Successful deployment of analytics means business process change. Some bankers–and a lot of vendors–need to stop thinking of analytics as some kind of panacea that’s going to magically improve marketing performance.
There’s no denying that driving mobile payment volume is important to Apple. But there is another critical success metric for Apple Pay 1.0.
In Gallup’s latest survey of consumer sentiments towards various industries, banks registered a net positive score for the first time since 2007. Banks dropped into negative territory in 2008, and then plummeted to the negative mid- to high-20s from 2009 to 2012 (apparently, bankers and their mothers were surveyed, so banks managed to get a few positive votes). Over the past two years, however, banks have gained an impressive 36 points to rise from -28 in 2012 to +8 in 2014.
Even in FIs with a strong analytics presence, and years of experience in data-driven marketing techniques, the analytics group itself is viewed as a bunch of statistical nerds, relegated to some remote section of a floor in headquarters that none of the executive team has ever been on–or would want to be seen on.
The cost of driving adoption and use of MCX’s mobile wallet–recently named CurrentC–will offset any reduction in interchange fees the merchants realized. My take:MCX’s mobile wallet is doomed to fail.
A few months ago, The Atlantic published an article titled A Eulogy For Twitter. In it, the authors wrote: “Something is wrong on Twitter. And people are noticing. Its users are less active than they once were. Twitter says these changes reflect a more streamlined experience, but we have a different theory: Twitter is entering…
The American Bankers Association released the findings of its 2014 survey regarding bank channel preferences. A pymnts.com article titled Mobile’s Impact on Bank Branches reported that 21% of those polled selected the branch as their most preferred banking method, up from 18% in 2013. My take: The title of the article is wacky, and the ABA’s explanation of what’s going on is incorrect.
A very large bank–I think it was a Well Funded bank–announced that it was launching a startup accelerator to provide up to $500,000 in capital, and offer a six-month boot camp for startups to develop tools for the financial industry, especially in the transactions, security and consumer information areas. According to the head of the…