GoBank’s recent results suggest that the potential of the Debanked is real, and that there are consumers who are truly giving up checking accounts as their primary financial account. Not because they have to, not because they’re under-served, under-class consumers. But because they want to..
The key to improving financial literacy is providing relevant information in the right context (when consumers have a decision to make), and that the key to successful content marketing is providing relevant content in the right context (when consumers have a decision to make). Financial education IS content marketing.
Making the payment is not the part of the customer experience that consumers want a digital wallet (whatever that might be) to improve. The mobile moments of opportunity–to improve the customer experience, to add new levels of convenience to the customer experience, to help consumers make better/smarter decisions about how they manage and spend their money–occur before and after the payment.
Why would I think CUs don’t get their fair share of the market? Because of the never-ending stream of research that shows that credit unions: 1) have higher levels of customer satisfaction than banks; 2) have earned higher levels of trust among consumers than banks; and 3) offer better rates and fees on deposit and credit products than many banks–but don’t have 100% market share.
A McKinsey Quarterly blog post on The Changing Face of Marketing contains the following: “Change is the dominant fact of life in every business today. And the ability to master and exploit change has become one of the most sought-after management skills. This is particularly true in marketing, where the very tempo of change is constantly quickening.” Read this post to find out why this quote is important.
Content marketing isn’t what it’s cracked up to be. The real revolution in marketing–for products with any degree of consumer consideration–will be activity-based marketing.
A FinTech VC (no, not Matt Harris) writes: “It’s not hard to imagine that a majority of people in the U.S. could be banking with startups in the next three to five years.” If you’re on LSD, maybe.
According to Gallup, 62% of U.S. adults who use social media say that these sites have absolutely no influence on their purchasing decisions, and the research firms wonders if there is an inherent flaw in the idea of using social media to drive purchasing, or if companies have been using social media poorly. I think it questions the purpose of social media marketing altogether.