Mobile Takes on the Desktop for Remote Deposit

Remote deposit capture solutions create a lot of buzz, but do consumers really crave the technology? With the help of Affinity Federal Credit Union, we hosted a poll earlier this month asking our readers and the customers of their respective financial institutions, “Would you prefer to deposit checks via a mobile phone, or desktop computer?” Affinity Federal Credit Union provided the question to ascertain for themselves and the larger industry whether there’s a need for both solutions at one financial institution.

The winner? Mobile remote deposit capture. Poll respondents overwhelmingly preferred the mobile technology, corresponding with the widespread adoption of smartphones. Below is a visual breakdown of the results.

 

The poll results didn’t surprise Affinity Federal Credit Union, New Jersey’s largest credit union with 21 branches throughout northern and central New Jersey. Nancy Chen, Assistant Vice President of eCommerce at Affinity Federal Credit Union said, “We suspected that most consumers would want to just use their mobile phone to take a quick snap shot as opposed to having to turn on the computer, turn on the scanner, and wait for it to scan. It just seems more convenient to just take a photo than to scan, so we weren’t too surprised by the results, and were glad to see that the poll validated our suspicions.”

Are your customers and members asking for remote deposit solutions? Let us know in the comments section below or Tweet @bankingdotcom.

Would you like to contribute to the next Banking.com survey? Feel free to contact us at info@Banking2020.com.

Banking.com to Host Twitter Town Hall on November 3rd

In conjunction with Intuit Financial Services’ 4th Annual Financial Management Survey, which will be released next week, we’re hosting a Twitter Town Hall on Thursday, November 3rd. The Twitter Town Hall will discuss the survey results and how they tie into current banking trends, including mobile banking adoption, consumer attitudes, what consumers are looking for in online banking tools, customer loyalty and more.

The Twitter Town Hall is open for all our readers to join and participate in the conversation. To join us and/or learn more about the event, see below

Steps to Join:

  • Twitter Town Hall: Go to www.tweetchat.com. Log in using your Twitter ID.
  • Enter the hashtag to join the conversation: #IFSsurvey

 

Details:

  • Date: Thursday, November 3rd
  • Time: 10:00 am PST/1:00 pm EST
  • Hosted by: Banking.com Staff (@bankingdotcom) and Al Ko, Senior Vice President of Consumer Solutions for Intuit Financial Services (@financeworks)

If you are planning on attending the Twitter Town Hall and interested in receiving the key findings of the survey in advance, please email the Banking.com editors at info@banking2020.com. Additionally, if you are interested in submitting a question prior to the Twitter Town Hall, DM us on Twitter.

We hope to “Tweet” with you on November 3rd!

What We’re Reading: Bank Fees, Bank Loans and the Best of BAI

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

  • Community Banks, CUs Benefit from B of A’s Debit Fee Fallout

American Banker

Community Bank in southwest Florida is taking advantage of the recent PR nightmare large banks like Bank of America and Citi created for themselves by instigating debit card fees. The $750 million-asset bank is offering to pay people $5 per month to open a checking account instead of charging for debit transactions. In just a couple of days, it’s become the most successful promotion in the bank’s two-year history, and the institution partly has the bad mood of consumers to thank. “We’ve gotten dozens of account openings per day,” says Trevor Burgess, CEO of the bank holding company, which introduced the $5 reward program on Tuesday.

Read more

 

  • Why Banks Must Support All Mobile Platforms and Why HTML5 Matters

American Banker

Building all mobile apps from the same platform has the advantage of freeing up developers who were formerly dedicated to specific native and browser apps and it eases and accelerates the process of adding a new feature, such as remote deposit capture, across the board. The downside, Dennes acknowledged, is that it’s hard to create unique offerings on new platforms. For instance, Huntington’s forthcoming iPad app, which the bank plans to launch next week, is essentially the iPhone app retooled for the tablet.

