Mapa research insightseries2012-simple-brochure-feb13


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Mapa research insightseries2012-simple-brochure-feb13

  1. 1. © Mapawww.maparesearch.comDisruptors in Financial ServicesIs it that Simple?What can retail banks learn from the customer propositions ofdisruptors such as Simple, GoBank and Movenbank?January 2013
  2. 2. © Mapawww.maparesearch.comReport structure:Topics Covered1.Overview2. Top 10 features and learnings from Simplebased on our access to Simple’s secure customerareas3. Customer onboarding process: fromrequesting an invite to getting access to theservice.4-6. The customer experience : desktopservicing, mobile servicing and customercommunication.7.We look at GoBank and Movenbank servicesincluding the business model, customer valueproposition and features.8.Our conclusions..Find out what disruptor brands do differently,and decide on your responseObjective:The key objective of this research is to look at thenew online bank Simple ( formerly SimpleBank).In particular we will focus on• Their proposition and how it differs to traditionalretail banking• What problems Simple solve in the bankingspace• What Simple does well in its customeracquisition and serviceIn addition we provide insight to Movenbank andGoBank, being two other disruptor brands ,as acomparison, and to provide further examples.
  3. 3. © Mapawww.maparesearch.com10 reasons why I should read this report, now1. New Disruptor brands will arrive in your domestic markets sooner rather than later.2. Consumers are becoming less loyal and increasing the number of banks they use.3. Word of mouth is gaining influence. Customers are listening to each other more than their banks.4. Parameters significantly increasing loyalty are quality of service, fees and ease-of use.5. Consumers see digital banking services as one of the top priorities for banks to focus on.6. The brands we look at in the report are all heavily focused on design, user experience and buildingcustomer centric digital solutions.7. They have a much lower level of fixed costs in relation to retail banks, are agile organisations andthey are spurred on by each others developments.8. Now, more than ever before, traditional retail banks need to revisit their strategies choosing whereand how they want to compete.9. You can cherry pick their best ideas and features10. This really is a unique look at the real user experience of these new banks as they develop.
  4. 4. © Mapawww.maparesearch.comWe have included information on Simple, GoBank and Movenbank, as they are typical of the new breed of disruptorbrands. Key common themes are:•No fees and transparency•Customer centric development•Ease and convenience•Creating an ‘’un-banklike’’ environment•Digital onlyHowever, the key focus in the report is still on Simple as they are the most developed in terms of features andexisting customer base.
  5. 5. © Mapawww.maparesearch.comCustomer acquisition: Requesting an invitation3Customers are told to ‘get ready to leave your bank’ and request an invite to Simple. Invites wereencouraged before customers were able to join, with over 100,000 initial requests.Request an invitation by entering name and email addressEmail sent to customer informing them that they can now apply to join Simple.Email contains unique linkSee page 17Sample page from report
  6. 6. © Mapawww.maparesearch.comAs a way to for customers to get a deeper ,more visual understanding of their spend a ’Reports’ section was introducedAugust last year. The feature allows customers to search and view particular transaction activity as preferred. For example youcan search ’last 3 months’, ’under 200’, or ’restaurants’. Below the total spend over the last 3 months for a particular customeris displayed; at the top as a trend chart showing incomings, outgoings and total. Lower section highlights spend per category.Desktop servicing: View reports4 Sample page from report
  7. 7. © Mapawww.maparesearch.comMobile servicing: The Android app experience5Navigation and overview after login: After login customers arrive at the page to shown to the far left below. Thenavigation menu can be accessed by pressing the top left or by swiping sideways. The ’Safe-to-Spend’ section canbe expanded by pressing the blue and red bar.Landing page after login Navigation menu expanded ’Safe-to-Spend’ section expandedSample page from report
  8. 8. © Mapawww.maparesearch.com7Target market and the experience: As part of a webcast unveiling the service on 15th January, Steve Streit, CEO, pointed out that theirtarget market is anyone consumer having an iPhone or Android device and being dissatisfied with their current bank and the experiencethere.One clear trend we see within retail mobile banking is that more and more banks respond to customers need for having quick access totheir main account balance on the go. GoBank deliver just that through the slider feature highlighted below. An ATM finder featurewithin an app is today a hygiene feature. GoBank customers can locate their nearest ATM with just one tap of a button prominentlyprovided on the landing page. The ’Money Vault’ is an integrated bank account, where customers can easily put money away for savings.It only takes two taps to transfer money to / from the account. Some of the key features after login are highlighted on the next page.The registration processYou apply to become a customer straightaway within the app. As part of theprocess you directly set a personal imageto your debit card (if preferred).A live demonstration of parts of theregistration process can be found as partof the webcast mentioned earlier.Go to and scroll 27mins in to the broadcast.Features and the experienceFor a live demonstration of the keyfeatures of the app presented by SamAltman, EVP Mobile at Green Dot, pleasescroll 18 mins into the webcast (URL linkabove)By viewing this part of the webcast youwill also get insight to the thinking behindthe key features they have included.Start page - N.B Slider that reveals balance Landing page after loginOther disruptors: GoBank Sample page from report
  9. 9. © Mapawww.maparesearch.com1. Tablet Banking Report Series 3rd Edition2. Mobile Promotion: selling on mobile3. PFM Tools: worth the investment?4. Mobile User Experience. The Good the Badand the Ugly5. Security: managing the balance6. Mobile Apps: 10 non-core mobile bankingapps7. Mobile payments: Top 10 global innovations8. (Bank) Simple and new the disruptors1. Tablet Banking report series – 4th edition2. Digital innovations: selling within digitalbanking channels3. Mobile banking – state of the market 20134. The evolution of PFM and moneymanagement tools – 3rd edition5. Digital innovations: engaging and onboardingbusiness banking customers6. Tablet banking report series – 5th edition7. Digital banking security report – 2nd edition8. The evolution of point-of-sale mobile paymentservices – 2nd edition2012 Reports 2013 ReportsMapa Reports on the hottest topics in Digital Banking
  10. 10. © Mapawww.maparesearch.comAbout Mapa ResearchMapa 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 Handset WorkshopsThe best way to get in touch:Mark Pavan, +44 (0)20 7727 3130Edward Chatham, Managing +44 (0)7912 180 061