Intuit Financial Services

How To Profitably Serve Small Business Customers

March 15, 2012 By Banking.com Staff Leave a Comment

Small businesses, especially micro businesses, are an underserved customer within financial institutions. The small business market will grow from approximately 27 million to 33 million in the next 10 years, with many of these being micro businesses. Many organizations outside of financial services are targeting these very segments.

In this video CeCe Morken, president and general manager of Intuit Financial Services, sat down with Greg Wright, to discuss how Intuit can help you better and more profitably serve small business customers.

Filed Under Videos Tagged With CeCe Morken, Intuit Financial Services, small business

Video: Tomorrow’s Small Business Customer: Helping You Crack a Tough Nut

March 13, 2012 By Banking.com Staff Leave a Comment

CeCe Morken, president and general manager of Intuit Financial Services, sat down with Greg Wright, small business solutions leader for Intuit Financial Services, to discuss specifically what Intuit is doing to help financial institutions engage small businesses.

Filed Under Videos Tagged With Intuit Financial Services, small business, video

“Show Me The (Mobile) Money”– A Case Study in Monetization

December 2, 2011 By Allyson Casey 1 Comment

*This blog was originally posted on The Intuit Network

In this week’s Predictions Webcast, IDC’s Chief Analyst Frank Gens declared 2012 the year “Mobile Wins,” meaning we’ll see tablets and smartphones handily outpace their PC predecessors. While this isn’t necessarily a shock– mobile has been barreling toward us all for some time now– the concept of effectively capatalizing on mobile reamins a hot topic.

In the following presentaiton from SIAA’s “All About Mobile Conference,” Intuit’s own John Flora shares how Intuit Financial Services is helping mid-sized banks and credit unions serve their customers at their point of need in the cloud, on a tablet or even a smartphone. It all starts with focusing on “real customer problems” and designing for seamless experiences.

Monetizing Mobile – Intuit Financial Services Case Study

View more presentations from Intuit Inc.

Filed Under For Financial Institutions Tagged With Intuit, Intuit Financial Services, mobile, mobile apps, mobile banking

Gen Y: Leading the Technology Revolution

November 30, 2011 By Banking.com Staff Leave a Comment

Gen Y consumers are quick adopters of new technologies, so it came as no surprise that Intuit Financial Services’ Fourth Annual Financial Management Survey found nearly half (48 percent) of Gen Y consumers currently use their mobile device to conduct banking activities, compared to only 15 percent of Gen X, Baby Boomers and Seniors.

While disparate in actual usage, all consumers share the same viewpoint toward the main barrier to adoption – 41 percent do not own a Smartphone. The survey also found:

Nearly one-third (30 percent) of Gen Y would switch financial institutions if theirs stopped offering mobile banking. Only 15 percent of Gen X, Baby Boomers and Seniors would switch.
Gen Y uses mobile banking the same way they use online banking – viewing account balances and transferring funds is ranked as most important (70 percent utilization), followed by bill pay.
Gen Y is three times as likely to use remote deposit capture for checks compared to Gen X, Baby Boomers and Seniors (12 percent versus 4 percent )They are also three times as likely to use a tablet to access and conduct banking (18 percent versus 6 percent).

Furthermore, Gen Y is more likely to voice their opinion and dissatisfaction with their financial institution – in fact, 42 percent have already or plan to switch where they bank due to increased fees. As referenced in our recent post, How to Attract Gen Y Customers and Members, it is now more important than ever for financial institutions to provide solutions to satisfy all demographics.

How is your FI adopting to the ever changing needs of Gen Y? Do you have specific marketing campaigns targeting the Gen Y audience? Let us know by tweeting @Bankingdotcom or leaving a comment in the section below.