Read more

 

  • Pressures grow on US regional lenders

Financial Times

Large US regional banks will need to cut expenses by up to 40 per cent to cope with slower economic growth, lower revenues and high regulatory costs, and that will increase pressure to cut staff or merge with rivals, a new study says. The report by Alvarez & Marsal turnround specialists said returns on equity at leading regional US lenders had fallen by about half from pre-crisis levels of about 15 per cent. Luring investors back to the sector would require more than routine cost-cutting, it said. Seamus McMahon, a senior adviser at the firm, said: “There is no way to take 30 to 40 per cent of costs out of an existing business system”.

Read more

  • Would banking customers rather gripe than switch?

Javelin Strategy & Research Blog

The anger over bank fees – and Bank of America’s planned $5 debit fee in particular – is creating two vexing questions for the banking industry. First, will people really switch banks? Second, if they do decide to switch to a community bank or credit union, could they successfully open and fund an account – and disentangle themselves from the bank they’re leaving? The answer to the second question is detailed in a report Javelin released to subscribers Friday.

Read more

  • Best of BAI Retail Delivery 2011

Net Banker

BAI held its giant banktech trade show, Retail Delivery, in its hometown this year, the first time it’s been held in Chicago since Jim Bruene began attending in 1993. It was a good year for announcing interesting FI partnerships: PayPal and USAA for mobile P2P payments, Cardlytics and PNC for merchant-funded rewards, On Deck Capital and US Bank for small business alternative lending. Best mobile positioning statement (tie): In back-to-back, but separate sessions, Neff Hudson, USAA and Brett King, Bank 2.0/Movenbank said almost the same thing: that banking has always been a destination (visit branch, call the VRU, or login in to online banking). And with mobile, banking goes direct to the customer.

Read more

 

  • Banks Start To Make More Loans

New York Times

Despite all the bleak economic news, a funny thing has been happening in the financial industry over the last few months: the banks have quietly turned on the lending spigot. Loan growth is still modest. And it remains heavily weighted toward the strongest corporate and consumer borrowers. But after several quarters of having their loan balances plunge or flatten out, several of the nation’s biggest banks are reporting increases.

Read more

  • NCR, S1, PayPal To Offer Money-Transfer Service Via ATMs

Wall Street Journal

Automated-teller machine maker NCR Corp. (NCR) has partnered with eBay Inc.’s (EBAY) PayPal and the e-commerce company S1 Corp. (SONE) to offer person-to-person payments via ATMs. The service will allow people to transfer money to the recipient’s PayPal account with an ATM, an option that could be less expensive than other money-transfer options currently available. An NCR spokesman said it will sell licenses to banks running on the S1 payment platform and using NCR’s Aptra Edge in the U.S.

Read more

 

 

Banking.com Turns 1

One year ago, we launched Banking.com and kicked off Intuit Financial Services’ Third Annual Online Financial Management Survey. Over the past year, we’ve gotten the opportunity to connect with a variety of industry thought leaders via our blog and Twitter channel.

Some key highlights for our staff included when we hosted the report on the Future of Financial Services, and held a corresponding Twitter Town Hall to discuss the findings with our readers and followers. Over the past year we’ve delved into many areas, covering topics from mobile banking, to banking regulation, social media and more; and we’re looking forward to expanding our coverage in the next year.

For our readers who joined us later in the year, and for our readers from day-one, we will be hosting Intuit Financial Services’ Fourth Annual Financial Management Survey in early November, along with a corresponding Twitter Town Hall. Stay tuned for dates and times, and interesting stats on the banking industry you have come to know and enjoy from the Banking.com Staff.

Happy Birthday Banking.com!

 

 

 

 

 

 

 

 

 

 

Image: Salvatore Vuono / FreeDigitalPhotos.net

Social Media Statistics: By-the-Numbers, October 2011

Below are interesting statistics on social media usage. Feel free to share your favorite social media statistics in the comments section or Tweet @bankingdotcom.

