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Mobile a factor in consumer banking: study – Mobile Commerce Daily – Research

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Mobile banking is quickly becoming the future of banking statements, and a new study found that mobile is now a factor when consumers are choosing banks.

The study, which was conducted by financial consulting and research firm Mercatus LLC, reported that consumers are now using mobile platforms as a major consideration for banking. This study aligns with recent developments in financial banking.

“Where we traditionally saw mobile as only important for a younger age group, this study found that mobile is important to a broader age group than we thought,” said Teresa Epperson, partner at Mercatus LLC, Boston.

“In particular, we saw an increase in ages 26 to 44,” she said.

Mercatus LLC is a strategy and research firm that works with retail financial services.

Engaged consumers

The study demonstrates the increased levels of engagement smartphone owners have with their devices, specifically with texting, emails and Internet access.

Users also spent one-third of their time on social networking sites and almost ten percent watching downloaded videos or movies.

“The level of engagement we see with mobile devices keeps increasing, which signals an opportunity for retailers and shoppers to get engaged with users,” Ms. Epperson said.

The study found that of those consumers who switched banks this year, 39 percent of participants said that mobile was not an important factor in their banking decision – compared to 75 percent of participants who said that mobile was not important to them last year.

The study showed that the percentage of users has decreased by 36 percent – initially 75 percent and now down to 39 percent – which shows that more consumers are banking on mobile.

Ms. Epperson also said that a key theme from this year’s findings show that people who use mobile banking platforms are more likely to stay at their bank.

“We saw increased levels of retention in this year’s study and a switch in consumers using mobile devices instead of automated billing,” Ms. Epperson said.

“Additionally, consumers who are using mobile banking are less likely to switch banks,” she said.

Read on via Mobile a factor in consumer banking: study – Mobile Commerce Daily – Research.

Written by Kees Winkel

June 23, 2011 at 12:49

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How mobile technology is changing the way that consumers bank – Mobile Commerce Daily – Columns

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Joe Marcallini reports in Mobile Commerce Daily:

In the fourth quarter of last year, 30 million U.S. consumers accessed their financial services accounts via mobile devices.

Mobile banking lends itself to personal scheduling, providing users the added convenience of accessing banking information while on the go.

As mobile technology continues to attract new, savvy and informed users, the banking industry must use innovative mobile techniques to connect with existing customers as well as attract prospects.

Here are just a few of the new mobile concepts banks are using to stay ahead of the technology curve.

Mobile Web site and mobile apps

Mobile Web sites and mobile apps are generally the first thing that comes to mind when people think of mobile marketing – and rightly so.

A mobile site is your front door to the Web for people on the go. Where is your bank? What are the hours of operation? What is your phone number? What are other people saying about your bank on local search reviews?

The first step is to create, design and develop a mobile Web site. Today, it is a necessity.

The second step is to begin thinking how you can add value for your customers with a mobile app.

Perform a competitive analysis on the mobile apps that other banks have deployed and make your mobile app better. Target your audience of mobile device users and create value for the customer who is on the go.

via How mobile technology is changing the way that consumers bank – Mobile Commerce Daily – Columns.

Written by Kees Winkel

June 7, 2011 at 10:28

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Back to business: RIM will lose consumer market, analyst says

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“We no longer anticipate Research in Motion recovering to participate in the mainstream of smartphone industry growth.” Those are the words of Matthew Robison, an analyst with Wunderlich Securities, which recently downgraded RIM’s stock. Robison argues that RIM is going to lose the consumer interest that it has built over the last few years. “Our long-term forecast anticipates a role supplying business-oriented devices, both mid-range and high end, as well as cloud-based services via the BlackBerry Network.,” Robison said. “We expect the consumer mix gained over the past two years to churn off, and that earnings will decline after 2013 and eventually grow again on demand that is largely associated with business users.” Robison said the PlayBook is selling well relative to other tablets, “other than the iPad,” but that “there’s little indication that the PlayBook has registered with consumers outside the loyal BlackBerry installed base.” We’ve leaked and had hands-on time with most of RIM’s 2011 lineup, and while there’s a definite spec boost across the board, the phones lack the appealing features of more robust iOS and Android devices. Worse yet, the company only revealed one new device during its annual BlackBerry World 2011 conference, and even that offered very little in the way of innovation that might attract the consumer market.

via Back to business: RIM will lose consumer market, analyst says.

Written by Kees Winkel

May 27, 2011 at 18:28

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