Digital trends in the financial services industry are driving changes in how consumers access and use financial services. Consumers are increasingly using online and mobile channels, adopting a multi-channel approach. This has led financial institutions to focus on digital innovation, personalization, convenience, and self-service options. Emerging technologies like mobile payments and digital wallets are also transforming how consumers pay for goods and services. Peer-to-peer lending and crowdfunding are becoming alternatives to traditional lending models. Social media is also playing a larger role through features like social investing and group payments.
The high rate of technology penetration is affecting the state of financial services:
• Collaboration economy – driven by social media
• On the go behavior – driven by intensive lifestyles and the rise of mobile technology
• Convenience seeking – driven by connectivity (“the internet of things” and wearable technology)
Time spent on social networking by internet users worldwide is on the rise, causing more sharing and peer to peer behaviors resulting in the “collaboration economy”.
Global Mobile penetration continues to rise, giving birth to more on the go/ mobile financial solutions. Rising penetration of Wearable Technology offers opportunities for companies.
In the EU, online banking adoption rates are 49% in the EU, and in other countries, USA included, penetration surpassed 50%.
We expect Mobile financial services to grow at an accelerated rate, due to the increase in solutions offered through mobile devices as well as younger demographics demand for ultra-convenient solutions. According to the Federal Reserve, in the USA, use of mobile banking continues to rise but is yet to reach the rates of online banking: 43% of all mobile phone owners, and 53% of all smartphone owners with a bank account, had used mobile banking in the 12 months prior to the survey, compared to 71% who used online banking on a desktop, laptop or tablet computer in the same period.
A “Mobile First” strategy is more important than ever. It requires more than merely transferring a general e-commerce experience into a mobile format as it is more instant and local, and it enables leveraging of the mobile device’s features, such as the camera. Proximity, personalization and loyalty are the three key themes for mobile in 2018.
In 2019, financial institutions are getting more and more comfortable with digital technologies, digitizing processes, embracing big data and AI, and adopting new delivery methods beyond mobile to satisfy customer demand.
Although many of these technologies are not new, they dominate how the financial sector operates and grows in 2019. Add them to an already existing suite of platforms and technologies that either evolve or are replaced with new, more sophisticated solutions based on AI and machine learning. Beyond tech, all the trends of the year are customer-centric – the use of AI and chatbots, e-wallets, big data, and open banking are all meant to improve and personalize services to satisfy customer demands and expectations. As technologies continue to evolve, the trends of the year will replace outdated strategies and eventually lead to even more progressive solutions for the modern consumer
Digital Trends in the Financial Services IndustryKL Daly
Reviewing trends in the financial services, this presentation looks at how brand repositioning, digital optimization, digital analysis and customer relationships can be used to help the financial services industry overcome disruption and set themselves up for success in the future.
2016 Continues to reflect the enormous role of Big Data in digital marketing. Wisely used, Big Data can tell us almost everything about our consumers – who they are, what their interests are, what they are interested in buying / doing / drinking etc., where they are and who they are with.
Furthermore, despite consumers' need in protecting their privacy, they are willing to give away details that will help companies personalize better to their personal benefit (for example through personalized discounts, personalized offers etc.).
In order to succeed doing so, companies need to use Big Data by first recognizing the questions they would like to answer; then, gathering the information; and finally, analyzing it.
In 2016, more than ever, simultaneously is the key word – 79% of consumers (and 90% of Millennials) switch devices during a single online activity, according to Get Personal report by Adobe; The usage of applications and social media for messaging continues to grow, creating "data exclusives" who rarely use their mobile for voice calls; and applications of familiar technologies are expanding to new areas (such as location-based technologies which in addition to marketing are also used for business operations, customer services and more).
The global market for self service is experiencing growth, and research companies predict it will keep growing in the next few years. The main reason for growth is that self service can benefit both customers and companies.
Companies that deliver online self service are able to minimize costs (as long as service is provided efficiently) and benefit from increased customer satisfaction, customer loyalty, lifetime value and advocacy.
in terms of customer satisfaction, there is a clear preference for digital and multi-channel service. However, poor self service can cause the customer to abandon the channel. For organizations, self- service saves costs as long as the service is provided correctly and the information is synchronized between the different channels. Today, customer satisfaction is still very high when a live representative is involved, but our assessment is that in the near future, the picture may change following the entry of innovative tools that enhance the service experience significantly. We expect robots (or “bots”) to become the next preferred channel for self service, with the accumulation of data, which enables a better automatic service than ever before.
As the immediacy of receiving the products you need becomes a non-issue in e-commerce due to increasingly smart logistics, the main challenge left is the desire to try or feel the products first. This might be the simplest explanation for the rise of omni-channel, where the online, mobile or social channels, and brick & mortar stores, are mixed into a seamless shopping experience, each leveraging its own virtues and supporting the other channels at the same time. E-commerce is not, nor has it ever been, merely a ͞sales channel͟, and companies have adapted to this notion. ͞Don’t think of e-commerce as a channel. It’s a way for consumers to research, to buy, to experience brands and then, ultimately, to have them have fulfilled͟, says Coca-Cola North America’s EVP Sandy Douglas. E-commerce, therefore, is becoming a component of omni-channel commerce. Brick & mortar competitors establish digital presence, and previously pure-play digital competitors establish a physical presence. Recent acquisitions have established the market’s dynamics even further – e.g., Amazon’s acquisition of Whole Foods Market, and Walmart’s acquisition of Jet.com and Bonobos. More retailers today use stores as display spaces that support the need to try out and try on prior to purchasing online.
The high rate of technology penetration is affecting the state of financial services:
• Collaboration economy – driven by social media
• On the go behavior – driven by intensive lifestyles and the rise of mobile technology
• Convenience seeking – driven by connectivity (“the internet of things” and wearable technology)
Time spent on social networking by internet users worldwide is on the rise, causing more sharing and peer to peer behaviors resulting in the “collaboration economy”.
Global Mobile penetration continues to rise, giving birth to more on the go/ mobile financial solutions. Rising penetration of Wearable Technology offers opportunities for companies.
In the EU, online banking adoption rates are 49% in the EU, and in other countries, USA included, penetration surpassed 50%.
We expect Mobile financial services to grow at an accelerated rate, due to the increase in solutions offered through mobile devices as well as younger demographics demand for ultra-convenient solutions. According to the Federal Reserve, in the USA, use of mobile banking continues to rise but is yet to reach the rates of online banking: 43% of all mobile phone owners, and 53% of all smartphone owners with a bank account, had used mobile banking in the 12 months prior to the survey, compared to 71% who used online banking on a desktop, laptop or tablet computer in the same period.
A “Mobile First” strategy is more important than ever. It requires more than merely transferring a general e-commerce experience into a mobile format as it is more instant and local, and it enables leveraging of the mobile device’s features, such as the camera. Proximity, personalization and loyalty are the three key themes for mobile in 2018.
In 2019, financial institutions are getting more and more comfortable with digital technologies, digitizing processes, embracing big data and AI, and adopting new delivery methods beyond mobile to satisfy customer demand.
Although many of these technologies are not new, they dominate how the financial sector operates and grows in 2019. Add them to an already existing suite of platforms and technologies that either evolve or are replaced with new, more sophisticated solutions based on AI and machine learning. Beyond tech, all the trends of the year are customer-centric – the use of AI and chatbots, e-wallets, big data, and open banking are all meant to improve and personalize services to satisfy customer demands and expectations. As technologies continue to evolve, the trends of the year will replace outdated strategies and eventually lead to even more progressive solutions for the modern consumer
Digital Trends in the Financial Services IndustryKL Daly
Reviewing trends in the financial services, this presentation looks at how brand repositioning, digital optimization, digital analysis and customer relationships can be used to help the financial services industry overcome disruption and set themselves up for success in the future.
2016 Continues to reflect the enormous role of Big Data in digital marketing. Wisely used, Big Data can tell us almost everything about our consumers – who they are, what their interests are, what they are interested in buying / doing / drinking etc., where they are and who they are with.
Furthermore, despite consumers' need in protecting their privacy, they are willing to give away details that will help companies personalize better to their personal benefit (for example through personalized discounts, personalized offers etc.).
In order to succeed doing so, companies need to use Big Data by first recognizing the questions they would like to answer; then, gathering the information; and finally, analyzing it.
In 2016, more than ever, simultaneously is the key word – 79% of consumers (and 90% of Millennials) switch devices during a single online activity, according to Get Personal report by Adobe; The usage of applications and social media for messaging continues to grow, creating "data exclusives" who rarely use their mobile for voice calls; and applications of familiar technologies are expanding to new areas (such as location-based technologies which in addition to marketing are also used for business operations, customer services and more).
The global market for self service is experiencing growth, and research companies predict it will keep growing in the next few years. The main reason for growth is that self service can benefit both customers and companies.
