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.
- Collaboration Goes Social For Banks
The rise and popularity of social media have had a dramatic effect on the ways people interact and share information on a personal level, and many banks have embraced social media as a way to improve customer engagement. But when it comes to bringing social media tools into the enterprise for business uses such as collaboration and project management, the revolution has not been quite as pronounced. That’s especially true in banking, where the use of social tools for internal business collaboration is still in the nascent stages, according to some experts. However, when banks are able to adopt the best practices for taking advantage of social channels internally, it can lead to a much more efficient and collegial work environment.
- Credit Unions Lead in Online Satisfaction
Credit unions top the financial services industry when it comes to online customer satisfaction, according to a survey conducted by customer experience analytics firm ForeSee. The firm this week released its “Financial Services Benchmark,” which reports on online and mobile customer satisfaction trends for various industry segments. The report used data from more than 335,000 surveys from the first quarter of 2013 in which customers shared their experiences with online websites, mobile websites and mobile applications.
- iPad, Tablet Point-of-Sale Systems Gain Popularity
Over the next three to five years, many of the existing larger and pricier point-of-sale systems will be replaced with iPads, says Dave Kaminsky, an emerging technology analyst with Mercator Advisory Group, a payments-industry advisory firm headquartered in Maynard, Mass. It’s impossible to predict when a total conversion of the market would occur, he says. In the same way that some customers continue to write checks in an age of online banking, some merchants will continue to use the older point-of-sale systems out of habit, he says.
- Wearable banking: Google Glass
Using touch controls and voice recognition, Google Glass will allow users to capture photos and videos, view emails, use apps and surf the web on the move. But what does this mean for digital banking? This rises to a quarter for 18 to 24 year olds, which means once the technology is available to buy, banks will need to ensure they have a clear idea of how to extend their digital banking experience to wearable technology. This has interesting implications for how consumers control their finances and suggests that if Google Glass does indeed form an ‘important branch of the tree’, it is likely that consumers will choose to manage their money using the new technology.
- Why The iPhone Still Matters To Mobile Payments
Months before the iPhone 5 was released, the industry was a buzz of rumours on the details of Apple’s new device. New connectors, a new OS, thinner, taller. But one feature that received wide-spread attention from the banking industry was the rumoured inclusion of an NFC Chip. Something that anticipated bringing mainstream scale to a technology that could replace the need for us to carry wallets full of plastic credit & debit cards. Who could forget Google’s George Costanza advert for the Google Wallet, the first NFC Mobile Wallet. Rumors about the new iPhone having NFC, but at this point, they seem like a total long shot.
- The Key to Building Bank Ads That Work
Consumers do not buy products and services, they buy the benefits they receive from them. Take Dove Soap, for example; For years, Dove advertised that its soap had ¼ cleansing cream, leaving skin soft. Dove didn’t become a top seller because it had ¼ cleansing cream, but because it made consumers’ skin softer. Tip: You may need to describe your product and its details, but this isn’t the same thing as selling the benefits the product and its features deliver. For every product feature, you can almost always find a corresponding consumer benefit.
- KeyBank Moves To Data Driven Decision Making
When Cleveland-based KeyBank reaches a decision about its optimal branch footprint, the decision is based on analytics, said David Bonalle, executive vice president and director of client insights and marketing.
- Banks Might Hold The Key To Mobile Wallet Adoption
Banks and other companies worldwide are vying to get consumers to use their mobile wallets, which enable point-of-purchase payments via smartphones. A recent report by network gear leader Cisco Systems found that banks might have the upper hand in the battle to rule a payments technology that could revolutionize how consumers buy things worldwide. The Cisco “Customer Experience Report,” which focused on retail banking, found that mobile wallet providers must offer more personalized and secure banking services before consumers will flock to their offerings.
- Global mobile payment transactions to surpass $235B
Global mobile payment transactions will generate $235.4 billion this year, growing 44 percent over last year’s US$163.1 billion. Asia-Pacific will account for US$74 billion, with growth driven by both developed and developing countries such as Singapore, India, and South Korea. According to a Gartner report released Tuesday, global mobile transactions volume and value will clock an average growth of 35 percent between 2012 and 2017, climbing to over 450 million users and a market worth US$721 billion by 2017.