Internet Is Top Banking Method. Online is now the No. 1 method of banking, according to an August 2009 survey of US consumers by the American Bankers Association (ABA). One-quarter of respondents preferred banking online to using branches, ATMs or any other channel. Online banking was not only popular with the youngest consumers—it was the top response of all those under age 55. Older bank customers still preferred their local branch (26%) and ATMs (17%), but the popularity of branches and ATMs was down in all age groups from 2008. “It tells us that for the first time, more consumers prefer the speed and convenience of conducting their banking transactions on the Internet than visiting their local branch,” said Nessa Feddis, ABA senior counsel and retail banking expert.
“It also tells us that consumers now have confidence in the accuracy and security of online banking.” Consumers were significantly less confident, however, in mobile banking, with just 1% reporting it was their favorite method. What Are Next Big Innovations For Personal Banking? Yes, The Cur. What are the next disruptions for personal financial services? Are they ready for a full “reset” ? Can they develop new perspectives fast enough and overcome their dogmas? How do we inject out-of-the box thinking and make them work within-the-box?
Or can we re-shape the box? The last 6 weeks, we’ve been focusing some of the most interesting paradigm shifting ideas of how to transform banking, insurance and healthcare. Here’s one interesting one. iPhone check deposit. The bank has just one branch in San Antonio and, because of its military legacy, has customers in Afghanistan and Iraq. The future of banking is mBanking. Nokia will be a big player and could use P2P payments as an entry-point to emerging markets -- and a new revenue stream. Bank of America Promotes Small Business Online Community at Logo. Users as Service Innovators: The Case of Banking Services by Eri. Many services can be self-provided. An individual user or a user firm can, for example, choose to do its own accounting – choose to self-provide that service - instead of hiring an accounting firm to provide it.
Since users can ‘serve themselves’ in many cases, it is reasonable to suspect that users can also innovate with respect to the services they self-provide. In this paper, we conduct the first quantitative exploration of the importance of services innovation by users, focusing on the field of commercial and retail banking services. We find that 55% of today’s computerized commercial banking services, and 44% of today’s computerized retail banking services were first developed and implemented by service users rather than banks. Manual precursors to these services - manual procedures that carried out functions similar to computerized services in our sample - were almost always developed by users as self-services.
5 Ways Banks Are Using Social Media. Lon S. Cohen is a freelance writer and is @obilon on Twitter. He's also the Director of Communications at @ALSofGNY. Many banks have started using social websites to help them with everything from healing the financial industry to promoting their latest credit cards. By embracing the most popular tools available, the industry has also been embracing the best of what social media culture has to offer, and smaller, community banks seem to be leading the charge when it comes to social media innovation. This post profiles some U.S. banks that have used social media in their marketing and communications plans in some interesting and successful ways. 1. Banks are not usually known for building warm and fuzzy communities around their products and services.
Missouri Bank, known popularly as Mobank, is a financial institution with a cool vibe that makes them a natural fit to utilize social media. 2. Steven L. 3. It took them a couple of tries to get social media right, however. 4. Jeff J. 5. ENVISIONING. New Online Banking Report Published: 2010 Guide to Online & Bank Director Magazine - Socal Media Savvy. When ShoreBank of Chicago introduced an online high-yield savings account, it built a microsite laden with social media tools to help promote it. Aside from being able to apply for the account online, visitors to the site can access ShoreBank's blog, refer friends, and read and share stories about the bank's customers. The microsite has been successful on a number of fronts. Since September 2007, it has helped attract more than 4,200 new accounts, many of them from customers who skew younger than the bank's traditional base.
Just as important, it has helped ShoreBank share the story of its three-part mission to help the environment, develop local communities, and run a profitable business. Social media help spread ShoreBank's message in an authentic way. Sometimes, of course, a particular story may not be so appealing, and all that online attention can backfire. Social media marketing carries all the same risks as traditional marketing, Funnell says. Visible Banking: 7 Reasons You MUST Check the Newly Redesigned O. I have already sent a few updates on twitter about the newly redesigned OPEN Forum community (check the email sent to their members on the left handside), but it is such a good redesign that it is worth dedicating a few minutes this afternoon to write a proper post on Visible Banking. Social Media is all about people. Don't reinvent the wheel and don't spend too much money on the interface! Unfortunately this proved to be too costly to Join2Grow.biz, the innovative online community for european entrepreneurs launched back in February 2007 by Fortis Bank in Belgium, which shut down just two years later.
