Last week, American Express released version 4.0.0 of their iPhone app to the public. While its redesign was front and center, perhaps the biggest change was the inclusion of their Membership Rewards program within the app. This makes American Express one of three credit card issuers we cover (Bank of America and Capital One being the other two) who give customers a chance to redeem points or take advantage of deals within their main mobile banking app. Corporate Insight's Mobile Trend of the Month for April focuses on the mobile apps offered by the three aforementioned credit card issuers and compares them to app offerings from flash deal giants Gilt, Groupon, and LivingSocial. How do credit card issuers stack up against established flash deal sites? Take a look at the infographic below to find out (click image for full screen view):
Consumer remote deposit capture (RDC) technology was somewhat scarce in 2011. Although, very few firms offered RDC, consumer demand was there. Between Q1 2012 and Q1 2013, a majority of firms in the Mobile Monitor coverage group adopted the technology and began offering RDC capabilities to customers. Our Mobile Trend of the Month for March examines the rise of remote deposit capture technology. Click through the interactive infographic below to learn more about the popularity, deposit volume and costs associated with remote deposit capture:
This article originally appeared in the ABA Banking Journal. Conventional wisdom states that it’s much easier to retain clients than attract new ones. With that in mind, it’s crucial for banks to understand what drives customer satisfaction, and what can cause unhappy clients to leave. Corporate Insight recently conducted an online survey of 1,000 bank customers to understand the relative importance of online and mobile banking features and the overall customer experience. Our Bank Customer Survey Report summarizes our key findings and highlights pertinent themes and trends found in the total survey sample. When we asked participants about the likelihood of moving their primary checking account, 10% reported that they would “probably” or “definitely” switch accounts in the near future.
This article first appeared in the ABA Banking Journal. Many consider the iPad and similar tablets to be the future of mobile, if not the future of computing. Whether you believe the hype, the popularity of these devices is hard to dispute. Apple is expected to sell its 100 millionth iPad this year. Android-based alternatives like the Kindle Fire are finally beginning to gain traction in the marketplace, and even Microsoft has broken character announcing its own rival device, the Surface.
Introduced in May 2011, Google Wallet instantly became a focus for the hype around mobile payments. The app was one of the first serious efforts to have a phone enabled with near-field communication (NFC) technology replace a physical credit card at the point of sale. A year later, though, Google Wallet has struggled to gain widespread traction due to a lack of NFC-enabled phones, minimal network infrastructure and an absence of merchants that accept Google Wallet outside of major cities. In the meantime, PayPal and Apple have developed new products and partnerships that could take mobile payments in very different directions.
In recent weeks, both American Express and Capital One added new deals listings to their mobile apps. American Express added a My Offers section to its iPhone app listing nearby partner merchants with discounts. Offers come in two types – blue, which credit cash back on the client’s card statement, and green, which provide discounts at checkout. Capital One Deals, available on iPhone and Android apps, offer in-store and online discounts credited to the client’s statement.
The following is a finding drawn from our upcoming Bank Customer Survey Report, set to be released in late June. Firms that engage Corporate Insight for a custom Bank Website Audit will receive the report for free. Corporate Insight's recent Bank Customer Survey found that mobile banking customers are twice as likely to switch firms as customers that have not logged into their bank account via a mobile device in the past 12 months. The survey asked 1,000 bank customers the likelihood that they would move their primary checking account to a different financial institution. Only 7% of non-mobile using customers said that they would “probably” or “definitely” switch to a new firm in the near future. This compares to 14% of participants that do use mobile banking.
Article: May Trends & Highlights - Financial Firms Discuss Facebook, Unveil New Apps and Revamp Websites
Corporate Insight's monthly Trends & Highlights analyze key online releases, updates and themes across the financial services industry. For past Trends & Highlights, please check the T&H Archive. May Trends & Highlights Summary Financial firms shifted their attention to the initial public offering of Facebook this month, with 5 firms offering some form of messaging about the company’s IPO. Mobile apps remained a popular topic amongst firms in May, with 10 firms releasing new or significantly upgraded apps. Additionally, firms released a number of revamped sites and/or sections over the course of the month.
Corporate Insight President Michael Ellison recently presented at the 2012 LIMRA Marketing and Research Conference, offering his perspective on mobile trends in the insurance industry as well as a range of other areas of financial services. The presentation also contains best practices and key recommendations, including the importance of thinking “mocial” – utilizing social media and mobile to create a strong relationship management tool for advisors. Please click below to view and download the full 23-slide presentation from Corporate Insight's SlideShare page. Make sure to follow us on SlideShare to stay up to date with our latest presentations!
This article originally appeared in the Spring 2012 Issue of Consulting Insights. A year ago in the Spring 2011 Issue of Consulting Insights, we discussed the retail financial services industry’s first steps in the mobile tablet space, highlighting early adopters of the iPad such as E*TRADE and TD Ameritrade. These innovators were among the first to experiment with different techniques to adapt mobile content for the larger tablet screen. The industry has come a long way in 12 months. A growing number of firms, like Charles Schwab, Citi, Discover and Vanguard, have introduced their first iPad apps. Today, though, new devices are beginning to catch the industry’s attention. With Android tablets gaining popularity, financial services firms have begun to develop apps for use with these alternative devices.
