Posts Tagged ‘mobile’

Can we leave behind the term “home banking” yet?

May 6, 2010

online bankingIt has come to my attention that some credit unions are still using the term “home banking” as the name for conducting online transactions. I’d love to see this term vanish from the face of the earth. This has NEVER been a good name for this function. Yes, a huge number of people, perhaps even a majority, do their online banking from home, but a huge percentage of people access it from work. This has been true since the early days of teh internets. Not to mention that in this day and age, millions of people have laptops and/or smartphones, thus enabling “home banking” to be done from such non-home or work places like their car, the nearest Starbucks or Panera Bread, city parks, the beach, a restaurant, the public library, at a hotel, etc.

Please please please don’t call it home banking! Purge the term from your vocabulary! “Online banking” is far more appropriate.

Ooops, Mt. Lehman CU did it again

March 17, 2010

Mt. Lehman CU continues its amazing path of innovation in the credit union movement. Mt. Lehman was the first credit union to offer text message alerts five years ago, and now they have created their own iPhone app for banking, called MobileWeb. Props to Gene Blishen and the team of foward-thinking CU professionals at Mt. Lehman! You’ve done it again!

One of the key takeaways here is that Mt. Lehman CU is innovative BECAUSE of their small size (less than 3,000 members and less than 12 employees), not in spite of their small size. That, and the fact that they have excellent brains. Oh yeah, and they live in one of the more beautiful parts of the world, British Columbia, home of the recent 2010 Winter Olympics!

BTW, I’ll be using Mt. Lehman’s latest innovation in an example of how to spread the word using social media techniques in the workshop webinar I’m delivering tomorrow: Bring Your Binoculars

The car is about to go social

January 27, 2009

Yesterday, I saw this tweet from Gordon Snyder:

RT @michaelgass: The Next Social Network? Your Car http://snipr.com/al9an about 8 hours ago from TweetDeck

I was very intrigued as I read the AdAge article referenced in the tweet above. It’s exciting to see Ford working on going social. The ramifications of auto makers embracing social technology are big. The car going online and social is a big part of the realization of World 2.0.

In order for car makers to do it right, they definitely need to embrace the car as platform, as API. Closed, proprietary systems are going to be barriers and not fully embraced. Open systems which acknowledge that they aren’t the center of the universe, and that people continue to exist even when they aren’t sitting in their car, will win.

Dunkin' Donuts on TomTom GPSrWhat are the possibilities for a social car? Perhaps it’s better to think of it as an online car, because social networking will not be all that it can do.

The GPS navigation system is the first step in having some car/location “awareness”. GPS with real-time traffic updates is step two. Step three is to add more/better information about the location you are in, and your friends’ locations. Imagine driving into a town that you are not familiar with, being hungry, and your GPS/social car tells you that one of your friends recommends a quaint pub five blocks away. Or that you are driving in your hometown, and your car tells you that two of your friends are in the local coffee shop nearby. In a certain sense, what I am describing is a mashup of Yelp! and BrightKite, that works in your car. And to be truly user-friendly, such a system would have to work equally well when you are out of your car, and seamlessly integrate with your smartphone of choice.

It will be critical for any development of these systems to allow the user to have exactly what information she wants displayed, as well as to allow exactly what information is given to others. If you need alone-time, you need to be able to disable the broadcasting of your location, and turn off seeing the location information of others.

With this type of convergence, we are truly on our way to World 2.0.

Similarly, I wrote about why the shared branching networks need to get their ATM and branch locations into the TomTom GPS navigation system.

More recently, I saw this exact technology implemented on an iPhone by mFoundry at last year’s Finovate NYC conference held by NetBanker. It was quite impressive to press a button to get exact location and travel instructions, as well as phone number, for the nearest bank/credit union branches. The next step for financial institutions is to have this type of technology merge with social networks/reviews and to be conveniently displayed no matter whether you are inside your car or walking outside with your smartphone.

