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In yesterday‘s MobileFI blog post, we announced that Hawaii-based American Savings Bank is experiencing phenomenal user adoption since the launch of its Monitise-powered mobile banking and payments solution in November 2012.
American Savings Bank supported its product launch with a compelling marketing campaign, including the following television commercial:
Monitise today announced that Hawaii-based American Savings Bank is experiencing phenomenal user adoption since the launch of its mobile banking and payments solution. As part of Monitise’s Bank Anywhere mobile solution, American Savings Bank is the first Hawaiian bank to deploy mobile remote deposit capture, resulting in mobile deposits skyrocketing by 40 percent in March. In a mere four months since deployment, many of American Savings Bank’s active online banking customers are already using the Bank Anywhere services developed and deployed by Monitise.
“Customer adoption has literally exceeded all expectations, as we achieved our first-year adoption goals within one month and surpassed our two-year adoption goals within two and a half months,” said Rick Robel, Executive Vice President of Operations at American Savings Bank. “Integrating the Monitise platform with our Fiserv-based core, online banking and bill pay systems presented unique challenges, but with the support of all parties, Monitise produced the complete solution on time and within budget.”
American Savings Bank sought a best-of-breed mobile solution that was agnostic to its third-party systems and would allow them to create a mobile channel that was not dependent on other systems. American Savings Bank selected Monitise and launched its complete mobile services – including feature-rich mobile banking and payments functionality across its fully native smartphone applications, mobile web offerings and SMS services – in November 2012. American Savings Bank supported its product launch with a compelling marketing campaign and mobile enrollment has subsequently been tremendous.
“Strong customer adoption is crucial to a successful mobile strategy for all financial institutions,” said Todd Clyde, Executive Vice President and General Manager, Americas at Monitise. “As demonstrated by American Savings Bank, combining a well-executed mobile platform deployment with capabilities such as mobile remote deposit capture, and our adoption services will result in deep mobile customer engagement.”
Monitise customer BECU produced a highly innovative advertising campaign using the actual words of their members. Dubbed the “Share” campaign, BECU reviewed member comments on Twitter, Facebook, Yelp and Pinterest to find out what they were saying about BECU, then put the comments verbatim into their advertising.
The campaign includes two TV spots, radio, outdoor, print and digital media elements.
Here is the BECU television spot, “Share the Convenience”, that conveys how their members feel about their Monitise-powered mobile banking and payments offering:
News and insights from this week in the Mobile Money industry, by Monitise Director of Market Intelligence, Andrew Griffin.
Andrew Griffin, Monitise Director of Market Intelligence
STOCK MARKET
eBay (PayPal) Analyst Day took place on March 28th and should be of interest to all mobile payments followers. The stock rose 7% on a better-than-expected 3-year growth outlook. For PayPal, eBay expects 2015 revenue of $10 billion and TPV (total payment volume) of $290 billion; that’s a 21% revenue CAGR (compound annual growth rate) and 26% TPV CAGR, though they called out mobile TPV CAGR at 65%. They assume a slight reduction in take rate, but also in fraud. Management is positioning eBay and PayPal as the online partner for traditional retailers. 10% of PayPal TPV is now from mobile (i.e., $14 billion in 2012). Their 336 page slide deck can be downloaded here; eBay mobile app slides start on page 166, PayPal on page 233.
TECHNOLOGY
iPhone and NFC: The blogs are beginning to stir on Apple’s 2013 product refresh with an iPhone 5S/6 expected in the summer, and a complete refresh of the iOS look and feel, driven no doubt by all those live icons you now see on Android. This also means that it is the season for NFC speculation, now far damper than it was ahead of the iPhone5 launch that caused so many red faces when it didn’t appear. The general view again is that iPhone will have NFC this time, but most smart Monitisers think that though it may be there, it won’t be for payments!
While iPhone market share in the US has been overtaken by Android, Business Insider reports that Android market share in the US hit a peak of 54% in late 2012 but has now slightly declined, while iOS has gained from 35% to 39% in the same time frame. Blackberry has fallen to around 6% while Windows has been stable at 4%. iOS’ steady rise in the last year is attributed to it being more widely available on different operators.
MOBILE BANKING & PAYMENTS
Bitcoin: If you are reading this, then digital money must be of interest and Bitcoin is at the center of digital money attention this week, even if it has yet to become a mobile money phenomenon. It has seen a strong rise in value this month, rising from $50 to almost $2,000 per Bitcoin before falling back (at time of writing); it has also seen some very volatile intra-day trading, partly caused by DDoS attacks on some Bitcoin wallet providers (one, Instawallet, had to shut down). Read More »
Webster Bank executives discuss the reasons they chose Monitise to power their mobile banking and payments offerings.
Monitise’s Chief Marketing Officer, Carl Tsukahara, was recently interviewed by David Murphy in Mobile Marketing:
Carl Tsukahara
Monitise is a mobile banking, payments and commerce tech firm, whose platform powers mobile money services for a host of financial institutions, including RBS, Lloyds TSB, HSBC, PNC, Sallie Mae, HDFC Bank and Standard Chartered. Its mobile payments arm, formerly known as Mobile Money Network, which it acquired in December 2012, is deployed at retailers including Thomas Pink, Carphone Warehouse, Universal Music and Pretty Green.
The company’s growth in recent times has been little short of spectacular. The value of payments and transfers initiated via its technology is more than $31bn (£21bn) on an annualised basis, compared with $10bn a year ago. It currently processes just over 2bn transactions on an annualised basis, a four-fold increase on the figure a year ago. The group has 20m registered customers, compared with 6m in January 2012. And its platform processes 270m system transactions a day, handling 2.9m customer requests per hour at peak times.
Monitise runs a direct operation in the US, plus a channel business through Visa Inc., and FIS, a banking solutions provider. In Europe, it has a relationship with Visa Europe (a separate entity to Visa Inc.), while in Asia, it runs a number of Joint Ventures, including one with BlackBerry in Indonesia, where it is working with the handset-maker to bring payments to the BBB messaging service.
Technology platform
The company’s modus operandi is to provide a technology platform to enable its partners to deliver services on mobile, generating a subscription-like, per-user revenue model, plus transactional revenue, as consumers execute commerce actions.
The firm’s chief marketing officer, Carl Tsukahara, is a tecchie at heart, holding a degree in Computer Science and Engineering from the University of California, Berkeley. He has held multiple executive management roles, including head of marketing for Oracle’s Database Operation, and head of field marketing for Oracle’s Americas Operation. He has also served as a marketing and strategy consultant for companies including Microsoft, Symantec, Taleo and VMware.
“Our aim, with our evolving interoperable platform and ecosystem of partners, is to enable consumers to bank anywhere, pay anyone and buy anything,” he tells me in the firm’s London headquarters, a stone’s throw from the Bank of England. “There’s a lot of disruption in the marketplace, so our role is to enable banks and payment companies to defend their position and extend their service offerings. As a white-label offering, we are the picks and shovels in the mobile money gold rush. We deliver the tools to enable them to bring their innovations to market.” Read More »