Success lies in your ability to convince people of the value of your platform and to give them a good reason to use it. It needs to be intuitive and simple to register and use. Then you must find the most appealing ways to REWARD your members for visiting, contributing and promoting your platform. Small Business Resources and Information | Small Business Online. Innovation : Idea Hub. Things I Would Gladly Pay (my bank) For: Payment Services for Tr.
Mobile Banking: Anytime, Anyplace. Faster data access through 3G networks, as well as wider adoption of smartphones—and the apps that go with them—has helped boost usage of mobile banking, according to the “Mobile Financial Services: The Market Today & Opportunities for Tomorrow” report from comScore. Convenience is a major appeal of mobile banking, and to achieve it users take advantage of various access methods. Banking on a Web browser was most the popular method among both smartphone and 3G device users, with access through dedicated applications not far behind.
The biggest difference between the habits of smartphone and 3G users showed up in the popularity of SMS-based mobile banking. Just 25% of smartphone users banked by text message, while 41% of 3G subscribers did. Mobile banking access is not just valuable for users on the go, either. One-quarter of users accessed services primarily while running errands, and another 15% accessed primarily during their commute. Stay ahead of all the curves coming down the road.
Os Dez Maiores Bancos do Brasil « RANKZ. Visible Banking: 23 Ways to Reach The Youths Banking on Social M. Espaço CIAB 2009 - Internet Banking dá um salto e perde apenas p. Links from my Metavante Client Conference presentation (NetBanke. Mint Turns Personal Finance Into A Game. It’s Better Than It Sou. Mint, the popular personal finance site that won 2007′s TechCrunch40, is launching a new feature called “Financial Fitness” which, strange as it may sound, adds an element of gaming to the service. Yes, it may sound like a bizarre combination at first – personal finance and fun aren’t exactly two things that go hand in hand. But it’s also a smart move on Mint’s part, as it looks to turn the mundane and often confusing activity of getting your financial affairs in order into something a bit more tolerable while increasing Mint’s engagement in the process. Mint is running the new feature in a private beta for a few weeks, and the first 500 TechCrunch readers to Email techcrunch-getfit@mint.com with the Email address they use on Mint.com will gain access.
The game itself is fairly simple. I’m sure many people will initially react to the game with skepticism, as it isn’t exactly the first thing you’d expect at a finance site. New Online Banking Report Published: Selling Behind the Password. New Features in iPhone OS 3.0 will Help Banking Apps. Beyond Online Banking: The Next Generation of Online and Mobile. Top 10 Investment/Finance Websites - February 2009. Mint.com | Wesabe | Marc Hedlund | Aaron Patzer | Financial Bran. Among the online brands offering to help you manage your spending and savings through account aggregation—that is, compiling information from disparate sources including banks, brokerages and credit card companies—is Mint.com, which moved out of the beta stage in late 2008. (In this article we’ll be focusing on the online branding elements of Mint.com.
Several other sources already have test-driven the financial-management features of the site.) Because Mint is both new and independent—that is, not an extension of a respected and established brand in a sector like software or banking—convincing users of its efficacy and reliability is crucial, meaning it must address the following concerns: 1. Mint tackles these three issues directly on the comforting homepage, which more resembles a site for “green” living rather than greenbacks.
The site’s comprehensive overview section should reassure the fearful (regarding security) and the skeptical (if the service is so good, why is it free?) CeBIT '09 - Surface App for Financial Planning | Lori Grosl. Blog » Blog Archive » Examples of online communities in the fina. For this week’s instalment in our series of online community examples we turn to the financial services industry.
Online communities in the financial services industry There’s no escaping the fact that the financial services industry has been hit hard by the current economic climate. But like any industry at the moment, now is a great time to innovate in the way financial services companies communicate with and engage their customers. There are some really informed examples of social media by financial services brands and below are three great case studies of online communities in the industry from around the world.
Royal Bank of Canada Next Great Innovator Since 2007, the Royal Bank of Canada has been running the Next Great Innovator Challenge, an online competition for university and college students across Canada to suggest an innovation for the financial services industry. The online community also performs a number of other functions. HSBC Business Network Wesabe. HOW TO: Reorganize Finances Using the Web. The current economic climate has been draining for everyone, both economically and mentally. You have probably been trying to stick to a budget and avoiding looking at that 401k statement for some time now.
