Banks: sink or swim with FinTech players

November 30, 2015
/   Voices

Banking institutions must engage with emerging financial technology (FinTech) companies or risk being left behind by an industry that is currently undergoing one of the largest transformations ever seen.

Winning the Customer

November 27, 2015
/   Spotlight

It’s exhausting just trying to keep pace, let alone stay ahead. Every provider in every business feels the pinch.

Five ways payments will be different in 2024

November 24, 2015
/   Voices

Predicting the future of cash and card payment volumes is arguably a fool’s errand – but Payments UK, Britain’s new trade organisation for the industry, is in a good place to have a go...

Contactless cards: Opt-in or opt-out?

/   Voices

Australia is toying with the idea of creating an opt-in function for contactless cards, in a move that highlights the problems around coping with new payment technology and how fraud risks are handled.

Five EMV lessons for the US

/   Voices

The EMV liability shift has occurred in the US, so what can we expect to see happen in the coming months and years as a result of this change?

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

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

The below post was written by Andrew Levy, CSO and cofounder of Crittercism

Smartphone usage has completely revolutionized how consumers prefer to interact with businesses. Instead of physically going to a bank, 69 percent of mobile media customers are accessing banking accounts and transferring funds from the convenience and flexibility of their phones. That percentage is projected to increase within the next few years.

The switch to digital banking has been a relatively recent change, and mobile banking has only just emerged as a viable option for customers.

Banks are still trying to figure out how mobile banking fits into their digital strategy. However, getting numbers on customer satisfaction, adoption, usage, experience, awareness and impact are an essential part of that process.

How are our customers using mobile banking? What are the services they use most? How long do they spend on our mobile banking application? What information do they look at most frequently? The data collected can assist mobile banking teams in refining current features, as well as gaining a better understanding of customers and their mobile banking habits.

These four questions will ensure you are headed in the right direction to build a successful mobile banking strategy and effectively use your own data to yield tangible results for your organization.

Where are you now?

You can’t show tangible results of a program unless you establish a baseline. In order to show the results of your mobile banking program, it’s important to show where it started. Once your mobile banking initiatives are implemented, you can attribute business results to your strategy based on your previously established metrics.

What are your competitors doing?

Banks have always competed against one another, but the widespread adoption of mobile banking has made the competition fierce. Keep an eye on what your competitors are doing in the mobile banking market. Make a list of top competitors, and review each of their mobile options. Note the strengths, weaknesses and possible areas of improvement for their applications, then use that information to help format your own mobile program.

Who will be responsible for the metrics in your organization?

Having metrics and numbers on your customers’ mobile banking usage is great, but what good are those numbers if nobody at your bank knows what they mean? Employees can’t make informed decisions on how to improve the bank’s mobile strategy if they don’t know what the tracking measures.

Private companies, small businesses, retail and individual customers will likely use mobile banking to suit their individual needs. That said, multiple departments will frequently want to use data from their individual markets to make adjustments to how their customers use mobile banking. Assigning the task of collecting and analyzing customer data to one department will ensure a unified approach to mobile banking measurement insights and applications.

Do you have a backup plan for technical difficulties?

Measurement integration and implementation poses a number of potential technical challenges. Common issues typically stem from misunderstandings in how the tracking system works, how and what it measures and how data is reported. Prepare and plan ahead of time for these technical issues by gaining a basic understanding of how and what your tracking measures, an understanding of how the tracking system works, and by putting together a plan in case of a technical emergency. If any technical issues arise, you will have an action plan ready to go.

Cell phone usage and the increasing trend of mobile banking will continue to revolutionize the banking and finance industry. To learn more about how to keep up with the consumer demand of mobile banking, download our report, Build a World Class Mobile Banking Strategy.



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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.