Filed Under Surveys Tagged With #IFSsurvey, gen y, Intuit Financial Services

Women Call the Shots When It Comes to Banking

November 8, 2011 By Banking.com Staff Leave a Comment

As women are taking a larger role in the economy, they require more tailored tools and solutions from their financial institutions. The Future of Financial Services Report indicated Gen Y women are expected to dominate higher education graduation rates and professional workforce entry, taking control of financial responsibility both as household CEOs, consumers and business decision makers fueling the She-conomy. Additionally the report states 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.

Women will hold a larger piece of the pie as is substantiated by reports 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, and the book Women Want More which indicated by 2014 women could earn about $18 trillion a year and control as much as $28 trillion of spending.

With this customer segment growing in importance, financial institutions need to provide tools and solutions to not only balance a checkbook – but balance it all. Intuit Financial Services’ Fourth Annual Financial Management Survey found women have very strong opinions about the ways they like to bank.

Women prioritize online banking for convenient management of their finances:

One third of respondents said they would switch financial institutions for one that offers better online banking tools.
Women are also smart shoppers; 82 percent would use a service from their bank or credit union that provides discounts on products and services they already use.
Women are also high adopters of mobile banking to meet their busy lifestyle with more than one-fifth of women reporting use of their mobile device to access their bank account or use banking tools.
Mobile banking also serves as a good retention tool for this customer segment as 16 percent of women surveyed said they would switch financial institutions if theirs stopped offering mobile banking.

Lastly, in a time when consumers are finding their voice to demand the appropriate fees and offerings from their banks, 35 percent of women indicate they have already, or plan to switch where they bank due to increased fees.

Are you seeing women driving adoption of mobile or online banking at your financial institution? How do you see women shaping your financial management offerings? Let us know in the comments section below, or Tweet @bankingdotcom.

Filed Under Surveys Tagged With #b2020, #IFSsurvey, Intuit Financial Services, women and banking

Banking Industry Leaders Discuss Findings of Intuit Financial Management Survey

November 4, 2011 By Jim Marous Leave a Comment

*This blog was originally posted on Bank Marketing Strategy by Jim Marous. Jim is a marketing services leader focused on building strategic solutions for the financial services industry. You can follow him on Twitter @JimMarous or connect on LinkedIn.

In conjunction with the release of Intuit Financial Services’ 4th Annual Financial Management Survey, Banking.com hosted a Twitter Town Hall yesterday, bringing together financial industry leaders to discuss loyalty and channel migration as well as some of the challenges and opportunities facing the banking industry. The following is a recap of the very robust one hour dialogue. (The complete transcript can be found using #IFSsurvey on Twitter)

The Town Hall discussion began around the issue of customer loyalty and the finding that many consumers thought their financial provider was not ‘in touch’ with their needs. Given the events of the past week, where many large banks reversed decisions around the implementation of fees due to highly vocal negative sentiment amplified by social media and credit union trade group support, most participants believed that banks are not leveraging current insight and technology to make better decisions and provide value added service.

Tobin Lee (@Tobin_Lee), Intuit Financial Services spokesperson stated, “It is time for a banker mindset shift; cultivating deeper relationships, more meaningful engagement and stronger advocacy for growth”. Campbell Edlund from EMI (@EMI_mktg4sales) added, “These findings provide a very strong argument for a communications plan around the customer lifecycle”.

The already robust dialogue really took off as the discussion moved to the acceptance and utilization of banking channels (especially mobile and tablet banking). Bradley Leimer (@leimer) from Mechanics Bank in the San Francisco Bay area believed mobile strategy will be the key to future engagement due to the portability and ‘always on’ nature of the device. He also believed that the correlation between mobile banking and smartphone use (41% of respondents owned a smartphone) could indicate a lower engagement with financial technology in general for non-smartphone users.