  • $400,000,000 in ad revenue is projected for Twitter by 2013, up from $139.5 million in 2011 (Source: eMarketer)
  • 7,432,307 job changes have been tracked by LinkedIn since 2009 (Source: LinkedIn)
  • 68% of social media users go to social networking sites to read product reviews (Source: Nielsen)
  • 59% of B2B purchase decision makers use a smartphone to research potential purchases (Source: eMarketer)
  • 58% of social media users go to social networking sites to learn about or research products (Source: Nielsen)
  • 1,600 advertisers are now using the Twitter platform for advertising (Source: Twitter)
  • 53% of active adult social networkers follow a brand, while 32% follow a celebrity (Source: Nielsen)
  • 40% of social media users access social media content from their mobile phones (Source: Nielsen)
  • $1.23 billion will be spent by US advertisers on mobile advertising this year, up from $743 million in 2010 (Source: eMarketer)

Interested in hosting a giveaway on your Facebook page? Check out these tips from Social Fresh.

Video: Women’s World Banking Helping the Underbanked

As we have discussed frequently on Banking.com, women will become a driving force in the economy over the next decade.  But how do you engage those that aren’t participating in mainstream banking?

Women’s World Banking, an organization that provides microfinancing services to women in 27 developing countries, gives women access to top financial products and services to help their families.  Women’s World Banking is currently working with 39 financial institutions to provide financial assistance through savings and insurance products, pensions and other services to develop solutions that address “the ways women interact with the financial system throughout their lifecycle.”

See below for a video with Women’s World Banking CEO Mary Ellen Iskenderian as she talks about the organization to Bloomberg.

How are you helping those in your community with their finances? What are you offering to help the underbanked consumers in your region? Let us know by posting in the comments section below or tweeting @Bankingdotcom.

What We’re Reading: Debit Fees, Social Media and Tablets

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

  • Citigroup Revs Up Use of B2B Social Media

American Banker

When it comes to using social media, the business-to-business world is playing catch up to the consumer-to-business sector. Among banks, Citigroup Inc. is taking a lead here. The bank discussed its business-to-business social media strategy during a talk hosted by IBM in New York on Wednesday. Starting in 2009, Citigroup began reengineering its client interface in its Global Transaction Services unit, which caters primarily to institutional investors. The changes it made included setting up an internal collaboration network for its employees, to cull from them the best ideas of how to interact with and market to clients. Using a platform from International Business Machines Corp. called Innovation Jam, it looped in 4,000 of the unit’s 20,000 employees who posted almost 7,000 ideas in late 2010.

Read more

  • How Debit-Card Fees Ruin Banking Relationships

Wall Street Journal

The younger generation doesn’t know a paper check from a floppy disk, and its members shy away from using cash. Between school ID cards and debit cards, they have swiped their way to adulthood. Now they are about to get swiped themselves. Bank of America, the nation’s largest by assets, recently announced it will charge most customers who use their debit cards for purchases a flat $5 monthly fee starting next year. It also is testing a new array of checking accounts with higher fees. SunTrust Banks has added a $5 monthly debit-card fee for purchases to some accounts and is raising some checking-account fees. Citigroup is raising fees and adding a $1,500 minimum balance on basic checking accounts, though there are ways around it. Wells Fargo will soon be testing debit-card fees. An August Bankrate.com survey of the largest banks and thrifts in 25 major markets found that just 45% still offered free noninterest-bearing checking accounts, down from 76% in 2009. It also found higher average monthly maintenance fees, automated-teller-machine surcharges, overdraft fees and minimum required balances across the board.

Read more

  • Movenbank Alpha Site Went Live This Weekend

My Bank Tracker

The public was able to get a glimpse of the next-generation bank that aims to change the retail banking landscape. Movenbank’s alpha site went live on Saturday, October 1, hitting the deadline set by the bank’s co-founder and chairman Brett King at the Sibos International banking conference in Toronto last week. Promising to be free of physical branches, paper, plastic, and hidden fees, Movenbank is built to revolve around mobile banking that incorporates gamification. The bank’s website has been under wraps since being founded in July 2010. Previously, the site shows a simple page that lets consumers enter their email addresses to keep updated on Movenbank’s progress. Now, it lets everyone sign up for an invite.