Mobile banking websites and apps have become increasingly important to smartphone users over the last several years. Nearly all major national banks now offer their customers a variety of ways to perform their banking on the go, and with demand as high as it is, regional banks can’t afford to sit on the sidelines either. One interesting case is Dollar Bank, located from southwestern Pennsylvania to northeastern Ohio, which has been riding the mobile wave long before many larger firms. So it shouldn’t be a surprise that Dollar Bank is once again beating many larger firms to the punch.
Over the past few months, property and casualty firms have been busy creating new mobile apps for customers. While over 80% of P&C Insurance Monitor firms already offered mobile versions of their insurance sites, some companies are currently broadening their efforts to more unique features, ranging from apps that help users get organized to games that strengthen the firm’s brand.
The Spring Issue of Consulting Insights is now available. In this issue, we revisit the mobile tablet space. A year ago, we discussed the industry's first iPad apps. Today, these early adopters are starting to embrace Android tablets. We also share insights from our interview with State Farm's social media team, conducted as part of our Social Media Leaders report research. The Spring issue also looks at several brokerage topics. We examine the evolution of planning tools in the brokerage industry using benchmarking data from our Brokerage Website Audit and also discuss the latest developments in brokerage investor education.
On Thursday, May 17th, Business Development Institute (BDI) will be holding their Social & Mobile Financial Communications Conference at The Graduate Center of The City University of New York in midtown Manhattan. The conference will feature a series of case studies and roundtables focusing on social media and mobile’s role in the financial services industry.
The following is an excerpt from our new Mobile Monitor report titled iPad and Tablet Apps: The Future of Mobile? available now. American Express launched its tablet apps – for both the iPad and Android – in October 2011. This made them one of the first credit card issuers with an iPad app and the first financial institution Corporate Insight tracks with an app optimized for Android tablets. The firm maintains a spacious, uncluttered design across the two tablet apps, with effective card management tools, a strong mobile platform.
We want to thank everyone that visited the Corporate Insight Blog last week during our second annual Digital Frontiers Week. The following is a rundown of the pieces we released last week focusing on social media, mobile finance and other emerging technologies impacting the financial services industry: Free 18-Page Guide - Getting Started with Pinterest: Strategies for Financial Services Firms Augmented Reality - Three Uses for Financial Services Pinterest: 3 Ideas for Financial Services Firms Ameriprise Uses LinkedIn to Enhance Advisor Searches Citi's Innovation Loop Delivers Social Feedback Insurance Company Mascots Thriving on Facebook
The recent unveiling of Google’s augmented reality eyewear project (called “Project Glass”) and its accompanying video have sparked a lot of conversation about the future of communication and technology. With the potential for seamless integration between the visual world and information technology, how would our interactions with people, goods, and the physical world around us change? These questions have led us here at Corporate Insight to explore how financial firms could utilize this technology. Judging by financial firms’ current app offerings, integration with augmented reality eyewear isn’t as far-fetched or far off as it would seem. Here are three ways financial services firms can use augmented reality eyewear to better serve their clients:
Welcome to the second annual Digital Frontiers Week on the Corporate Insight Blog. Over the course of the week, we will be posting new thought-provoking research and commentaries on social media, mobile finance and other emerging technologies impacting the financial services industry. Digital Frontiers Week Release Schedule Monday Augmented Reality - Three Uses for Financial Services Tuesday Ameriprise Uses LinkedIn to Enhance Advisor Searches Citi's Innovation Loop Delivers Social Feedback Wednesday Pinterest: 3 Ideas for Financial Services Firms Thursday Getting Started with Pinterest: Strategies for Financial Services Firms - Free 18-page downloadable guide Insurance Company Mascots Thriving on Facebook
To celebrate the release of our third industry-wide social media study, Social Media Leaders, starting Monday we will hold our second annual Digital Frontiers Week on the Corporate Insight blog. Throughout the week, we will be releasing new and exciting social media and mobile finance articles and research pieces focusing on emerging technologies and digital trends that impact the financial services industry. Topics we plan to cover include: Pinterest iPad apps Mobile check deposit Social feedback communities Insurance industry social media LinkedIn for advisors Augmented reality
PayPal’s efforts to move away from online-only transactions have intensified of late. The firm followed up its recent introduction of PayPal Herewith the new SmartPay app. Released in partnership with convenience store Cumberland Farms, SmartPay makes paying for fuel fast and convenient. Using your smartphone’s GPS, SmartPay pinpoints your location, asks for your pump number, and after fueling, allows you to pay using your PayPal account. After the transaction is processed, a receipt is sent to the e-mail address linked with the PayPal account.