Companies that deliver online self service are able to minimize costs (as long as service is provided efficiently) and benefit from increased customer satisfaction, customer loyalty, lifetime value and advocacy.
in terms of customer satisfaction, there is a clear preference for digital and multi-channel service. However, poor self service can cause the customer to abandon the channel. For organizations, self- service saves costs as long as the service is provided correctly and the information is synchronized between the different channels. Today, customer satisfaction is still very high when a live representative is involved, but our assessment is that in the near future, the picture may change following the entry of innovative tools that enhance the service experience significantly. We expect robots (or “bots”) to become the next preferred channel for self service, with the accumulation of data, which enables a better automatic service than ever before.
As the immediacy of receiving the products you need becomes a non-issue in e-commerce due to increasingly smart logistics, the main challenge left is the desire to try or feel the products first. This might be the simplest explanation for the rise of omni-channel, where the online, mobile or social channels, and brick & mortar stores, are mixed into a seamless shopping experience, each leveraging its own virtues and supporting the other channels at the same time. E-commerce is not, nor has it ever been, merely a ͞sales channel͟, and companies have adapted to this notion. ͞Don’t think of e-commerce as a channel. It’s a way for consumers to research, to buy, to experience brands and then, ultimately, to have them have fulfilled͟, says Coca-Cola North America’s EVP Sandy Douglas. E-commerce, therefore, is becoming a component of omni-channel commerce. Brick & mortar competitors establish digital presence, and previously pure-play digital competitors establish a physical presence. Recent acquisitions have established the market’s dynamics even further – e.g., Amazon’s acquisition of Whole Foods Market, and Walmart’s acquisition of Jet.com and Bonobos. More retailers today use stores as display spaces that support the need to try out and try on prior to purchasing online.
Consumers are becoming increasingly dependent on mobile technology. Consumers not only own more mobile devices, but they also use them more often for an increasing number of tasks.
Marketers are searching for ways to grasp opportunities stemming from the extraordinary mobile penetration and usage patterns. Mobile devices provide easier ways for marketers to provide added-values to the consumer and shopper, making their lives easier.
The following presentation discusses several trends and enablers, mainly:Emerging Devices & Technologies, Consumer added values from mobile,Mobile Marketing Best Practices such as apps, gaming, content, commerce etc.
Social Media is being integrated into every aspect of the consumer journey including pre-purchase research, the actual purchase, post-sale and loyalty. This research examines trends and innovations in social media, and provides case studies demonstrating the leveraging of the different social platforms.
The Art of Banking: How to Accelerate Your Customer JourneyAppian
Commercial bankers operate in a highly complex
environment. With a digital platform, bankers can take
advantage of immediate on-boarding improvements
and advance their digital transformation strategy to win
the customer at digital speed.
Learn even more about accelerating you customer journeys in this in-depth blog: http://ap.pn/2eYQQTo
The e-commerce purchase journey is complex, and it can expand offline. Here, omnichannel is the only strategy that makes sense as it fosters interaction between retailers and shoppers across all channels, from storefronts to smart devices and desktops, through emails, call centers, smartphone applications, and even smart TVs.
The Chinese e-commerce model is a powerful example of what is possible to achieve with the right mobile-branding-customer service combination. China also serves as an example of how using big data and AI can boost sales and revenues.
This deck shows how customer (self-)service can be re-imagined through messaging/texting, and how context continuity can be maintained atop of the explosion of available customer care channels.
The following presentation examines trends and best practices in Self Service, with respect to consumer trends, company strategies, tools and best practices in various industries.
We have reviewed the following types of Self Services:
Unassisted Self Service - where a customer can complete a transaction / receive the support he/she needs without requiring a human agent’s assistance at all. For example: online booking and ordering, online fund transferring, etc.
Assisted Self Service - where the customer can access the service at his/her own terms, but does require a human agent on the other side, for example: video tellers / conference calls, live chats with a live agent, email / SMS to an agent, etc.
The “Internet of Things” , IoT, is one of the most discussed trends today, affecting virtually any industry.It enables us to personalize, customize and remote-control virtually any aspect of our lives.
This presentation aims to explore:
what is IoT?
where is the trend headed?
How can industries such as hospitality, financial services and insurance, automotive, and others, use IoT?
What is the added value for the consumer?
Amazon might be the number 1 distributor of the last decade, re-inventing industries through Ecommerce, through a strategic focus on the customer. This report examines some of the tactics used by Amazon across industries.
Banking Disruption in Financial Services: Threats and OpportunitiesDogTelligent
There are three forces shaping the future of banking. Technology innovation is the first. For most traditional financial institutions -- banks and credit unions -- technology innovation is a weakness; instead, they rely on third-party firms ranging from established core providers to startups to provide them with a mix of products that they repackage and resell to their customers. Demographics is the second force. Millennials now account for 25% of the US population with 80 million and growing. The third force is the emergence of new business models on the one hand driven by Millennial demand and communication preferences, and on the other, enabled by new technologies as they are invented.
The report examines data from multiple sources and suggests potential defenses for institutions to fend off competitive threats from technology, retail, and telecom firms that are gaining traction in the payments and banking arenas.
Taking friction out of banking white paper - UKNils Mork-Ulnes
In our white paper, ‘Taking the friction out of banking’ we research the threat from disruptive FinTech start-ups and look into designing for banking innovation with a focus on improving the digital experience for increasingly digitally-focused consumers.
Software is having an impact on everyone’s lives and we’re fascinated by its effect on user behavior. Building on our existing financial sector expertise, Beyond wanted to fully understand how people’s behavior is changing in one of the world’s oldest industries and what this change means for the future design of products and services in banking.
Taking friction out of banking white paper - USNils Mork-Ulnes
In our white paper, ‘Taking the friction out of banking’ we research the threat from disruptive FinTech start-ups and look into designing for banking innovation with a focus on improving the digital experience for increasingly digitally-focused consumers.
Facebook-BCG Report on the impact of digital in the Financial Services IndustrySocial Samosa
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ‘digital Indians’
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
Software is having an impact on everyone’s lives and we’re fascinated by its effect on user behavior. Building on our existing financial sector expertise, Beyond wanted to fully understand how people’s behavior is changing in one of the world’s oldest industries and what this change means for the future design of products and services in banking.
Today’s retail environment is highly influenced by new digital models which are becoming more mainstream, as consumers enjoy higher internet penetration and seek more convenience and value, as well as choice, personalized offers, and great service.
This presentation demonstrates the most prominent trends in the e-commerce industry. This is an Executive Summary version of the presentation. To view the entire presentation, please contact Carmelon Digital Marketing.
The Future of Bank Branches Coordinating Physical with DigitalCapgemini
Digital Technologies will Accelerate Branch Transformation, Not Make Them Extinct
Retail banking is evolving at an accelerated pace. Globally, banks are facing disruptions from multiple directions. Business and economic realities have reduced the total number of US bank branches by 3,000 between 2009 and 2012 - a decrease of 3% over the 3-year period. In Spain alone, banks have closed 5,000 branches or 12% of their overall capacity since the financial crisis began in 2008, lowering the total branch count to approximately 40,000 in 2012.
That is not all. Digital technologies have also brought a significant shift in consumer banking behavior. The percentage of US banking customers who prefer to bank online jumped to 62% in 2011, up from 36% the previous year. Today, four of the top five transactional banking activities in North America – bill pay, viewing balances/transactions, viewing statements and money transfer – are happening online.
This brings us to the key question of this paper: do brick-and-mortar branches have a role to play in the future of retail banking?
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Smarter Commerce: Transforming for a Customer Centric WorldInternetEvolution
In this paper, we first look at how and why technology trends are radically transforming customer expectations and the commerce cycle. Second, we examine what this sea change means for businesses, and how companies
Smarter Commerce: Transforming for a Customer-Centric World
need to adapt their mind-sets and operations to create a more virtuous customer experience cycle. Finally, we provide an overview of IBM’s Smarter Commerce initiative, focusing on its solutions to help midsize companies
market and sell. Throughout the paper, we reference specific examples of midsize companies that are using
Smarter Commerce solutions today to more easily determine and deliver what customers really want—
through more effective customer interactions, better information and insights, and improved processes.
This presentation examines trends and innovations in financial services (focusing on banking, insurance, credit cards).
In the last few years, the financial services industry has undergone a digital evolution. Now, it is time for a digital revolution, due to growing disruptive "Fintech" start ups and their innovative models.
Digital Marketing Strategies for Financial ServicesBackbase
Presentation by Jim Marous and Jay Dillemuth in the Backbase webinar on Digital Marketing Strategies for Financial Services.
