Intuit Financial Services’ Innovation Conference: Mobile Trends, Technology Transformation, and Personal & Small Business Finances

In early October, Intuit Financial Services hosted its annual user conference, the Intuit Innovation Conference, in Nashville, Tenn. The conference brought together industry leaders from banks and credit unions across the country, and discussed key topics affecting the financial services industry. To provide a broad spectrum on issues, Intuit hosted an array of esteemed keynote speakers included Steve Forbes, Chairman, CEO, and Editor in Chief at Forbes Media; Tom Kelley, General Manager of IDEO; and, Dan Ariely, behavioral economist and author.

The Banking.com staff got a chance to pull key tidbits from the event, which focused on mobile trends, technology transformation, and personal and small business finances. Below are some top tweets and highlights from the conference:

Mobile:

  • Tablet users touch their financial institution (FI) 30 times per month across multiple devices (tablet, phone and PC) not including text banking touches.
  • Smart phone remote deposit users deposit approximately 2+ checks per month at an average of more than $420 per deposit. Cost savings to FI – $3 each deposit over using a branch.
  • 30% of customers now factor mobile solutions into why they choose their primary FI.
  • Average mobile phone user now spends 12 minutes/day on the actual “phone,” two hours/day doing other things.
  • Mobile is the primary way people interact with their FIs today and growing; mobile banking up 63% to 57 million in 2011.
  • 10% of online banking users are now using their tablet.

Technology Transformation:

  • Web and mobile is eliminating intermediaries like traditional editorial process. Media model of last 150 years has been blasted away.
  • Mobile is changing the media model again. Everything in marketing must be customized to the individual. There are more specialized segments than ever before.
  • Contingent workforce will be 40% in few years (following passions, seeking work/life balance). This offers a new set of financial complexities that financial institutions will need to consider.
  • Digital trends shaping future behavior:
    • World without borders
    • Participatory networks
    • Mobile first & only
    • Humanizing the data
    • Reputation rules
  • “The Digital channel has increased engagement 3x to 32 times/month” – Intuit Financial Services General Manager, CeCe Morken

Personal & Small Business:

  • 2/3 of personal businesses don’t track their mileage for tax time or they track it incorrectly.
  • 50% of small businesses use manual methods (pen paper) to manage finances.
  • Average value of personal business to an FI is $5,000 in revenue per year. Consumer value is $500.
  • Personal small business market segment is growing. Forecast is 32 million by 2018.
  • Personal businesses take longer to make buying decisions than consumers and larger businesses.
  • “74% of #smallbiz owners aren’t wowed by their FI”-Christine Barry of @AiteGroup

A recurring theme of the conference was mobile in the banking industry; how important is a mobile presence to you? Does your FI meet your needs with its mobile solutions? What do you expect from your FI’s when dealing with mobile? Leave us a comment below.

Malcolm Gladwell and Banking: 3 Key Ingredients for Mass Market Innovations

Malcolm Gladwell, author of Blink, The Tipping Point and Outliers, presented at the Intuit Financial Services National Conference this week in Los Angeles. In the session, Gladwell challenged the audience’s thinking around innovation with case studies from Israel’s Bekaa Valley air battle in 1982, to the development of the Mac computer, to NCI’s cancer research breakthroughs in 1965, to the creation of Facebook.

Gladwell highlighted three key ingredients for successful mass market innovations:

1) Being a tweaker instead of an inventor. The most brilliant inventors often don’t know how to put ideas into practice. Tweakers, on the other hand, are highly effective at taking an existing idea and working collaboratively to make it better for the masses.

2) Lack of material advantage is often an impetus for innovation forcing you to be creative on how you approach a problem.

3) Being third to market is actually an advantage over being first. Wait to see where the market is going and then jump in with your innovation that improves on what is already out there.

For financial institutions that don’t have the same budgets as a large corporation to develop new technologies and services for customers, Gladwell’s advice can be heeded as they tap into the latest innovations on the market.

What is your experience with bringing new products to market? Does your FI have “key ingredients” to tapping the latest innovations? Let us know in the comments section below.