Lesson From Mobile Banking — Making Things Easy Makes Money

Bank of America CEO Brian Moynihan just announced that more than 10% of all consumer deposits are done through mobile devices. That's in Q1 2014, and it's up from 6% in Q1 2013. (What you see in this picture is my local Bank of America branch, which I never visit any more.)

I love this from the Wall Street Journal's MoneyBeat blog:

Banks that don’t offer a full suite of mobile banking services may run the risk of alienating customers. All told, about 60% of smartphone or tablet users who switched banks in the fourth quarter said mobile banking was an important factor in the decision, up from 7% in the second quarter of 2010, according to data from New York-based consulting firm AlixPartners.

A mobile transaction costs 10 cents. An ATM transaction costs $1.25.

Here's what this means for you: Find a mobile moment where you can make your customer's life easier and you'll make money three ways. First, you'll make the customer happier with a better experience. Second, you'll keep him from switching to a competitor. And third, if you engineer it right, your own processes will be simpler and you'll save money, too. That's mobile mind shift thinking.

It's not just banking. Where are the mobile moments like this in your business? 

Facebook Shatters Into Apps — And It's The Only Way Forward

Fixed diptych

Farhad Manjoo says "The Future of Facebook May Not Say ‘Facebook’" in the New York Times. Read the article, because it clearly points the direction for the future of Facebook (and of nearly everything else). From the article:

“What we’re doing with Creative Labs is basically unbundling the big blue app,” Mr. Zuckerberg said in a recent interview at the firm’s headquarters in Menlo Park, Calif.
 
In the past, he said, Facebook was one big thing, a website or mobile app that let you indulge all of your online social needs. Now, on mobile phones especially, Facebook will begin to splinter into many smaller, more narrowly focused services, some of which won’t even carry Facebook’s branding, and may not require a Facebook account to use.

In retrospect, this was inevitable. Here are two reasons why.

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Who Owns David Ortiz's Selfie?

David Ortiz took this selfie when the Red Sox visited the White House to celebrate their win in the 2013 World Series. First there was a huge hue and cry because of the question of whether Samsung put him up to it (David says it was spontaneous, but he does have a contract with Samsung.)

Now the Obama White House is objecting to the commercialization of the image, because it's not "appropriate" for the president to be part of an ad campaign.

OK, let's look at what happened -- who did wrong?

Was Big Papi wrong to take money from Samsung? No, any athlete can sign an endorsement deal.

Was Ortiz wrong to ask for a selfie with the president? Look at that smile on Obama's face. He was having a good time. If he didn't want a selfie, he should have said no. This is a hell of a mobile moment. If it were me up there with the president, I hope I would have the courage to ask, too!

Was Samsung wrong to promote it? You could argue this, but frankly, Samsung has to be delighted.

Is the White House within its rights to object? I imagine so, and I understand their position.

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