The rise in digital technologies is transforming how bank marketers can reach, engage and deliver value to their customers. With a proliferation of media channels, financial marketers must understand these new digital tools and be in a position to implement digital strategies that add value to the marketing mix and integrate with already established marketing and business practices.
This webinar will discuss several digital marketing strategies that are being successfully used by financial organizations to reach digitally savvy audiences. Tools will be presented along with examples of ways to gain a competitive advantage online
Consumers are becoming increasingly dependent on mobile technology. Consumers not only own more mobile devices, but they also use them more often for an increasing number of tasks.
Marketers are searching for ways to grasp opportunities stemming from the extraordinary mobile penetration and usage patterns. Mobile devices provide easier ways for marketers to provide added-values to the consumer and shopper, making their lives easier.
The following presentation discusses several trends and enablers, mainly:Emerging Devices & Technologies, Consumer added values from mobile,Mobile Marketing Best Practices such as apps, gaming, content, commerce etc.
Social Media is being integrated into every aspect of the consumer journey including pre-purchase research, the actual purchase, post-sale and loyalty. This research examines trends and innovations in social media, and provides case studies demonstrating the leveraging of the different social platforms.
The Art of Banking: How to Accelerate Your Customer JourneyAppian
Commercial bankers operate in a highly complex
environment. With a digital platform, bankers can take
advantage of immediate on-boarding improvements
and advance their digital transformation strategy to win
the customer at digital speed.
Learn even more about accelerating you customer journeys in this in-depth blog: http://ap.pn/2eYQQTo
The e-commerce purchase journey is complex, and it can expand offline. Here, omnichannel is the only strategy that makes sense as it fosters interaction between retailers and shoppers across all channels, from storefronts to smart devices and desktops, through emails, call centers, smartphone applications, and even smart TVs.
The Chinese e-commerce model is a powerful example of what is possible to achieve with the right mobile-branding-customer service combination. China also serves as an example of how using big data and AI can boost sales and revenues.
This deck shows how customer (self-)service can be re-imagined through messaging/texting, and how context continuity can be maintained atop of the explosion of available customer care channels.
The following presentation examines trends and best practices in Self Service, with respect to consumer trends, company strategies, tools and best practices in various industries.
We have reviewed the following types of Self Services:
Unassisted Self Service - where a customer can complete a transaction / receive the support he/she needs without requiring a human agent’s assistance at all. For example: online booking and ordering, online fund transferring, etc.
Assisted Self Service - where the customer can access the service at his/her own terms, but does require a human agent on the other side, for example: video tellers / conference calls, live chats with a live agent, email / SMS to an agent, etc.
The “Internet of Things” , IoT, is one of the most discussed trends today, affecting virtually any industry.It enables us to personalize, customize and remote-control virtually any aspect of our lives.
This presentation aims to explore:
what is IoT?
where is the trend headed?
How can industries such as hospitality, financial services and insurance, automotive, and others, use IoT?
What is the added value for the consumer?
Amazon might be the number 1 distributor of the last decade, re-inventing industries through Ecommerce, through a strategic focus on the customer. This report examines some of the tactics used by Amazon across industries.
Banking Disruption in Financial Services: Threats and OpportunitiesDogTelligent
There are three forces shaping the future of banking. Technology innovation is the first. For most traditional financial institutions -- banks and credit unions -- technology innovation is a weakness; instead, they rely on third-party firms ranging from established core providers to startups to provide them with a mix of products that they repackage and resell to their customers. Demographics is the second force. Millennials now account for 25% of the US population with 80 million and growing. The third force is the emergence of new business models on the one hand driven by Millennial demand and communication preferences, and on the other, enabled by new technologies as they are invented.
The report examines data from multiple sources and suggests potential defenses for institutions to fend off competitive threats from technology, retail, and telecom firms that are gaining traction in the payments and banking arenas.
Taking friction out of banking white paper - UKNils Mork-Ulnes
In our white paper, ‘Taking the friction out of banking’ we research the threat from disruptive FinTech start-ups and look into designing for banking innovation with a focus on improving the digital experience for increasingly digitally-focused consumers.
Software is having an impact on everyone’s lives and we’re fascinated by its effect on user behavior. Building on our existing financial sector expertise, Beyond wanted to fully understand how people’s behavior is changing in one of the world’s oldest industries and what this change means for the future design of products and services in banking.
Taking friction out of banking white paper - USNils Mork-Ulnes
In our white paper, ‘Taking the friction out of banking’ we research the threat from disruptive FinTech start-ups and look into designing for banking innovation with a focus on improving the digital experience for increasingly digitally-focused consumers.
Facebook-BCG Report on the impact of digital in the Financial Services IndustrySocial Samosa
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ‘digital Indians’
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
Software is having an impact on everyone’s lives and we’re fascinated by its effect on user behavior. Building on our existing financial sector expertise, Beyond wanted to fully understand how people’s behavior is changing in one of the world’s oldest industries and what this change means for the future design of products and services in banking.
Today’s retail environment is highly influenced by new digital models which are becoming more mainstream, as consumers enjoy higher internet penetration and seek more convenience and value, as well as choice, personalized offers, and great service.
This presentation demonstrates the most prominent trends in the e-commerce industry. This is an Executive Summary version of the presentation. To view the entire presentation, please contact Carmelon Digital Marketing.
The Future of Bank Branches Coordinating Physical with DigitalCapgemini
Digital Technologies will Accelerate Branch Transformation, Not Make Them Extinct
Retail banking is evolving at an accelerated pace. Globally, banks are facing disruptions from multiple directions. Business and economic realities have reduced the total number of US bank branches by 3,000 between 2009 and 2012 - a decrease of 3% over the 3-year period. In Spain alone, banks have closed 5,000 branches or 12% of their overall capacity since the financial crisis began in 2008, lowering the total branch count to approximately 40,000 in 2012.
That is not all. Digital technologies have also brought a significant shift in consumer banking behavior. The percentage of US banking customers who prefer to bank online jumped to 62% in 2011, up from 36% the previous year. Today, four of the top five transactional banking activities in North America – bill pay, viewing balances/transactions, viewing statements and money transfer – are happening online.
This brings us to the key question of this paper: do brick-and-mortar branches have a role to play in the future of retail banking?
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Smarter Commerce: Transforming for a Customer Centric WorldInternetEvolution
In this paper, we first look at how and why technology trends are radically transforming customer expectations and the commerce cycle. Second, we examine what this sea change means for businesses, and how companies
Smarter Commerce: Transforming for a Customer-Centric World
need to adapt their mind-sets and operations to create a more virtuous customer experience cycle. Finally, we provide an overview of IBM’s Smarter Commerce initiative, focusing on its solutions to help midsize companies
market and sell. Throughout the paper, we reference specific examples of midsize companies that are using
Smarter Commerce solutions today to more easily determine and deliver what customers really want—
through more effective customer interactions, better information and insights, and improved processes.
This presentation examines trends and innovations in financial services (focusing on banking, insurance, credit cards).
In the last few years, the financial services industry has undergone a digital evolution. Now, it is time for a digital revolution, due to growing disruptive "Fintech" start ups and their innovative models.
Digital Marketing Strategies for Financial ServicesBackbase
Presentation by Jim Marous and Jay Dillemuth in the Backbase webinar on Digital Marketing Strategies for Financial Services.
The rise in digital technologies is transforming how bank marketers can reach, engage and deliver value to their customers. With a proliferation of media channels, financial marketers must understand these new digital tools and be in a position to implement digital strategies that add value to the marketing mix and integrate with already established marketing and business practices.
This webinar will discuss several digital marketing strategies that are being successfully used by financial organizations to reach digitally savvy audiences. Tools will be presented along with examples of ways to gain a competitive advantage online
Digital Marketing for Financial Services Companies: New Mantras, New MediaWilson Cleveland
An overview of the digital media marketing landscape. New principles and strategies. Examples taken from financial services companies (as this was the audience for this particular presentation). Contact me at wcleveland@cjpcom.com for more information.
Презентация на Божидар Данев пред участниците в извънредно заседание на групата на работодателите на Европейския икономически и социален комитет (ЕИСК) на тема "Високо конкурентен реален сектор за устойчив икономически растеж и заетост" (Евксиноград, 6-7 юли 2015 г.)
Marketing for the Digital Consumer – Roadmap for CPG Companies Infosys
In this document know how the digital revolution has thrown up range of opportunities for the CPG companies and how they can utilize these opportunities to generate value.
Social Media & Apps in the Nordics
AudienceProject Insights 2016
Facebook is for keeping contact with friends and family,
LinkedIn is for professional networking and YouTube is just for fun. In this Social Media & Apps study we take a look at how social media and apps are used across the Nordic countries.
How Credit Card Processing Impacts Conversion RateAffiliate Summit
Your merchant processing might be holding back the true potential of your affiliate program. Learn how to increase conversions with better banking, fraud control, and small checkout tips.