Read more

  • The Tablet Will Act as a Catalyst to the Redesign of Online Banking

Celent Banking Blog

This week, Citi unveiled its new website, and it’s modeled after the mobile and tablet experience. To get a feel for the changes, have a look at the video Citi has on its preview site. Celent’s Jacob Jegher was out at the Bank Systems & Technology Executive Summit this week and had the opportunity to chat with a Citi executive about some of the changes. No doubt it’s a step in the right direction. Jacob’s curious to hear what consumers think about the changes and the redesign. He’s also very intrigued regarding how adoption of PFM will materialize. American Banker is reporting that Citi engaged Yodlee for the aggregation and PFM components of the site. Citi isn’t the only large bank up to major changes with their online banking solutions. Stay tuned for some upcoming changes at Bank of America. BofA is claiming that the outage they suffered this week was due to a “multi-year project to upgrade its online banking platform.”

Read more

 

  • CX Moneyball, Game-Changing Analytics

Customer Experience Matters Blog

Seeing the movie made Bruce Temkin think about how to apply Moneyball to customer experience. What data or analysis would Beane use if he were a customer experience leader? Here are some that Bruce came up with: Experience Elasticity. It would be very valuable to understand how much impact every interaction had on the long-term loyalty of each customer. With that data, we could identify the specific interactions that have the most impact on our business. This would allow us to invest in improvements to customer experience that have the highest business value for the company. Predictive Feedback. Customers are getting more and more surveys, because companies recognize the importance of this outside-in feedback. But it’s very hard to get this data on every interaction. It would be extremely valuable to predict the feedback that customers would give based on an analysis of their interactions. With this type of data, a company could evaluate every call center agent on every call and the experience for every online interaction — without any survey fatigue.

Read more

  • Transparency on banking fees sought

Detroit News

As the backlash continues over Bank of America Corp.’s new debit card fee, the acting head of the Consumer Financial Protection Bureau called for more disclosure about what customers pay for checking accounts. Raj Date, the Obama administration adviser leading the agency until it gets a Senate-confirmed director, weighed in on the controversy last week without directly addressing Bank of America’s new $5 monthly debit card fee. Instead, Date said banks often are unclear about how much they charge customers for services, and he suggested the agency might move to simplify checking account disclosures. “This isn’t about any one fee from any one bank,” he said. “The problem is that checking accounts often come with a wide variety of unexpected costs that can quickly add up for consumers.”

Read more

What We’re Reading: Steve Jobs, Brett King’s Movenbank and The Glossary of Bank Terminology

 

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

  • Finance Meets Farmville: Banks Build Products Around Online Games

American Banker

Whereas most financial companies use Facebook and Twitter solely for branding and customer service, some have taken the next step and designed financial products that are meant to be interacted with primarily through social networks and online games. This trend is reminiscent of initiatives undertaken several years ago by several banks to establish a presence in Second Life, an online game that let users build homes and businesses in cyberspace. Such “virtual worlds” had large audiences, but were not as mainstream as the communities on Facebook, Twitter and other social networking sites today. “Customers are increasingly leveraging social media … and companies need to meet their customers in their channel of choice,” Jack Forestell, executive vice president for digital at Capital One Financial Corp., of Mclean, Va., said in an email.

Read more

 

  • Citi Relaunches Website with Mobile Flavor

American Banker

Most banks design mobile sites as shrunken versions of online banking. Citigroup Inc.’s new website instead takes the lessons of mobile and blows them up for a bigger screen. Citi has taken cues from the ways consumers bank from mobile handsets and tablets, as well as their desire to have a consolidated view of their financial lives. For example, the old site was designed to be read from top to bottom, whereas the new site is designed horizontally, with information displayed in three strips.

Read more

 

  • Startup Financial Portals Target Niche Markets

Bank Technology News

Dedicated investment advice for the not-so-wealthy, and gender-specific financial planning. That’s how two start-ups that presented at the FinovateFall conference last week in New York have positioned products that nudge the personal financial management sector in new directions. By presenting their companies this way, Personal Capital Corp. and LearnVest Inc. are narrowing their focus in an area where products have been all about offering a broad, dashboard view of finances to as many people as possible. “Mass market PFM does not work,” says Jacob Jegher, a senior analyst with Celent. Personal Capital focuses on the mass affluent, and LearnVest on women.