Edlund added that while there is currently a higher penetration of smartphones than tablets, tablets can not be ignored by banks since Oracle found that tablet ownership is expected to increase significantly in the next year. She also warned that we need to be cautious not to get ahead of the acceptance curve. . . “we always underestimate inertia”. Brett King (@brettking), author of Bank 2.0 and founder of Movenbank went a step further stating that within 3 years all bank websites will need to be built for tablets first. He also believed that branches will continue to diminish in presence and utility (according to the study, 27% of respondents still visit their branch once a month in addition to ATM visits).

Mark Zmarzly (@BankMarketing) did not believe bricks and mortar would completely go away, but definitely felt the relevance of branches will change. “It’s easy to say branches will go away, but is that realistic? They have to evolve, but customers will never let them become 100% irrelevant.” King responded that with the drop in branch transactions, the economics of the branch are not working. I (@jimmarous) illustrated the model of Boeing Employees Credit Union in Seattle, where only 2 of the 40 branch network have tellers, while the installation of multiple ATMs at offices and around the city have an average of 10,000+ transactions each. 94% of the transactions at BECU are done electronically, according to Howie Wu (@howie_wu) from the credit union.

“Relevance is the key to banking for tomorrow,” stated King. “By 2015, mobile will be the #1 day-to-day channel, OLB #2 with the branch network being #5. The challenge for mobile and online will be developing great customer journeys”. King doesn’t believe these journeys exist today and believes the goal should be to have banking so pervasive that it is not tied to a branch, device or website, but is everywhere customers are.

Edlund pointed to the retail industry as a forerunner for what we will see in financial services. “Social and tablets will change the landscape in banking as they have in retailing”, Edlund stated. (During the Twitter Town Hall, there was even a discussion of the integration of TV as a channel for banking). Representatives from EMI in Boston (EMI_mktg4banks) emphasized that we will continue to see a blurring of all channels with social media providing some of the glue for enhanced communication. Gamification and location-based rewards were also seen as a key elements of engagement by Leimer and Edlund.

A conundrum was discussed with regard to the needs of small businesses where checks still prevail and the need for branches. King believed that we will see significant attention paid to mobile payments for businesses in the next couple years, while I added that tablet apps for business are also being developed to respond to the needs of the business community. NFC was also seen as a game changer with regard to the need for branches for small businesses. Bob Williams (@bob_williams) from Harland Clarke believed that, while check usage is definitely dropping, there are much greater efficiencies today than in the past with RDC and other electronic tools.

It was clear from the Intuit research that was just released, the Bank 2020 research released in April, and the discussion during the Twitter Town Hall today that there is significant disruption in the banking industry with regards to channel support and device utilization. The consumer movement to new banking channels is mirroring the movement to more sophisticated devices such as smartphones and tablets. Many consumers are NOT choosing one device or channel over another, but are using multiple devices depending on their personal needs.

Consumer desire for an integrated banking experience without friction will need to be supported by banking organizations in the future. Distribution networks (whether tangible or intangible) will need to support an expanding array of capabilities that may include integration within retail or social sites as opposed to standing alone.

As I stated to the participants of the Twitter Town Hall at the end of today’s discussion, “If banks are not prepared for the channel migration that is already underway, they may experience the impact of ‘Bank Transfer Decade’”.

Note: A summary of the findings of Intuit Financial Services’ 4th Annual Financial Management Survey and recently released related research is available in my previous Bank Marketing Strategy blog post.

If you weren’t able to join us, what are your thoughts around the impact of channel shift away from the branches and towards other media? Will we see the elimination of branches completely? Will another device or technology unseat smartphones and tablets?

Leave us a comment below, or Tweet at the author @JimMarous.

Filed Under Social Media, Surveys Tagged With #IFSsurvey, Banking 2020, banks, credit unions, Intuit Financial Services, survey, twitter

Intuit Financial Services 4th Annual Survey: Key Findings

November 3, 2011 By Banking.com Staff Leave a Comment

Thanks to all our Twitter followers who participated in today’s Twitter Town Hall surrounding the Intuit Financial Services’ 4^th Annual Financial Management Survey. We will be sharing a re-cap of the Twitter Town Hall later this week, so stay tuned.