Experience level: Beginner, Intermediate, Advanced
Target audience: Affiliates/Publishers, Merchants/Advertisers
Niche/vertical: Credit cards
John Monarch, President, Monarch Holdings LLC (Twitter @papajohn56)
Alastair Banks Digital Marketing Seminar 2017Hanna Mepstead
Director of Optix Solutions, digital marketing and web design company, Alastair banks, talks all things digital. From targeted ads to content plans, Al covers a range of digital marketing topics and tactics.
Check out Al's Secret Vlog tog et your hands on some useful marketing documents.
http://bit.ly/secretoptix
eMarketer Webinar: Financial Services 2015 Outlook—Mobile Comes into FocuseMarketer
After years of experimentation and strategy building, mobile is finally coming into focus for the US financial services industry. Topics in this webinar include: How are consumer behaviors changing when it comes to transacting and interacting with financial institutions on mobile devices? To what extent are financial companies investing in digital and mobile advertising? What strategies and tactics are successful financial marketers using to reach increasingly connected consumers?
89% of consumers switch to a competitor after a poor CX Abhishek Sood
89% of consumers switch to a competitor following a poor customer experience, according to an Oracle study. But how can you use digital technology to improve your customers' experience?
Uncover how several prominent businesses embraced digital technologies to retain customers and increase profits. For example, Domino's Pizza had a 23% growth in profit after it allowed customers to track their deliveries online.
Discover the 4 factors that can make a digital transformation project profitable and worthwhile.
Banking in the Digital Era: Regaining Consumer TrustCognizant
Amid wavering consumer confidence, changing banking behaviors, widespread hacks and new competition, here’s what traditional banks can do to rebuild trust in the digital era.
Few years before we are using the cash for payments. When a digitalization occurs the way of payments gets changed. It helps our country to move next level of development. It creates more awareness to people about the payment innovation. Umamaheswari K | Santhiya R | Ragavi J"Payments Innovation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd11150.pdf http://www.ijtsrd.com/management/innovation-and-product-dev/11150/payments-innovation/umamaheswari-k
Disruption, mobile and financial servicesNadya Powell
A presentation given for the IPA on disruption, mobile and financial services. Three strategies to employ and the best disruptive uses of mobile out there. Thanks to Zoe Decool for research help.
Early Stage Fintech Investment Thesis (Sept 2016)Earnest Sweat
Here is an example of a personal investment thesis that I created to share with venture capital firms. In this example, I provide my personal perspective on the fintech sector. For details on how I build this thesis check out my blog (https://goo.gl/CU4Qid).
Note: Some of the confidential information has been redacted for privacy.
Opportunities for disruption in Financial Services (with a mobile focus)Nadya.Powell
A talk given at the IPA on opportunities for disruption in Financial Services with a focus on mobile. Three strategies to employ, case studies and three golden rules. Thanks to Zoe Decool for research help.
There is no denying the fact that credit cards have today become an integral part of our lives, providing speed, comfort, security, and convenience.
Join hands with WebPays, one of the world’s most trusted credit card payment solution. Visit us at: https://webpays.com/credit-card-payment-solution.html
2nd Place Finalist Consulting Case Competition for ANZ x TBWA x UniMelb Kate Gilchrist
Presentation by Finalists of SAMM's (Student Association of Management and Marketing) Consulting Case Competition with ANZ Banking Corporation and TBWA. Our proposal includes 4 key disruption inspired ideas for ANZ's strategic direction.
Semester 2 (August) 2017 at The University of Melbourne.
How Digital Payment Apps are Revolutionizing Finance.pdfSafeDeposit
The advent of Digital Payment Apps Canada can be attributed to the convergence of several technological advancements, including the widespread adoption of smartphones, improved internet connectivity, and the development of secure payment processing systems.
Market Gravity's top trends for Financial Services in 2015. We've worked on a range of FS propositions in the last few months and during this time we've uncovered some interesting trends and precedents featuring some of the world's biggest companies, as well as a range of disruptive starts ups.
We'd like to share some of our favorites to serve as some 'Finspiration' for 2015.
- Neobanks
- Digital Investment Platforms
- Enhanced Customer Experiences
- Security & Authentication Alternatives
- Youthful Banking
- Alternative Scoring Mechanisms
- Improving the Back End
- Banking with Wearables
For more information, please get in touch.
Retail Banking: Delivering a Meaningful Digital Customer ExperienceCognizant
To compete effectively, banks must fully adopt digital technologies to enhance customer experience, by providing mobile banking, omni-channel banking options, digital personal financial management, and more.
Challenges for the Future of Retail BankingDesignit
Digital transformation in retail banking is a thriving and complex phenomenon. We at Designit try to make sense of it by identifying leading trends in three deeply interdependent categories: new enabling technologies, new customer expectations, and new strategic trends. The future holds uncertainty and promise, but some immediate actions are patently necessary for banks that want to stay relevant in an increasingly dynamic scenario.
By embracing mobile instant messaging, insurance carriers can reduce operating costs and deliver more timely, satisfying and authentic customer experiences.
Digital Transformation of U.S. Private BankingCognizant
U.S. private banks need to rethink their business models and accelerate their push to meet the ever-rising expectations of digitally savvy high-net-worth clients.
המגמות הדיגיטליות בשירותים הפיננסיים ב-2019 מראות איך מוסדות פיננסיים מאמצים טכנולוגיות ביג-דאטה ו-AI כדי להציע ללקוחות שירות טוב יותר ולספק את דרישותיהם בכל מקום
למרות שרבות מהטכנולוגיות הללו אינן חדשות, הן שולטות באופן שבו המגזר הפיננסי פועל וגדל במהלך 2019. הוסיפו אותן לחבילה הקיימת של פלטפורמות וטכנולוגיות שכבר מתפתחות או מוחלפות בפתרונות חדשים ומתוחכמים יותר המבוססים על AI ועל מכונות למידה ממוחשבת.
מעבר לטכנולוגיה, כל המגמות של השנה ממוקדות בלקוח - השימוש ב-AI ובצ'טבוטים, בארנקים אלקטרוניים, בביג דאטה ובבנקאות פתוחה - נועדו כולם לשפר את השירותים ולהפוך אותם לפרסונליים יותר ויותר, על מנת לספק את דרישות הלקוחות וציפיותיהם.
ככל שהטכנולוגיות ימשיכו להתפתח, המגמות של השנה יחליפו אסטרטגיות מיושנות יותר, ויובילו בסופו של דבר לפתרונות מתקדמים יותר לצרכן המודרני.
הצורך בחללי עבודה משותפים (coworking) גדל במהירות בכל רחבי העולם, ומעניקים יתרונות רבים הן לעובדים והן לעסקים ולחברות מכל סוג. במחקר זה נמנה את הגורמים המניעים את מהפכת חללי העבודה המשותפים ואת המגמות והחידושים הבולטים בשנת 2019
The coworking spaces revolution is driven by the need for affordable and flexible workspace that benefit both businesses and employees. Carmelon Digital Marketing research reveals the latest trends.
Employees thrive in coworking spaces and businesses enjoy a wealth of benefits too. Are coworking spaces a fad or a necessity
המחקר המעמיק שערכנו בנושא מגמות וחידושים במסחר האלקטרוני לשנת 2018 מציע תובנות מרתקות על המגמות החשובות ביותר בשנה הקרובה, כשעיקר המסקנות שעולות ממנה הוא שמסע הרכישה האלקטרוני הוא עניין מורכב, שיכול להתרחב גם מחוץ לגבולות הרשת, בצורת קניות בחנויות פיזיות. במקרה זה, התקשורת הרב-ערוצית היא אסטרטגיה חיונית מאוד, בהיותה מעודדת אינטראקציה בין הקמעונאים לקונים בכל הערוצים - מחזית החנות ועד למכשירים חכמים, מחשבים נייחים, מיילים, מוקדים טלפוניים, יישומים חכמים, ואפילו טלוויזיות חכמות.
בנוסף, המודל הסיני של מסחר אלקטרוני הוא דוגמה רבת עוצמה למה שניתן להשיג עם שילוב מדוייק בין מיתוג-מובייל-לקוח. סין מהווה דוגמה מרשימה גם לאופן שבו שימוש בביג דאטה וב- AIיכול להגביר את המכירות וההכנסות
תהליך מכירת ורכישת רכב בדיגיטל, עובר בימים אלו מהפכה של ממש. לא עוד נתיב רכישה מסורתי של יצרן-סוחר-קונה, אלא התמקדות במובייל, באפליקציות ייעודיות, במדיה החברתית, ובקרוב גם שימוש בטכנולוגיות מציאות וירטואלית, מכוניות מחוברות ותקשורת רב-ערוצית בין רכבים
מחקר זה יבחן את המגמות הדיגיטליות של היום, יזהה מה הצרכנים רוצים, מה הוא מסע הרכישה שלהם, מה הם הערוצים הדיגיטליים העיקריים לצרכי מחקר, מידע ונתונים אחרים שיכולים לעזור למוכרים לזהות במהירות את הקהל שלהם ולהתחרות בשוק הרכב עם הכלים המדוייקים והאסטרטגיות הנכונות.