Read more

  • What I Learned From Steve Jobs

Customer Experience Matters Blog

Steve Jobs passed away today and the world lost a great visionary, designer, architect, and technologist. He truly changed the world… for the better! Bruce Temkin recently wrote a couple of posts about Jobs: Customer Experience Lessons From Steve Job and Stop Listening To Customers… Sometimes. To honor his passing, Bruce wants to share some additional thoughts about what he’s learned from Steve.

Read more

 

  • As Smartphones near a Key Crossover, Mobile Banking Adoption Soars 60%

Javelin Strategy & Research Blog

Today’s “Let’s talk iPhone” event epitomizes the fascination that Americans have with their smartphones, the same fascination that is leading to an important crossover.  In 2011, the U.S. will cross the 50% mark when more than half of mobile Americans will own smartphones vs. standard or flip phones. This has important implications for mobile banking, as half of smartphone owners conduct mobile banking, they are more likely to appreciate the benefits of mobile banking, to regularly make sticky transactions, and far less likely to give up on mobile banking than those with regular mobile phones. In short, smartphone owners make ideal evangelists for mobile banking.

Read more

  • The 2011 Gonzo Glossary of Bank Terminology

Gonzo Banker

GonzoBanker provides a list of key terms it that will be imperative to understand to navigate the tricky financial services industry. They tried to focus on “working” definitions rather that the highly theoretical ones that won’t help move anyone’s career forward. They conveniently divided it into general terms, customer terms, and technology terms.

Read more

  • Movenbank Alpha Site Went Live This Weekend

My Bank Tracker

The public was able to get a glimpse of the next-generation bank that aims to change the retail banking landscape. Movenbank’s alpha site went live on Saturday, October 1, hitting the deadline set by the bank’s co-founder and chairman Brett King at the Sibos International banking conference in Toronto last week. Promising to be free of physical branches, paper, plastic, and hidden fees, Movenbank is built to revolve around mobile banking that incorporates gamification. The bank’s website has been under wraps since being founded in July 2010.

Read more

Serving Small Businesses: A Tough, but Important Nut for Bankers to Crack

Intuit Financial Services’ CeCe Morken explores how bankers can best serve small businesses, a critical customer segment for financial institutions.

Women Boomers Rise to Become Market Superpower

There’s no denying women are the next financial superpower. As demonstrated in the findings of the Intuit 2020 Report: The Future of Financial Services, women will be in the spotlight over the next decade as key financial decision makers. With Gen Y women projected to dominate higher education graduation rates and professional workforce entry, women are poised to take control of financial responsibility both as household CEOs, consumers and business decision makers fueling the She-conomy.

The Intuit 2020 Report also projects that by the year 2020, 60 percent of baby boomers will be women, the majority of whom will work beyond the traditional retirement age by starting small businesses and re-entering the workforce. Credit Union Magazine recently highlighted similar findings from the CUNA Marketing and Business Development Council which states that baby boomer women will control two thirds of consumer wealth over the next decade. Mary Brown and Carol Orsborn’ s book, Boom: Marketing to the Ultimate Power Consumer—the Baby Boomer Woman, supports this claim and outlines six important insights financial institutions might not know about their female boomer customers. We’ve included a few below.

  • Many boomer women are at the peak of their earning potential. Eight of 10 say they don’t plan to retire.
  • Many boomer women will manage inheritances from parents and husbands, as most will outlive their husbands by six to nine years.
  • Women ages 35 to 54 years old made up the highest proportion of web surfers. Direct catalog marketers estimate that women constitute 70% of online purchasers, the majority of whom are boomers.
  • Boomer women aren’t set in their ways. According to the Center for Women’s Business Research, 68% of women over age 35 old say that the older they get, the more they enjoy trying new things.

You can read the full list here.

How are you helping your female boomer customers? Do you have any advice on how to market your services to this female population?

Let us know by posting in the comments section below or tweeting @Bankingdotcom.