“Consumers need to trust the infrastructure that underlies the mobile-commerce transaction long before they use a service,” says Alastair Lukies, CEO and founder of Monitise. “When voice over IP came along, people immediately gravitated to the Internet to make phone calls. That won’t happen with mobile payments in the same way, because people require a higher level of trust in ...
Mobile wallets will be the next battleground among businesses from various sectors – including financial institutions in the fight for ownership of the consumer relationship. 2012 witnessed the introduction of myriad mobile wallet trials, and the mobile wallet wars will only continue to grow in 2013 and beyond.
Richard Johnson, Group Strategy Director at Monitise, was recently interviewed by The Paypers and discussed a variety of topics, including payments networks, point of sale, customer engagement and the need for financial institutions to understand customer segments in order to design winning mobile propositions.
Below is a reprint of an article on Monitise customer American Savings Bank, authored by Chantal Tode and originally published in Mobile Commerce Daily on May 1, 2013:
In a sign of strong user interest in mobile banking solutions, American Savings Bank saw the number of mobile deposits its customers are making jump by 40 percent in March.
The bank launched mobile banking services in November 2012 and seen significant user adoption since, with customer adoption exceeding the bank’s first-year adoption goals within one and surpassing its two-year adoption goals with two-and-a-half months.
“American Savings Bank customers took to mobile deposits because it makes banking more convenient, eliminating the need to visit a bank branch or ATM to make a deposit, without sacrificing the safety and security customers associate with banking institutions,” said Carl Tsukahara, chief marketing officer at Monitise, San Rafael, CA. “It brings the branch and ATM functions right into the home.”
A valuable tool
American Savings Bank is based in Hawaii and is the first bank in the state to deploy mobile remote deposit capture.
The bank teamed up with Monitise to develop and deploy its mobile banking program, which includes mobile banking and payments functionality across its native smartphone applications, mobile Web offerings and SMS services. Read More »
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:
A recent study reinforced the belief that consumers are comfortable and willing to use their mobile devices for banking activities, and that they expect more, easy-to-use mobile options from their financial institutions.
Key findings from the study conducted by US mobile advertising company Verve Mobile include:
80% of consumers say mobile banking is important
Consumers prefer to access mobile banking by native app (41%)
The smartphone is the overwhelming platform of choice for mobile banking at (63%)
The top three mobile banking services used are: transfers (63%), bill pay (62%) and alerts (40%).
Asked what the most valuable services were, 33% said person-to-person payments and 26% said remote deposit capture.
73% of consumers want communications based on their financial profile
Location services most used, as it relates to mobile banking: ATM locator by current location (51%), branch locator (19%), ATM by zip code (19%) and branches filtered by services (12%)
“The results validate what our financial service clients have speculated for a while now, that their customers have come to expect a near full service banking experience on their mobile devices,” says Greg Hallinan, Chief Marketing Officer of Verve. “There is a great opportunity for additional growth and competitive distinction for those financial service institutions who address this pent-up demand in the market, by providing increasingly sophisticated mobile account services to consumers.”
A nationwide survey recently issued by Citi and conducted by Hart Research Associates revealed that interest in mobile banking is high among American consumers across all age groups.
According to the Citi Economic Pulse, younger Americans (ages 18 to 34) are more likely to use mobile banking, with 72 percent of mobile device owners saying they bank on their mobile devices. However, the findings show that older Americans are embracing mobile banking as well.
Sixty-seven percent of 35- to 49-year-olds, 53 percent of 50- to 64-year-olds and almost half (48 percent) of 65-year-olds and over who own a mobile device are already currently using their mobile devices to manage their finances.
“Nearly a third of Americans are already using a smartphone or tablet to manage their money, and today older generations are increasingly accounting for the growth in mobile adoption,” said Tracey Weber, Managing Director and Head of Consumer Internet and Mobile Banking North America at Citi. “Even those who have mobile devices but don’t engage in mobile banking say they are interested in trying some of the new mobile offerings like mobile-to-mobile payments and mobile check deposit, so we expect those numbers to continue to grow.”
41 percent of consumers surveyed expressed interest in mobile-to-mobile payments and 45 percent were interested in mobile check deposit.