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.
If you have an impulse purchase problem, the Amazon Fire Phone is not the phone for you. If you need help managing your financial life, don’t think that Amazon–through it’s amazing ability to gather, store, analyze, and deploy data–is going to help you anytime soon. The Fire Phone presents a threat and two opportunities to banks.
A well-known research firm recently claimed that within two years, 25% of the top 50 global banks may launch app stores to enhance customer service and make innovative banking applications easier for customers to find, and that the practice would “snowball” to other FIs. I disagree–read why.
Exactly how digital (or not) are banks? Urban Airship released the results of a study that might help provide some answers. UA’s findings suggest that, relative to other industries, financial services companies might not be as backwards as some folks want to make them out to be.
Selling out to a big bank for $117 million doesn’t exactly strike me as qualifying as a banking industry disruptor. BBVA, however, was not simply paying ~$1200 per customer to acquire Simple’s customers. BBVA paid for a brand that it would need years to build itself.
Device shouldn’t be the only factor determining what constitutes a mobile payment. Location matters. As long as the numbers being reported include home-based, web-based purchases, I remain skeptical that mobile payment statistics really capture the shift in behavior.
There’s a new type of marketing that’s beginning to gain traction: Activity-Based Marketing, or marketing within the context of an activity being performed by a customer or prospect. It’s key to creating and capitalizing on the new mobile moments of opportunity.
I got this from a CNBC article on bank branches: “Mobile transactions are easier for customers and cheaper for banks to service, according to Diebold, a company which specializes in ATM and branch transaction services. In the company’s 2010 investor presentation, it estimated a $4.25 per transaction expense at a bank branch versus only 8…
Why haven’t we seen large-scale, transformational change — or innovation — in financial services, despite the advent of the Internet, the Web, and more recently, mobile technologies? Because — until recently — there has been no need for the industry to change.
If I’ve learned anything about doing consumer research it’s this: You can’t ask consumers their opinions about things that they don’t know. So, feel free to publicize your research about which mobile wallets are most popular with consumers, if you want, but I’m not buying any of it. ————— comScore recently conducted a study regarding…