Of course the other important factor to address in the online/wired/social/whatever car is to make sure the driver is not distracted. Right now, too many people are looking down at their smartphones, texting, trying to look at GPS information, reading their emails, blogs and tweets, while driving. If we look at car as platform for this, perhaps what makes the most sense is to plug the smartphone into the car (perhaps wirelessly via bluetooth), and have browsed web page spoken out loud, in the way that GPS navigators do. Also handy would be voice-to-text conversion so that you could respond back without taking your eyes off the road.

It’s just nice that a corporate giant such as Ford is not asleep at the wheel, and is on the road to embracing the online social landscape that so many are adopting. In addition, Ford has had the foresight to invite social media evangelist @ScottMonty to head their social media team.

Is the iPhone going to revolutionize banking?

July 14, 2008

Ron Shevlin wrote a post this morning about why the iPhone isn’t going to revolutionize banking. His point is that there may be some evolution, but not revolution. My counterpoint is that when talking about degrees by which these things happen, it can be difficult to draw a line between these two. And waiting for that line to become bright is a risk that some might not want to take.

Ron thinks that there are too many people rushing in to these revolutionary technologies. I actually think it’s the opposite: there are far more people in the financial world who are taking a wait and see attitude than those who are claiming there is a revolution and jumping in feet first. It’s just that the feet-first types are the vocal ones who make the noise and get the attention. Because, really, who wants to admit they are going to take a wait-and-see approach? I give props to Charles Bruen for taking a hard-line wait-and-see stance on mobile banking.

But let me back up to Ron’s bigger issue; what is revolutionary and what is evolutionary? While it is indeed hard to determine what is truly “disruptive” and “revolutionary” (yes, these words are used too often) at the time they are occurring, nevertheless, some of these things DO take root and create significant change. As one example, in 2005, Facebook had but one million users. Hardly a disruptive revolution, right? But it had momentum and was growing fast, and now has 80 million users. That would make Facebook the fifteenth largest country in the world if it were a country. Three years ago, most people had barely heard of it. Today it’s a part of the culture. When exactly did it go from a blip on the radar screen to mainstream?

I believe the same is true for mobile banking, P2P lending, and PFMs. Yes, these revolutions are not happening violently because banking isn’t sexy. But if there were any way I could get off the sidelines and do something with these technologies, I would be in the game. I give huge props to Gene Blishen for being light years ahead of the curve on what mobile banking can be and do.

Dan Dickinson, in a response to Ron’s post, asks if there is anyone on twitter who does NOT use an iPhone, and states that he will never buy anything made by Apple. As far as the game-changing nature of the iPhone and mobile connectedness, this misses the point.

The point is this: for those of us who were tethered to a desk in order to use our PCs and access the net, laptops were a revolution. Now you could go anywhere with a laptop, be connected/do your work, but you could only connect to the entire internet when you found wifi, which was rare or expensive and often both. With an iPhone (and to some degree any smart phone) you can connect to the net ANYWHERE you have a cell phone connection, which these days seems like just about anywhere. That’s powerful, game changing stuff, and also not as clunky and bulky as a laptop.

But again, here’s the real reason why people LOVE their iPhones, and why it’s indeed a paradigm-shifting, disruptive, revolution (he he!): Because it’s so FREAKING PERSONAL. iPhone owners feel that it’s “my” internet on their iPhones, it’s MY connection to MY friends and MY music and MY phone and MY pictures and MY contacts and MY address book and MY calendar and MY videos and MY games and MY apps! I can customize it with pictures of MY friends and MY kids on MY home screen, and take a photo ANYWHERE I am and instantly email it to my friends. Try wrestling away any device (no matter whether its an iPhone or something else) that has so much personalization and connection… it can’t be done. And to the extent that BlackBerries and Treos do this too, well, yes, that’s why their users love them just as much as us Appleheads love our iPhones.


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