But this is a very difficult task – saving receipts, tracking expenses, controlling spending urges, and meeting goals for savings can be overwhelming. However, unlike past recessions, you have the advantage of digital information to make this process a lot simpler. When budgets, bills, and finances are all simply in a giant pile of clutter, taking a simple, digital approach to reorganization can not only work wonders on your finances, it can automate a lot of the tasks you tried to do on spreadsheets or with pen and paper. This ensures that every dollar is tracked and financial goals are actually met. First Phase: Assessment Before touching your finances, it’s vital that you understand your current financial situation.
Second Phase: Education Yahoo! Third Phase: Reorganization. That design is money! - physical interface. Hands on Banking. Wells Fargo Online Tour. Case Study: Metrics Drive Wells Fargo's Home Page by Brad S. Innovation playground Idris Mootee: Service Design Innovation Ca. This is the toughest time for retailing since many decades. It is also a perfect storm for many retailers from department stores to chain stores to refocus and strengthen their core and rethinking positioning. Many department stores and fashion chains have been operating without a real strategy for a long time, many turned themselves into landlords. If you take a look back at the history of retailing, starting with the original village green, we added a “main street” which functioned as the main shopping/social area. Department stores ultimately developed, which then moved to the new “malls” starting in the early 60’s. The first shopping malls were traditionally anchored by two or more large tenants, with in- line space devoted almost exclusively to the sale of clothing.
I was first introduced to the concept of “Wheel of Retailing” many years back by Professor Walter Salmon (prof of retailing at Harvard Business School). ..:: Ricardo Coelho Consultoria ::.. Visible Banking: Banking 2.0: the social media directory. Culture, the Great Influencer on Corporate Social Media Adoption. I’ve helped dozens of companies define their social media strategy based on research. Often, we conduct custom research efforts to evaluate first if their customers are using these tools (technographics) then we often talk with many stakeholders to find out their thoughts on social media. Sadly, in some cases, brands that had active customer bases using social technologies were not ready to participate themselves due to culture. Whether is paralysis, legal, or a cultural influence from management, or even location (I did a tour in Japan to find out how social media is growing there).
One example that comes to mind is a financial company I worked with, they are one of the ones that have an incredible amount of money –and a lot at risk as their customers were on the verge of self-connecting to each other without their account teams involved. What about big companies? Finovate Startup Conference Company Descriptions. Organize Receipts - Shoeboxed - Scan, Email or Mail Receipts - 8. MIT Media Lab Center for Future Banking. Better Bank Marketing. 50 Free iPhone Apps to Make You Richer. The iPhone and iPod Touch are capable of a number of things, including helping you keep track of your money. From figuring out loan payments, to calculating tips and finding an ATM within your network so you won't pay fees, there seem to be countless apps to choose from. If you truly want to save money, then FREE applications are the way to go, and we've gathered up over 50 of them that will help you complete a multitude of tasks.
What are some of your favorite iPhone and iPod Touch financial apps? Banking Applications 1st Mariner ATM/Branch Locator - Locate ATMs and branches in the 1st Mariner banking chain as well as the MoneyPass ATM network. Bank of America - Look up your account balance, find nearby Bank of America branches, pay bills, transfer funds and more all right on your iPhone or iPod Touch. Chase Mobile - Take control of your Chase account while on the go. IBC Mobile - Check your accounts, make payments, conduct transfers, search for nearby locations and more. Kcast Gold Live! Issues First Global Survey of Millennials and Banking Channels: ORLANDO, Fla. — Nov. 18, 2008 — Banks seeking to capture customers of the so-called Millennial generation — people between the ages of 18 and 30 — may need to step up their efforts to reach them via higher-tech channels, including instant messaging, text messaging and more, according to a new survey released today by Microsoft Corp. at the BAI Retail Delivery Conference & Expo.
The “Millennials in Banking Survey 2008,” conducted for Microsoft by Pleasanton, Calif. -based Javelin Strategy and Research, found that Millennials predominantly go online for most basic transactions with their banks, such as viewing an account balances (74 percent) or paying bills (70 percent). As is to be expected, when it comes to complex transactions — such as opening a new account (57 percent) and applying for a loan (52 percent) — their preference is to conduct those in person.
Millennials Tech-Savvy in Day-to-Day Lives Bank Selection Criteria for Millennials Pleasanton, Calif. About Microsoft 1 Source: U.S. Innovation in financial services: A McKinsey Global Survey - The. ING DIRECT - We, The Savers.