חלק ממגמות השיווק הדיגיטלי למלונות בשנת ב-2018 מתפתחות בקצב מהיר וייכנסו בקרוב לשימוש, בעוד שאחרות - כמו הקדימות הניתנת בתוצאות החיפוש לאתרים מותאמים למובייל (mobile-first) - הן כבר מציאות קיימת שאי אפשר להתעלם ממנה. אז במה צריך להתמקד? השנה, יותר מתמיד, המגמות המרכזיות בשיווק דיגיטלי למלונות מתמקדות בשגרירים החשובים ביותר של המלון שלכם: האורחים. אסטרטגיה שיווקית טובה ורלוונטית תבטיח שהאורחים שלכם ולקוחות פוטנציאליים נוספים יהיו מרוצים ושמחים.
הצלחתם של מנועי meta-search אינה מפתיעה: הם מאפשרים לצרכנים לחפש את העסקה הטובה ביותר בזמן קצר, באמצעות קיבוץ של מלונות, טיסות ושירותים נוספים באתר אחד. כך, הם מאפשרים לצרכנים לחסוך זמן וטרחה. האתרים כבר מזמן אינם מסתפקים בהצעת השוואת מחירים בלבד; והם מנסים לייצר ערך לצרכן – ומכירות עבורם – באמצעות תוכן, חוות דעת, התאמה אישית ושירות, כדי להתמודד עם מתחרים חדשים במעלה משפך המכירות.
Meta-search engines provide consumers a time-saving solution for searching for the best deal, through aggregation of multiple hotel, flight and other travel sources into one website. With new competitors leveraging data at the top of the funnel, meta-search engines turn to new services and monetization strategies.
Mobile First it is.
ההשקעה במובייל מחויבת המציאות. חווית המובייל אינה תרגום של חווית הדיגיטל הכללית שבאה לידי ביטוי בדסקטופ, אלא היא נשענת יותר על מידיות ולוקליזציה. יצירת חווית מובייל דורשת שימוש בפיצ'רים של הטלפון הנייד (כגון מצלמה), ומאפשרת לייצר קרבה, פרסונליזציה ונאמנות.
החסם הגדול בשוק המסחר האלקטרוני, הלא הוא אפקט המיידיות של קבלת המוצרים שהזמנת, הולך ונעלם עקב תחכום גובר בשוק המשלוחים והלוגיסטיקה, והוא מפנה את המקום לאתגר ה"התנסות וההרגשה" של המוצרים טרם הקניה. שתי הסיבות הללו הן אולי ההסבר הפשוט ביותר לעלייתה של הקמעונאות חוצת-הערוצים, בה אונליין, מובייל, סושיאל, וחנויות פיזיות, כולם מתמזגים זה בזה לכדי חויית קניה שקופה ורציפה אחת, כאשר כל ערוץ ממנף את יכולותיו התחרותיות – ותומך, בו זמנית, בערוצים האחרים.
המסחר האלקטרוני איננו – ולא היה מעולם – רק "ערוץ מכירות", ובשנים האחרונות, חברות החלו להפנים זאת. "אל תחשבו על המסחר האלקטרוני כערוץ. זו דרכם של צרכנים לברר, לרכוש, לחוות מותגים, ואז, בסופו של דבר, לקבל אותם", אומר סנדי דגלאס, סמנכ"ל בכיר, קוקה-קולה צפון אמריקה.
ואכן, המסחר האלקטרוני הוא רכיב של קמעונאות חוצת-ערוצים. שחקנים פיזיים מבססים את נוכחותם הדיגיטלית, ומתחרים דיגיטליים מבססים נוכחות פיזית. הדבר בא לידי ביטוי בפעילות אינטנסיבית של מיזוגים ורכישות, כאשר הדוגמאות הבולטות הן רכישת הקמעונאית הפיזית Whole Foods Market ע"י Amazon, ורכישת Jet.com ע"י Walmart. יותר ויותר קמעונאים משתמשים בחנויות כאולמות תצוגה, התומכים בצורך של הקונים לגעת, לנסות ולמדוד לפני הרכישה המקוונת.
חברה שמעוניינת להצליח במסחר אלקטרוני תמנף ערוצים פיזיים ודיגיטליים כאחד, על מנת לספק חויית קניה שקופה ורציפה. חברה כזו תציע את "המחיר הטוב ביותר" תוך שימוש בטקטיקות כמו מינויים, קופונים, cashback, או נאמנות, ותציג את חוות הדעת של הלקוחות על פני הערוצים השונים. כמו כן, היא תציע משלוח חינם / מהיר / באיסוף עצמי.
הבנה של מסחר במדיה החברתית ובמובייל, שילוב בוטים ואינטליגנציה מלאכותית לתוך אלה, ופרסונליזציה, יסייעו לקמעונאיות לייצר יתרון תחרותי ויהפכו עם הזמן לגדר חובה.
אך יותר מכל, יש לזכור כי מסע הקניה אינו מורכב מערוצים; אלא, הלקוחות מעוניינים בחוויית קניה רצופה, למדוד ולנסות פריט בחנות ולרכוש אונליין, להשתמש במציאות מדומה ו/או רבודה, לקבל מידע על המוצר ולאסוף אותו מהחנות, ועוד.
אמאזון עשויה להיות ״משבשת התעשיות״ הגדולה של העשור האחרון, והיא ממציאה מחדש תעשיות באמצעות מסחר אלקטרוני, תוך שהיא שומרת על מיקוד אסטרטגי בלקוחותיה. דו״ח זה בוחן חלק מהטקטיקות בהן משתמשת אמאזון בתעשיות השונות.
חדירת הטכנולוגיה משפיעה על מצב השירותים הפיננסיים באופנים שונים:
• כלכלה שיתופית - מונעת על-ידי רשתות חברתיות
• התנהגות 'על הדרך' – מונעת מאורח חיים אינטנסיבי והצמיחה של טכנולוגיית המובייל
• החיפוש אחר נוחות –מונע מחיבוריות ("האינטרנט של הדברים" וטכנולוגיה לבישה)
ישנה צמיחה בזמן המושקע בשימוש במדיה חברתית בקרב משתמשי אינטרנט בעולם, אשר גורמת להגברת השיתוף והתנהגויות 'Peer to Peer' אשר יוצרות את כלכלת השיתוף.
בנוסף, שיעור חדירת המובייל העולמי מוסיף לצמוח וכתוצאה מכך נולדים פתרונות פיננסיים 'על הדרך' / מובייל. צמיחה בשיעור החדירה של טכנולוגיה לבישה מייצרת לחברות הזדמנויות נוספות.
בנוגע לאימוץ בנקאות אונליין ומובייל כיום, מדינות סקנדינביה מובילות עם שיעור חדירה של למעלה מ-80% של בנקאות אונליין. במדינות האיחוד האירופי, שיעור החדירה עומד על 49% ובמדינות אחרות, בהן ארה"ב, שיעור החדירה הינו מעל 50%.
אנו צופים כי שירותים פיננסיים במובייל יצמחו בשיעור מהיר יותר, כתוצאה מהצמיחה בפתרונות המוצעים באמצעות המובייל וכתוצאה מדרישה של אוכלוסיות צעירות יותר לפתרונות נוחים במיוחד. לפי Federal Reserve, בארה"ב, שיעור השימוש בבנקאות מובייל מוסיף לעלות אך עד כה טרם הגיע לשיעור של בנקאות אונליין, כאשר 43% מכלל בעלי הטלפונים הניידים ו-53% מבעלי הטלפונים החכמים המחזיקים בחשבון בנק, השתמשו בבנקאות מובייל בשנה שקדמה לסקר, בהשוואה ל-71% שהשתמשו בבנקאות מקוונת באמצעות מחשב שולחני, מחשב נייד או טאבלט באותה התקופה.
כיצד להשתמש בדיגיטל כדי לייצר צמיחה?
• בניית אמון באמצעות קשר אישי (תוך שימוש בפלטפורמות חברתיות), בעלות / מומחיות תוכן (שימוש בבלוגים, אתרי מיקרו וכו') וזיהוי נישות באמצעות שקיפות.
• הצעת נוחות. בזמן / במקום (שימוש במכשירים ניידים). שירות עצמי (שימוש במובייל, אונליין וטאבלט).
