January is a time of lists. For some, it’s their 2014 resolutions. For me, it’s my post-Christmas to-do list. Inevitably, there will be quite a few thank-you letters to write (even for those unwanted presents that feed the January eCommerce activity). I will also be making my way to the bank to cash the checks I’ve received from the more removed (and dare I say older) relatives. And I won’t be alone: 23 million checks were sent as gifts in the United Kingdom in 2012. This unwanted yet unavoidable annual visit to the branch means that whilst checks might be a less risky present, they are not hassle-free. But hopefully not for much longer. In 2014, the UK government will finally consult on introducing legislation to speed up check payments, including through smartphone-enabled remote deposit capture. And about time.
In the US, bank customers have been using services like USAA’s Deposit@Home since December 2006. Remote deposit capture was initially only possible through a high-resolution scanner. Innovations in mobile technology have made remote deposits easier and more popular. By 2012, 13% of US online adults who have done mobile banking activities in the past three months reported depositing a check by taking a picture with their mobile device.
At our Marketing & Strategy Forum last November, Sean Gilchrist, head of digital banking at Barclays Bank, talked passionately about the importance of customer experience to the work being done by his team at Barclays. It's good to see some of the results of that focus on customers in two innovations introduced by Barclays in the past few weeks:
Firstly, Barclays has started rolling out a new online banking interface. While I'm sure that not every customer will like the change, the point is that Barclays is taking a modular (or widget-like) approach to displaying content and functionality in anticipation of having to serve customers on a rapidly growing range of digital devices. We think that approach is going to become increasingly common as eBusiness teams adjust to the fragmentation brought by the Splinternet.
Without naming names, I’m struck by the sharply different perspectives these executives have. Simplistically, their view of mobile banking falls into two camps:
Mobile is just another channel. These executives see mobile banking as a way of letting customers do old things, like checking their account balance, in new ways.
Mobile will revolutionize retail banking. These executives believe that mobility could turn the retail banking industry upside down, by enabling customers to do entirely new things like scanning bills to make payments, responding to location-based offers, and receiving rewards at the point of sale.
One of the (many) things I have been working on for the past few months is this year’s European Marketing & Strategy Forum, which is taking place on the 16th and 17th of November at the Grove, just outside London in Hertfordshire.
Our theme is about driving innovation for the next digital decade and what that means for leaders. We’re particularly focusing on some of what we see as the big disruptions of the coming digital decade: the growth of mobile Internet use; the growing demographic diversity brought by ageing populations; and the increasing economic weight of emerging economies, particularly the BRIC (Brazil, Russia, India, China) countries
I’m particularly pleased that we’ve got such a strong line up of eBusiness and channel strategy executives presenting this year, including: