todeliver, business cases to write and people toeducate internally. Thats why we do the "keepingup to date for you".Well monitor the market and keep you up todate, well let you know what your competitorsare doing and well give you advice on what wethink you should be doing. See us as an extensionof your existing knowledge and expertise.
  11. 11. © Mapawww.maparesearch.comWe run real accountsOver the past 10 years Mapa have built aportfolio of real bank accounts that we manage.This gives our clients an insight that cannot berivaled.We only work in financial servicesWe have successfully delivered multinational /multi language consultancy projects for manyyears and our research includes banking ondesktops, mobile and tablets.We’re independentAcross our breadth of international clients ourcompetitor intelligence methodologies areaccepted as “the standard”. Our approachesreflect the best practices in current thinking.Ultimately, it is about people!At Mapa we are all passionate about helping ourcustomers gain a real competitive advantage inthe digital and mobile worlds. Understanding theproblems they face, delivering implementablesolutions and supporting them on an ongoingbasis.Putting that package on the table we dontbelieve there is anyone better placed to provideyou with local and international insights.What makes us different?
  12. 12. © Mapawww.maparesearch.comDid you miss the French coming?Make sure that you follow the news we share across social media, our Linked In group and ourown websiteSubscribe to our news RSS what we are saying on our Linked In Group:Digital Banking InnovationLook at what we are reading at our best way to get in touch:Mark Pavan, +44 (0)20 7727 3130Niklas Olsson, Report +46 (0)70 739 85 42Mapa specialise in digital and mobile retailFinancial Services research. We have a globalreach and are experts in our field. Competitor Analysis Competitor Dashboards Consultancy Services Insight Reports Workshops