• הצעת פרסונליזציה. כלי אונליין / מובייל הניתנים להתאמה אישית, תצוגה ספציפית למכשיר (כמו
נכון להיום, ישנם 2.8 מיליארד משתמשים במדיה החברתית (עליה של 21% משנה שעברה), שהם 37% מאוכלוסיית העולם. זאת בהשוואה ל-3.8 מיליארד אנשים, או 50% מאוכלוסיית העולם, שיש להם גישה לאינטרנט (מקור: GlobalWebIndex).
ב-2016, מדיה חברתית חוותה מספר שינויים שמשווקים צריכים לשים לב אליהם. השינוי המרכזי הראשון נוגע למגוון הרחב מתמיד של פלטפורמות מדיה חברתית, ולעלייתן של אפליקציות המסרים המיידיים. השינוי השני הנו שינויים בשימוש במובייל ובוידאו. השינוי השלישי – המהותי – הוא האינטגרציה של תכונות מדיה חברתית באתרי מסחר אונליין ובאתרי תוכן, או פיתוח ה"ליבה החברתית" באתרים.
העליה בחדירת המובייל ובשימוש בו הביאה לכך שאפליקציות מסרים מיידיים הנן חשובות מתמיד. ב-2016, 27% מהאוכלוסיה השתמשו במדיה החברתית מהמובייל – 1.97 מיליארד אנשים. ב-2017, 34% מאוכלוסיית העולם, או 2.55 מיליארד אנשים, השתמשו במדיה חברתית מהטלפונים הסלולריים שלהם – עלייה של 30% לעומת השנה הקודמת. אפליקציות מסרים מיידיים הנן פופולאריות במיוחד בקרב צעירים; סנאפצ'ט היא המובילה בקרב בני 12 עד 24.
בעקבות אפליקציות טרנדיות כמו סנאפצ'ט, פלטפורמות אחרות מאמצות טקטיקות של "סיפורים" ושל זמינות מוגבלת. פייסבוק היא אחת החברות שהגיבו לסנאפצ'ט באופן הנרחב ביותר, עם Stories של Instagram שבבעלותה, ועם האפשרות לשתף לזמן מוגבל תמונות וסרטונים דרך אפליקציית מסנג'ר שלה.
מהפכת המובייל אינה מוגבלת לטלפונים ולטבלטים: טכנולוגיה לבישה חודרת לתחום המדיה החברתית, משני כיוונים: מחד, פלטפורמות מדיה חברתית משיקות מכשירים מחוברים המיועדים להעלות תוכן לפלטפורמה (למשל, המשקפיים החכמים של Snap); מאידך, חברות טכנולוגיה לבישה כמו Nike, Fitbit משלבות רישות חברתי אך ללא פוקוס מיוחד על הנושא נכון להיום.
מגמת צריכת והעלאת הוידאו בולטת מתמיד. לאחר טרנד ה-360 מעלות, שנשלט על ידי YouTube של גוגל, ישנה צמיחה בטרנד הוידאו ה"לייב", אותו מובילה פייסבוק. החברה מקדמת את הוידאו "לייב" בין היתר באמצעות כפתור בולט באפליקציה שלה לוידאו מסוג זה. מעבר לתוכן, וידאו עשוי להוות את מנוע הצמיחה של המסחר באמצעות מדיה חברתית – שכן צרכנים מדווחים כבר היום על ההשפעה הרבה שיש לוידאו בו צפו במדיה החברתית, על החלטות הקניה שלהם.
Today, there are 2.8 billion active social media users (+21% YoY), or 37% of the world’s population, compared to 3.8 billion people, or 50% of the world’s population, who are connected to the internet (source: according to GlobalWebIndex).
In 2016, social media continued to experience several changes that require marketers to take notice. The first transition concerns the multitude of social platforms and the rise of chatting apps. The second transition has been changes in mobile and video usage. The third transition involves the integration of social features into online commerce and content websites, or the development of “social core”.
The increasing penetration and use of mobile, has turned messaging apps into an important type of social networks. In 2016, 27% of the population accessed social media from mobile devices – 1.97 billion people. In 2017, 34% of the world’s population, or 2.55 billion people, use social media on their mobile phones (+30% YoY). Messaging apps are very popular among younger users, with Snapchat the most-used social media platform among 12 to 24-years-olds.
חוות דעת אונליין משמשות כיום כלי מרכזי המסייע לצרכן לבצע החלטה בנוגע לרכישת מוצר או שירות.
היום, יותר מתמיד חוות דעת נמצאות בכל מקום ונראה שרוב הצרכנים קוראים חוות דעת לפי שמבצעים החלטה בנוגע לרכישה – דבר שרק ילך ויגבר בשנים הקרובות.
כך, לפי סקר שבוצע על ידי חברת BrightLocal, 91% מהצרכנים בארה"ב קוראים חוות דעת 'בדרך כלל' או 'לפעמים'. בנוסף, חוות דעת מקוונות מגבירות את אמון הצרכנים בבית עסק, כל עוד הן חיוביות: 74% מהצרכנים מעידים שחוות דעת חיובית גורמת להם לבטוח יותר בעסק, בעוד 60% טוענים שביקורת שלילית גורמת להם לפקפק באיכות העסק. צרכנים בדרך כלל יפסיקו לחפש אחר בית עסק נוסף לאחר קריאת חוות דעת חיוביות.
חוות דעת משמשות למגוון רחב של עסקים. הסגמנט הפעיל ביותר הוא מסעדות/בתי קפה, סגמנט בו 60% מהצרכנים העידו שקוראים חוות דעת לפני קבלת החלטה. לאחר מכן תחום ההארחה והמלונאות, עם 40% צרכנים שהעידו שקוראים חוות דעת לפני קבלת החלטה, ובמקום השלישי נמצא תחום שירותי הרפואה עם 31%. לפי ניתוח Schieber Research, מספרים אלה צפויים לעלות משמעותית בכל תעשיה עם העליה בשילוב חוות דעת מקוונות במנועי חיפוש, וההנעה לפעולה (לכתיבת חוות דעת) על ידי עסקים – כל תהליך חיפוש לצורך קבלת החלטה יערב, גם אם באופן פאסיבי, קריאת חוות דעת.
בתעשיית התיירות, מטיילים מייחסים חשיבות גבוהה יותר לחוות דעת ממטיילים אחרים כשמבצעים חיפוש בנוגע לטיול ולפי מחקר של Trustyou, 95% מהמטיילים קוראים חוות דעת לפני שהם מבצעים הזמנה למלון. בממוצע, 30 דקות בממוצע מוקדשות לקריאת חוות דעת לפני הזמנה.
חוות דעת יכולות להתפרסם ביוזמת החברה, ביוזמת הצרכן או ביוזמת חברות צד שלישי, כולל אתרי משפיענים/ מומחים, רשתות חברתיות, אתרי מותגים/ רשתות חברתיות ומנועי חיפוש.
מנועי חיפוש הנם האופן המועדף לקריאת חוות דעת מקוונות – לפי סקר של BrightLocal, 63% מהצרכנים פונים למנועי חיפוש, כדוגמת Google, על מנת לקרוא חוות דעת אודות עסקים מקומיים. נראה
Online reviews are an important tool that helps consumers decide regarding a purchase of a product or a service.
Today, more than ever, digital reviews are everywhere and it seems that most of the consumers read online reviews before making a purchase decision.
According to BrightLocal survey, 91% of US consumers ‘regularly’ or ‘occasionally’ read online reviews. Online reviews also increase trust in a business, as long as the reviews are positive: 74% of customers say that a positive review makes them trust a business more, while 60% say a negative review makes them question the quality of a business. Usually consumers will stop looking for another business after having read positive reviews.
Online reviews are used for various types of businesses. Restaurant / café is the most common segment in which people use online reviews before deciding, with 60% of consumers saying that they had read online reviews for this segment. Hospitality comes next, with 40%, and Medical / healthcare comes third with 31%. According to Schieber Research, these numbers are expected to rise significantly for every industry with the integration of reviews into search engines and with companies increasingly encouraging consumer to write reviews, it would be almost impossible to make a decision without reading reviews first.
עם ההתקדמות הטכנולוגית, מסע הקנייה של חופשות ומלונות מתבסס יותר ויותר על אמצעים דיגיטליים לאורך כל שלבי המסע - תהליך החיפוש, המחקר, ביצוע ההזמנה, השהות והעזיבה. החדירה העצומה של הטלפונים החכמים מאפשרת למתחרים להציע חוויה רב ערוצית רציפה וכן חדשנות משמעותית בשירות.
