What We’re Reading: Mobile Adoption, Tablet Banking and Mobile Money
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.
- Bank Tech Isn’t Cool — and Banks Know It
As banks are well aware, many new software engineers would rather work for Google or a hot new start-up than enter the banking industry. To attract talented new workers and to make sure they are up to speed on the latest trends, banks and technology vendors work closely with universities to help prospective employees develop the right skills before they even look for their first job. “There is completely a growing need that we see across our firm,” to develop and attract new talent in this way, says Jill Pineiro, the global director of JPMorgan Chase’s (JPM) corporate development program. JPMorgan Chase developed educational programs with Syracuse University that began in 2008 and the University of Delaware that began in 2010, committing over $30 million over 10 years and $5 million over 5 years, respectively, to groom talent at each institution.
- Amazon’s Kindle Fire Heats Up Tablet Banking App Development
As tablet computers proliferate, banks continue to race to keep up with new tablet banking options. In March, both Charlotte, N.C.-based Bank of America and New York-based Citi released mobile applications developed specifically for the Amazon Kindle Fire tablet. The announcements were made little more than a week apart. The Citibank Kindle Fire Edition app features many of the same rich graphics and interactivity that the bank’s Apple iPad app offers, including in-depth personal financial management tools and interactive charts, as well as access to financial education resources and Citibanl’s real-time Twitter customer support. But while the tablet apps are similar, the bank stresses that the new app was designed exclusively for the Kindle Fire, “with every component, graphic, touch action, button and slider customized to the tablet’s modified operating system, form factor, screen size and resolution,” according to a release.
- Mobile Adoption Lags Due To Lack Of Marketing
Financial institutions are not adequately promoting their mobile banking offerings, according to ath Power Consulting, a provider of financial services research and customer experience strategy development. The firm said its “2012 ath Power Mobile Banking Study” also found remote deposit capture is the missing feature most sought by bank customers. The national study ranked customer satisfaction with today’s mobile banking offerings, with USAA earning the top spot with 73% of its users claiming high satisfaction. “The revenue potential for banks who add compelling features to their mobile offerings could be significant,” noted Frank Aloi, president and CEO, ath Power.
- Customized Tools For Small Business Paying Off
Stanford FCU wins the hearts of its “best” members with a trove of custom-built small business products and services-and a vibrant consumer mobile channel that business members seem to love, according to Jim Phillips, SVP and CIO at the $1.4-billion organization here.”All credit unions need to remain relevant by expanding tools for businesses, even if the business is a DBA,” Phillips suggested. “You don’t want to scare off your best members-they’ll go to Chase or BofA with their business account and take their personal account with it.”Business members, representing 10% of the credit union’s total membership, particularly enjoy the ability to manage their business accounts online alongside their personal accounts, he said.
- Mobile Banking Set To Explode, Here’s What Marketers Need to Know
Two research studies on mobile banking tell financial marketers they need to pay more attention to this critical channel. One study commissioned by the Federal Reserve System examines the increasing impact mobile tools have had on consumers’ banking, budgeting, shopping and payments behaviors. The report titled “Consumers and Mobile Financial Services” presents findings from an online survey with over 2,200 participants, conducted in December 2011 and January 2012. The report explores the use of mobile technologies as a means to access financial services and make financial decisions.
- What is the Future of Mobile Money? [Part 1]
To understand the future of money and transactions, one must understand the nature of currency. Foremost, it is not real. A coin, a paper bill, a debit or credit card hold no value as objects. Currency has always been a form of data. Currency is the first digital revolution, started to turn it into what we now think of as traditional data. That has set us up for the second digital evolution of currency: where mobile technology and the cloud once again change how people make transactions.
- How the iPad Is Revolutionizing Local Businesses
Tablets, especially Apple’s iPad, are increasingly finding homes in restaurants and local businesses. They are changing how businesses conduct transactions and receive customer feedback. In a data-driven world, Main Street retailers are on the verge of a significant evolution. The top POS vendors, such as Aloha, Micros and POSitouch, charge thousands of dollars to restaurants and retailers to set up and maintain these systems.
- How B2B Marketers Use Social Media: New Research
Are you wondering, “How does social media work differently for B2B businesses?” In the 2012 Social Media Marketing Industry Report, Mike Stelzner asked marketers how they’re using social media. Of the B2B marketers who took this year’s survey, over 93% use social media to market their businesses. While that’s slightly below their consumer-focused brethren (95.2%), there’s been a significant increase since the 2010 survey when only 88% of B2B marketers responded affirmatively.
- Tablets for mobile banking? Javelin report identifies top three banks
Citibank’s banking app for Amazon’s Kindle Fire got high marks for helping customers analyze their account spending, set goals and budgets. Mobile banking on tablets is booming. A new report says the number of tablet owners engaged in mobile banking is growing at twice the rate of non-tablet owners (49% vs. 22%). Javelin Strategy & Research says it expects the growth of tablet banking will continue as overall tablet adoption is forecast to grow to 40% by 2016.