A trio of factors — mobile devices, regulations, and payments — have changed the retail banking landscape. These factors have driven retail banking firms to adjust business plans to explore new channels, uncover new sources of revenue, and understand potential threats. eBusiness and channel strategy professionals must understand not only these trends but also their impact on how they run and orchestrate channels. I have recently released my report on current industry trends and specifically how those trends are impacting on eBusiness and channel strategy professionals, channel priorities, and 2012 growth opportunities. Here is my high level take on today's trends:
Regulations, mobile devices, and payments are changing retail banking. Three macroeconomic and technology trends are changing retail banking. The results for channel professionals are a focus on revenue generation, changing channel models, and payment innovation.
Branches are changing, driven by consumer trends and technology. The branches are undergoing big changes, driven by changes in consumers' channel preferences and technology. The result will be specialized sales and revenue-generating branches as well as branches that use digital technologies in multiple aspects of the business.
In 2009, we started the Latin American Technographics® product to understand how emerging Latin American markets like Brazil and Mexico are adopting and using technology. During this time, we have seen some very cool findings with respect to social media and social tools. We found that:
Are you thinking about SoLoMo yet? My clients definitely are, and I haven’t been surprised by the number of questions I’m getting about it considering that 86% of US online adults engage in social media and 2/3 of online Generation Y fall into the SuperConnected category of Mobile Technographics®. But what does SoLoMo really mean?
It’s a concept that brings together social, local, and mobile media — and it’s intriguing to marketers because incorporating social engagement, local targeting, and the mobile customer into a single program seems like it should lead to especially creative and effective engagement. But I’ve been researching this topic over the past couple of months and I have a couple of concerns:
First, the way we talk about SoLoMo puts too much focus on the technology and easily lets marketers slip back into technology-first strategies driven by trends rather than audience insights.
Second, SoLoMo programs often take the form of a check-in offer today. This can certainly be an effective marketing tactic for retailers and brands with brick-and-mortar presences. But isn't there something SoLoMo can offer other brands?
Prior to IBM Pulse 2012 heating up in Las Vegas, I was lucky enough to receive a pre-brief on some of the key messages from this year’s event. One of which is around mobility.
A statistic from the IBM mobility slide deck reminded me of a particular bugbear of mine: that mobility will most likely be yet another opportunity for gifted IT professionals to get excited about technology (and managing the technology) rather than stepping back to appreciate that modern IT is all about the consumption of IT services rather than the technology itself. That mobility is not about mobile devices or apps, that it’s about the consumption of business or IT services on the move BY PEOPLE via fit-for-purpose IT provisioning and IT service delivery.
The IBM Statistic?
In a recent IBM report, it was revealed that the Top Mobile Adoption Concerns are:
Cost of developing for multiple mobile platforms (52%)
Integrating cloud services to mobile devices (51%)