a new look at market intelligence money on the move: financial services in a mobile world...
TRANSCRIPT
A new look at market intelligence
Money on the Move:Financial Services in a Mobile World
SourceMedia Industry Trends & Marketing Conference
February 7, 2012
Presented by:
Michael Ellison
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Agenda
Introduction Why bother? Financial Services Goes Mobile Best Practices Recommendations/Parting Thoughts
Who Are We?
Competitive intelligence firm serving financial services industry
Customer experience and Web best practices Monitor services covering financial sites since 1997 Use our own accounts to test them
Focus on Mobile Wireless Monitor 2001 Money on the Move Report 2011 Mobile Monitor 2012
Ongoing updates http://www.corporateinsight.com/blog http://twitter.com/cinsight
It’s happening now
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PCs shipped during same period: 92.1 million
Not your father’s tech revolution
Business is not driving this tech revolution – consumers are.
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Why should financial services care?
Your customers are mobile 28% of investors use mobile to interact with financial firm (CI Survey). Expect more.
Mobile users are younger and wealthier Pretax income of $100,000 or more (CI Survey)
55% of wealthy under-50 investors want to interact with advisor via tablets (Cisco survey)
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Your future customer will demand it.
Déjà vu all over again?
14http://www.thedailybeast.com/newsweek/1995/02/26/the-internet-bah.html
76% of respondents say their firm already offers their clients a mobile platform
Yes76%
No22%
I don't know.2%
Does your firm offer a mobile formatted website or app to clients?
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…And most think mobile is a good idea
A full 90% think it’s “definitely” or “probably” a good idea to provide their clients with a mobile experience
Definitely70%
Probably20%
Maybe3%
Probably not3%
Definitely not3%
Do you think that your firm should provide a mobile expe-rience to your customers?
Definitely
Probably
Maybe
Probably not
Definitely not
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99% say mobile is important to customer experience
Very Important81%
Somewhat Important18%
Not Very Important1%
How important do you think mobile is to your firm's customer experience strategy?
Very Important
Somewhat Important
Not Very Important
Not at All Important
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In their own words…
It is becoming a replacement to desktop websites.
Growing channel of choice, particularly for Gen Y.
Customers really demand mobile solutions catered to different devices.
Being able to provide an intuitive, fast and fully integrated mobile banking experience is vital to our customer engagement, and also allows us to continue and deepen
engagement with our customers and keep them with our bank.
A mobile experience is critical to brand image
and customer experience.
As more customers adopt smartphones/tablets as their primary communication resource, we need to provide them the information
in the format of choice.
Everyone is mobile now and our competitors – direct and indirect – have apps already or are developing them.
Customers should have the choice as to which screen they want to use in interacting with our business.
It is essential to offer mobile apps/tools in today's environment.20
Firms offer mobile services for several reasons
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Acquire new customers
Keep up with the competition
Improve our brand
Increase customer retention
Increase customer satisfaction
0 1 2 3 4 5
What do you think are the primary objectives for your firm’s mobile offering?
Very ImportantNot Important
Industry leaders identified
22Note: Larger font = more mentions
Firms face significant challenges with their mobile efforts
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Executive/Sr. Management support
Low adoption by customers
Lack of important skills in the organization
Confusion about how to develop strategy
Budget
Too many platforms/devices to support
Other competing priorities
0 1 2 3 4
To what extent are each of these issues a challenge to your firm’s mobile ef-forts?
Very ChallengingNot Challenging
Trends
Industry continues to raise the bar Key transaction capabilities are
expanding Firms provide research &
commentary tailored to their audiences
SMS banking transactions are growing
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Leaders in Banking & Credit Cards
Chase Consistent service and design across
mobile site and iPhone, iPad and Android apps
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Leaders in Banking & Credit Cards
Chase Mobile login process/requirements
are identical to those used by website Remote deposit offered through apps Mobile alerts setup and management Instant Action Alerts enable simple
transfers by text message Strong customer service
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Leaders in Banking & Credit Cards
Citibank One app for bank and credit card
access Extensive credit card account details Six month account histories with
useful sort and filter options Recently introduced Popmoney P2P
payments iPad app offers innovative graphical
displays, educational content and help features
Good customer service options Basic SMS features for banking and
card clients
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Charles Schwab Multi-platform apps plus a mobile-
optimized website Apps make smart use of landscape
mode Lengthy two-year transaction history Strong research, advanced full-
screen charting Transfers available on all platforms
with remote deposit on smartphone apps
Useful customer service options on most platforms.
Leaders in Brokerage
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Leaders in Brokerage
E*TRADE Apps for all major devices iPad app features strong modular display with pre-set views Customizable holdings screen Lengthy two-year transaction history Extensive research capabilities Advanced trading capabilities Quick Transfer tool Mobile check deposits CNBC video for active traders
Mobile Banking
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.mobi
Bank of America
Capital One
Chase
Citibank
Citizens
Fifth Third
ING Direct
KeyBank
PNC
SunTrust
TD Bank
US Bank
USAA
Wells Fargo
Mobile Credit Cards
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.mobi
AmEx * Bank of America Capital One Chase Citibank Discover US Bank Wells Fargo
* Android Tablet
Mobile Brokerage
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.mobi
Ameriprise
Charles Schwab
Edward Jones
E*TRADE
Fidelity
Merrill Lynch
optionsXpress
Scottrade
Sharebuilder
Smith Barney
TD Ameritrade
TradeKing
Zecco
Mobile Asset Management
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.mobi
Allianz
American Century
Franklin Templeton
iShares
Legg Mason
PIMCO
Putnam
T. Rowe Price
TIAA-CREF
Transamerica
Vanguard
Best Practices
Multi-device support a must iPad apps key to mobile leadership Easy login that matches website Space- and navigation-efficient
account information Advanced charting (brokerage) Robust trading (brokerage) Remember customer service!
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Thank You
Mobile Resources: Money on the Move: Mobile Finance Review Mobile Monitor – 1Q 2012 Launch Corporate Insight Blog
Michael [email protected]
(212)832-2002 x106
http://www.linkedin.com/in/michaelellison
@mikeellison
@cinsight