a new look at market intelligence money on the move: financial services in a mobile world...

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

1

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

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Mobile Timeline

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Why bother?

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Why bother?

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Why bother?

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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

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INDUSTRY SURVEY

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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

FINANCE ON THE GO

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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

28

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 EllisonPresidentellisonm@corporateinsight.com

(212)832-2002 x106

http://www.linkedin.com/in/michaelellison

@mikeellison

@cinsight