If you are interested in reading a copy of the key findings from the survey, it is available for download here: Intuit Financial Services Survey 2011_Background Information. Please DM @bankingdotcom or @FinanceWorks with any questions regarding the content.

Filed Under Surveys Tagged With banking news, Intuit Financial Services, survey

Online Banking Ranks #1 With Consumers

November 2, 2011 By Banking.com Staff Leave a Comment

An increasingly digital lifestyle has left most consumers conducting banking tasks outside of the traditional brick and mortar branch, whether via a mobile device or online banking. Intuit Financial Services’ 4^th Annual Financial Management Survey echoed this sentiment as 27 percent of respondents said they only physically go into their bank or credit union once a month, excluding ATM visits.

Correlating with fewer branch visits, the percentage of consumers using online services provided by their bank or credit union continues to increase year-over-year; up 11 percentage points since 2009 to 38 percent in 2011. Not only are consumers utilizing online banking at a faster rate, they are placing a stronger emphasis on these tools. One-third of respondents said they would switch financial institutions for better online banking tools, showing the growing need for financial intuitions to provide a strong online suite of tools to customers and members.

Are you seeing a decrease in branch visits at your FI? Are your customers and members beginning to utilize online banking tools at a faster rate? Let us know in the comments section below, or Tweet @Bankingdotcom.

Filed Under Surveys Tagged With #IFSsurvey, banking services, financial management, Intuit Financial Services, online banking

Nearly One Quarter of Americans Utilize Mobile Banking

November 2, 2011 By Banking.com Staff 1 Comment

Mobile continues to grow in popularity as consumers embrace a lifestyle that allows them to be connected on-the-go. For consumers using a smartphone with Internet browsing capabilities and apps, the possibilities to connect are endless. You can now pay bills, shop, peruse apartment listings and apply for jobs from the palm of your hand.

Intuit Financial Services’ 4^th Annual Financial Management Survey found nearly one quarter (23 percent) of consumers are using a mobile device for banking needs and an additional 17 percent plan to try mobile banking in 2012. Of the respondents who use mobile banking, 65 percent access their bank or credit union account through the Web/Internet, while a little more than one quarter (28 percent) use a mobile application.

Similar to findings reported earlier this week from comScore, it is clear mobile banking adoption is directly linked to Smartphone adoption. Analyst firm IDC mentioned they have been predicting that smart phone growth in 2012 would exceed the feature phone, noting “in addition to more people having smart phones, banks’ awareness campaigns have also helped drive mobile banking adoption.”

Do you use a smartphone to access mobile banking? If so, do you use the Web/Internet or an app provided by your bank or credit union? If you’re an FI, how have you been driving mobile banking adoption? Let us know in the comments section below, or Tweet @bankingdotcom.

Filed Under For Financial Institutions, Surveys Tagged With #IFSsurvey, Intuit Financial Services, mobile banking, smartphone

Will Bank Transfer Day Prevail?

November 2, 2011 By Banking.com Staff Leave a Comment

As news rolls in regarding rising debit fees, numerous consumers across the country are voicing their opinions and putting their money where their mouth is. Encouraged by movements such as Occupy Wall Street and Bank Transfer Day on November 5^th, bank customers are re-evaluating how and where they manage their money. So how are consumers really reacting? Intuit Financial Services’ 4^th Annual Financial Management Survey polled 1,000 consumers in October to get a pulse on consumer’s attitudes. Below is a graphic outlining the findings:

Are you a loyal FI member, or do you plan to switch due to new fees? If you work at an FI, what are you doing to deepen relationships? Are you planning to charge new service fees? Let us know by Tweeting @bankingdotcom or leaving a comment below.

Filed Under Surveys Tagged With #IFSsurvey, bank fees, Bank Transfer Day, Intuit Financial Services, Occupy Wall Street