כיום, סוכנויות נסיעות מקוונות, כמו Expedia ו-Priceline ואגרגטורים שונים, כמו TripAdvisor, מתחרים בבתי המלון על מנת לעודד הזמנת חדרים. בנוסף, סוכנויות אלו מציעות שירותים משלימים כמו טיסות, השכרת רכב והזמנת מקומות במסעדה. בנוסף, מנועי חיפוש, ובראשם גוגל, מהווים אתגר נוסף לשחקנים המסורתיים בתעשייה, כמו גם שירותי השכרת דירות, בהובלת Airbnb, המתחרים בבתי המלון הן מבחינת הערוצים והעמלות, והן מבחינת החוויה והמודל העסקי. שירותים אלה מציעים אלטרנטיבה ללינה בבתי מלון, שמערבת סוגים שונים של סגנונות אירוח, כמו דירות, חוות, בתים, בקתות, וילות, טירות, בתי חוף ועוד ועוד, על בסיס לילי, שבועי או חודשי.
אסטרטגיה שיווקית בשלבי המסע השונים:
» לפני הטיול: בשלב זה הצרכן מחפש מידע וחוות דעת על יעדים ושירותים אותם הוא צורך באמצעות חוות דעת אונליין ואיסוף תוכן רלוונטי. כיום, מלונות מציעים חוות דעת והשוואות באתרים שלהם עצמם, מתוך הבנה כי הצרכנים יחפשו את המידע הזה בכל מקרה. בנוסף, הרצון לטיול מתחיל פעמים רבות בעקבות חשיפה לתוכן (למשל ברשתות חברתיות), ולכן חשוב שהצעות אלו יבססו קשר ארוך טווח עם הצרכן. בנוסף, עלות הטיול הינה הפרמטר המשפיע ביותר על בחירת יעד הטיול, ואתרי ה-OTA, שהינם המקור המוביל למחקר הצרכנים, מנצלים זאת להציע לצרכנים ערך נוסף ולעודד ביצוע הזמנות. לאור זאת - מלונות שרוצים להפוך לתחנה הראשונה של הצרכנים, חייבים לספק להם תוכן, מידע וחוות דעת אשר ישפיעו על ההחלטה הרצויה
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𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
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➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Personal Brand Statement:
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2. Introduction
• The purpose of this presentation is to present the major industry and consumer trends affecting
the Financial Services industry, including;
• We have focused on in the USA and Europe, reviewing industry sources, market research, and
the activities of prominent competitors per each sector.
• Main subjects that are covered are:
1. Market trends & Innovations – especially with regards to digital tools, online / mobile
solutions and self service innovation
2. Competitor activity on the digital sphere
banks and
investment
companies
Insurance
companies
Cards and
processing
companies
3. Consumer Trends | Digital Adoption
• The increase in internet and mobile adoption provides new ways for consumers
to access financial services.
• New channels include websites, social media, mobile apps and others.
• Banks, credit card companies and insurance companies are using digital
channels for various purposes, including sales & marketing, consumer service
and CRM. They are adopting an omni-channel strategy following consumers’
behaviors, as consumers shift between devices and screens.
• At the same time, new competitors emerge as pure-play digital financial services
providers, whether mobile or online.
4. Utilizing Digital for Growth
• Financial Services brands must provide the following advantages in order to
attract new clients and cross-sell new services to new clients:
– Building Trust through: Personal connection (utilizing social platforms),
content ownership / expertise (utilizing blogs, micro sites etc.) and targeting
niches.
– Offering Convenience. On time / on place (utilizing mobile devices). Self
service (utilizing mobile, online and tablet).
– Providing Personalization. Online / mobile customizable tools, device-
specific presentation (such as tablets).
– Offering Simplicity. The industry is perceived as complicated and
confusing. Digital channels are enabling new strategies such as
gamification and simple analysis tools.
According to a Timetric Research (Dec. 2013), financial services worldwide digital
advertising expenditure rose from US$53.7 billion in 2008 to US$95.7 billion in 2012, at a
CAGR of 15.52%. It is expected to nearly double between 2012 and 2017 to reach
US$168.4 billion between 2013–2017.
5. Mobile Trends
• According to an Adobe research (November, 2013),
mobile financial apps take the top spot for the one
consumers open most frequently.
• New banking and investment apps are more secure
and make logging in and use much easier than the
website. Consumers use these apps 30% more fre-
quently than any other app type.
• The main challenge in mobile financial
services is keeping them simple and
intuitive, as financial services can be
complex.
The Citibank tablet app replaces lists of transactions
with interactive financial graphs to make the most of
the device’s capabilities.
6. Mobile Trends
A.T. Kearney, Dec. 2013
• Over a third of customers at major US
banks currently use mobile banking,
with 43 percent of them in the 18-29 age
group.
• According to Javelin Strategy &
Research, around half of the top 25
financial institutions in the US are now
also offering more advanced features,
including p2p transfers and remote
deposit services.
7. Trend Map
Near FutureHappening NowSubject
GamificationNiche Targeting, Personalization
/ Customization, Loyalty,
Location-Based offers
Content & Consumer
Centricity
Comparisons, ReviewsVideo & Chat functions for
advisory services, Online
Account Management
Online Advisory
Services
QR Codes, Crowdfunding /
Group Payments, hands-free
P2P, immediate transfers, NFC,
Mobile Wallets & Couponing
Online & Mobile
Payments
Pure-Play MobileOmni-Channel, Direct ServiceMulti Channels &
Devices
E-VaultsExpedited Payments,
Configurable alerts
Self Services
Social Investment for banks,
reviews, social media P2P
payments, Community
Banking model
Benchmarking, social log-in,
social investments, marketing
Social Media
8. Content & Consumer Centricity
Personalization / Customization
• location-based offers, e.g. with mobile
wallets
• Personalized presentation and tools
• Niche targeting
Loyalty
• Mobile clubs / couponing
• rewards
Consumer Centricity
• Content management
• gamification
• Geico’s Content collaboration
with BuzzFeed
• The Google
Wallet mobile
app
9. Consumer Centricity | Content & Gamification
• A December 2012 survey by IMN found that 75% of financial services marketers had separate content
strategies in place for each marketing channel, the highest percentage of all industries polled. The key is
to deliver true value to an engaged audience.
• In the US, gamification in banking is still nascent, but globally the concept is already gaining ground
according to a study on innovation and gamification in banking by Infosys.
TradeHero is a mobile stock market game where you can subscribe to the stock tips of
Heroes, or be a Hero and make money from the followers who subscribe to you. A further
step in the gamification of “social investing”.
10. Online Advisory Services
Online Video & Chats
• Video & Chat functions for advisory services
(in the US, less for Europe)
• Online virtual chat
Comparisons & Reviews
• Competitors start to feature reviews on their
products & services, especially in insurance.
Online Account Management
• Consumers can apply for banking account,
insurance services etc. online
• Mobile signature and data retention
• Aviva partnered with an independent
review company, to collect, collate and
publish insurance product reviews
from Aviva customers.
11. Advisory Services
• A research by A.T. Kearney suggests that financial
services players are embracing the digital trend
with a combined advisory model.
• For general advisory needs, they proactively
create transparency about customer satisfaction
and recommendations via portals, professional
research tools, social networks, and peer chat
functions.
• According to InfoSys, video banking is no longer a
novelty. Video can be integrated with most
banking channels to enable a personalized
banking experience for remote and branch
banking customers. Branch banking, phone
banking, self-service banking, and online banking
have already seen video-enabled services such
as web conferencing, and online chat.
12. Online & Mobile Payments
Peer 2 Peer / Group payments
• Immediate transfers
• Crowdfunding
• Mobile & Social Media p2p payments: Social media
enables instant money transfer among members of
the family and friends. This is especially beneficial
to Gen Y consumers.
Technology
• NFC
• Hands Free
• QR Codes
Convenience Solutions
• Mobile Wallets & Couponing
• Check deposits & mailing
• Citi’s Popmoney payment service - "Pay
Other People" directly from your Citibank
account.
• Tap & Go - MasterCard contactless
technology
13. Mobile Payments
• Regulatory pressure to promote competition in the payments industry, and the technological
advancements which enable convenient and secure solutions, are shifting the structure of the payments
industry. Banks continue to control the segment along with card companies, but they will have to find a
way to compete with innovative internet and payment companies, including Google, Apple and Paypal –
as well as innovative newcomers such as iZettle and Square.
• According to a Capgemini and RBS report
(2013), global m-payments market
continues to grow rapidly, powered by
innovation and demand. In line with industry
estimates, the global m-payments value
reached $256 billion in 2012, and is
expected to grow three-fold by 2014 to a
total of $796 billion. P2P m-payments in
developing markets, and C2B m-payments
in developed markets are the main drivers
of growth.
World Payments Report (WPR) from Capgemini and The Royal Bank of Scotland (RBS), 2013
14. Mobile Payments | Online & Offline
Traditional payment players focus on
digital
Payment networks, acquirers, issuer
processors and card issuers are
expanding their offerings into mobile
payments.
