A Payments Source article titled Consumers Show Cautious Interest In Mobile Payments reported on a study of US consumers’ views on mobile payments. My take: Concluding that consumers are “cautious” in their interest in mobile payments is a misinterpretation of the data. Looking at the market for mobile payments as a whole misses the segment of consumers that I call Smartphonatics.
Smartphonatics are consumers who change their shopping, banking, and payment behavior as a result of mobile technologies. Despite the proliferation of smartphones, not everyone who owns one is a Smartphonatic. But this group is growing, and their needs and behaviors will change marketing.
The incident happened 18 years ago, and I only heard it for the first time yesterday. What makes that worth mentioning is that the story was from my father. I was in Florida yesterday for a conference that was 45 minutes from where my parents live, so they drove down and joined me for lunch. Here’s the lunch conversation: Mom: So what did you talk about in your speech? Me: Stuff. Mom: What kind of stuff? Me: Bank stuff. Mom: What kind of bank stuff?
Me: Bank customer loyalty stuff.
On the FutureLab site, Ed Thompson shares some excellent ideas in an article titled 3 Ways Retail Banks Could Get More Benefit from Social Media. Read the entire article to see the details. In summary, Ed suggests that banks implement: Social banking. To do this, Ed recommends that banks “create a current or savings account…
Marketing financial services products to “women” is doomed to fail, and simply not a very good idea. If 89% of the decisions are made by women, then pretty much ALL of the decisions are made by women, no? Which means, the ONLY people worth marketing to are women. What I’m trying to convey here — and I’m worried that I’m not articulating this clearly — is that “women” is not a manageable, marketable consumer segment.
In the history of Saturday Night Live, there might not be anything funnier than Eddie Murphy doing Buckwheat Sings: Wookin’ pa nub in all the wrong places, wookin’ pa nub.Based on a (unrepresentative) survey of bank execs, it appears that banks, too, are wookin’ pa nub in all the wrong places. More than half of the respondents expect to grow through organic loan origination, while just 7% plan to grow through new revenue sources. There’s some serious short-sightedness here.
The Debanked are mainstream consumers who willingly choose to manage their financial lives without the help of a checking account. When they close out their checking accounts, $30-40 billion in deposits is coming out, and–more importantly to banks–nearly $1.7 billion in revenue.