Recap from Mobile Commerce Summit - Part I

As I review my notes from the 14 sessions on mobile banking there is one common theme that resonated through out the conference..."How do I make money?" And as one might expect the answers covered the spectrum:

Bob Egan (Chief Analyst - TowerGroup): Make money using analytics to sell products/services.

Steven Kietz (EVP - Citi; CEO - MMV): Focus on Innovation. Expedite the new account opening process. Innovate around your rewards program - acquisition, tracking, spending.

Brandon McGee (i.e. Me): Incorporate targeted banner messages to cross-sell new products and services to existing clients. Do you have marketing messages on your website and within your online banking service? They should be in your mobile channel as well.

Mark Uicker (VP & Co-Founder - Clairmail): Focus on expense reduction in the form of 1) lower call center volume and 2) reduction in paper which can double as a "green" initiative.

Adam Green (Senior Product Manager - FIS): Opportunities via expedited payments, loyalty and using SMS messaging to increase debit/credit activation and usage.

Serge van Dam (Head of Marketing - MCOM): Making the product FREE is not mandatory. Bank of New Zealand gives away mobile to the top 10% of their client base but then charges $2/month and $0.35/transaction to the remaining 90%.

Bob Hedges (Managing Partner - Mercatus Partners, LLC): Look for compelling use cases out of the commercial, cash management, and treasury departments. Focus on receivables, purchasing, and disbursements.

So what's the correct answer? All of the above. A business strategy consisting of even two of the ideas listed above will generate a positive ROI. Combining 3 or more will lead to very meaningful impact to the bottom line.