Visa and MasterCard are building on their
payments expertise, issuer relationships,
ubiquitous merchant acceptance and
brand recognition, and leveraging
strategic acquisitions to build mobile
payment capabilities (Visa’s V.me,
Mastercard’s Paypass-enabled wallet
network).
Internet & Mobile Players focus on
expanding into the physical world
PayPal and Google are aggressively
working on mobile payments and
expanding their online presence into the
physical world.
PayPal’s partnership with Discover to
enable wallet acceptance at retail
locations, leverage cheaper funding
alternatives (e.g., ACH, Automated
Clearing House) and pursue a credit
option (Bill Me Later) positions it well for
the next wave of mobile payments.
Google continues to partner with existing
payment players.
Source: Deutsche Bank (Dec. 2012)
15. Mobile Payments | Digital Wallets
• Forrester Research (Dec. 2013) concludes that digital wallets are poised to
transform the way consumers shop and pay retailers, restaurants, and service
providers. Early wallets are enabling the convergence of offers, coupons,
loyalty, and payments.
• The company says that successful wallets will enhance the consumer's
commerce experience by delivering more value, greater convenience, and a
contextually relevant, compelling experience.
• A report by Deutsche Bank (Dec. 2012) states that companies are increasingly
moving the wallet to the cloud to support retailers’ omni-channel strategies,
streamline the payment process to add cards and support offers and loyalty
programs, and most importantly overcome adoption hurdles for NFC (nearfield
communication) based payments.
• According to the Deutsche Bank report, software-based technologies such as
QR codes, geo-fencing, and line-skipping apps are driven by cloud-based
wallets and the ability to deliver better value propositions such as hands-free
payment (no physical interaction with point-of-sale devices to complete
transactions). Also, line-skipping apps eliminate checkout lines and improve
response times and customer experiences.
Garanti Turkish bank’s iGaranti app aims
to provide a convenient mobile
experience, with real-time offers from
partners.
16. Mobile | Insurance
• According to Bain research, addressing the digital
challenge is a matter of survival for insurance companies,
as insurance companies that act too late or stumble
through the transition will lose customers and remain
saddled with a relatively high cost base.
• Gartner estimates that by the end of 2015, personal lines
property and casualty (P&C) insurers that do not offer
online and mobile transactions will lose one-quarter of
their current market share.
• Oscar is a new insurance firm that launched in late 2013. Oscar offers a web-
and mobile-friendly aesthetic designed to make the insurance experience
smoother for plan members.
17. Multi Channels & Devices
Omni-Channels
• Services are available seamlessly on any
platform
• Online / offline convergence
Direct Service
• Online channel for offline competitors
Pure Play
• Online / Mobile only
• Mint brings all your financial accounts
together online or on your mobile
device, automatically categorizes your
transactions, lets you set budgets, etc.
18. Omni-Channel vs. Pure-Play
• The traditional branch-based model is being replaced by an integrated channel approach that allows
customers to conduct banking seamlessly across various channels, such as initiating a transaction in a
branch and finalizing it in a mobile app.
• According to research by A.T. Kearney, Omni-channel integration poses a significant IT challenge for banks.
Thus, some banks are setting up new digital banking entities with quick processes, integrated systems,
and agile organizations.
• These digital banks promise a new customer experience with quicker processing, greater convenience, and
anytime, anywhere availability, and they embrace social networks, mobile banking, and customer insights to
better meet customers' needs.
Image source: The Financial Brand
They rethink the way mobile banking is done
by designing a bank for the smartphone as
opposed to simply providing access to banking
products through a mobile device.
19. Self Services
Digital ATMs
• Smartphone-enabled ATMs
• Video Tellers
Online / Mobile Services
• Configurable alerts now span a variety of needs,
such as bill payment reminder, incoming payment
alert, etc.
• Expedited payments
E-Vaults
• E-vaults enable clients to store important and
critical documents in the secure folders that are
provided along with their online accounts.
• Bank of America Health - take a picture
of your receipt and upload it to a claim,
submit a claim while you’re still at the
doctor’s office
20. Self Service
• Capgemini report maps insurance industry tools
enabled by mobile devices
Infosys maps mobile
/ online banking
services
21. Social Media & Sharing
Social Investments
• Social investments enable consumers to track
specific investors. Banks are expected to offer
similar services in the future.
• Community Banking
Social Identity
• Logging-in with the client’s social identity
provides a personalized experience
• Facebook pages provide direct & after-hour
channel to the bank
Group Payments & Peer 2 Peer Lending
• Group payment applications allow entities to
collect money from a group of people. This helps
in sharing expenses among groups like family,
friends, clubs, and teams.
• Peer 2 Peer Lending is slowly replacing existing
lending mechanisms.
• Barclays’ “Yourbank”
platform encourages
consumers to share
ideas about how it
can improve its
everyday banking
services.
• Amex by American Express allows users to make
purchases through social networks.
22. Financial Services Sharing Models
• Online crowdfunding is a relatively new
form of financing for projects. The model
allows many people to contribute small
amounts in the hope of achieving a
combined total that meets or surpasses a
predetermined funding target. From its
beginning funding music, the model
expanded into the creative industries more
broadly and into product design and
development helped by the growth of large
platforms such as Kickstarter and
indiegogo.
• In recent years, the model has been
adapted further to fund projects with a
specifically social aim and also into the
financing of businesses.
Y. Pierrakis and L. Collins, BANKING ON EACH OTHER Peer–to–Peer lending to business: evidence from funding circle, Nesta, 2013
There are few distinct models under the umbrella term of
crowdfunding such as: donation crowdfunding, crowdfunded
equity investing and crowdfunded lending. one important
distinction between these models is the motivations of the
people that provide the funding. This varies from the donation
model where the aim is purely philanthropic to some who fund
through the lending model who do so solely to attain a
financial return.
23. Peer to Peer Lending
• The term “peer–to–peer lending” has its origins in the facilitation of unsecured personal
lending between individuals (rather than a company) via online sites such as Zopa, Lending
Club and Prosper.
• There has been an explosive growth in peer–to–peer personal lending across the world in
the last decade, driven by the many–to–many communication paradigm.
• The proliferation of internet use and growth in social media has enabled those seeking
finance to reach more people with greater ease and at far less cost. the ability to securely
transfer money online allows those seeking to back a project or business to safely contribute
funds. And the increase in the quality and volume of data available on individuals and
businesses finances allow for the creation of accurate credit scores, which allow lenders to
set suitable interest rates on the finance they offer.
• A relatively new application of the peer–to–peer lending model allows the crowd (individual
lenders) to lend money to companies (instead of individuals) seeking debt finance. in most
cases, the loan is an agreement between the borrower and the lender and not with the
intermediary.
24. Peer to Peer Lending
According to crowdsourcing.org,
in 2012, $2.7 billion was raised
from the crowd (crowdfunding
and peer–to–peer lending),
mostly in the US, to finance over
a million projects.
The two biggest players
today, Lending
Club and Prosper saw 195%
growth over the year ending in
June 30, 2013, generating more
than $1.5 billion in loans
Lending platform operators have
faced significant regulatory
challenges, and analysts
anticipate continued uncertainty
through 2018.
25. Online Advisory Services
Online Video & Chats
• Video & Chat functions for advisory services (in the US,
less for Europe)
• Online virtual chat
Comparisons & Reviews
• Competitors start to feature reviews on their products &
services, especially in insurance.
Online Account Management
• Consumers can apply for banking account, insurance
services etc. online
• Mobile signature and data retention
26. Comparisons Sites
• The financial services industry
is witnessing growth in
aggregator-selected panels,
containing both insurers and
brokers. According to analysts,
industry aggregators will
continue to grow.
Ernst & Young, Bringing profitability back from the brink of extinction: a report on the UK retail motor insurance market
• In 2010 Google added a price comparison tool to its
search engine.
• The Google Compare service currently provides different
services: credit cards, mortgages, car loans, savings
accounts, and current accounts, car insurance, travel
insurance.
27. The research was conducted by:
Hamutal Schieber
Schieber Research | Market Research & Competitive Intelligence
www.researchci.com | hamutal@researchci.com
Thank You
Editor's Notes
http://www.rnrmarketresearch.com/2020-foresight-report-digital-marketing-in-financial-services-market-report.html
Publisher Name : TimetricDate:5-Dec-2013No. of pages: 48
http://blogs.adobe.com/digitalmarketing/digital-marketing/are-mobile-app-users-more-loyal/
Are Mobile App Users More Loyal?By Tyler White on November 6, 2013
http://www.nesta.org.uk/sites/default/files/banking_on_each_other.pdf
עמ 10
Y. Pierrakis and L. Collins, BANKING ON EACH OTHER Peer–to–Peer lending to business: evidence from funding circle, Nesta, 2013