"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Monday, June 7, 2010

Blogging Live!

June 7th - Blogging live from the Mobile Banking Summit:

Rebecca Sausner
* 18% of participants plan to offer NFC in the next year

John Pyrovolakis
Innovation Accelerator
* Goal of the group is to connect businesses with government agencies to keep the U.S. at the forefront of innovation
* Consider using the Proctor and Gamble model of C&D (Connection and Development) instead of relying upon R&D.

Pamela Joseph
U.S. Bancorp
* Use customer panels of tech savvy early adopters
* "What's in your wallet?"

Dominic Venturo - US Bank
Announces...Coming Soon
* Mobile Shopping Concierge (Mobile Coupons, Offers, Receipes, Shopping Lists, Loyalty Card, Savings Summary, Grocery Store Layout)
* Micro-SD Based Payments. Working with DeviceFidelity. NFC Enabled Phone. "Slide to Pay" Pilot coming in Q4 of this year.

Jonathan Mathes - US Bank
* Coming in 2010: Remote Deposit Capture, P2P
* Coming in 2011: Lead Capture, One-Click Apply, Targeted Offers, Product Research
* Currently rewriting consumer and small business internet an PFM is a big component of that exercise

Bob Hedges - Mercatus
* Banks with mobile capture twice their normal share of customers switching banks 16% vs the typical 8%
* Attrition is 12% lower for customers that use mobile banking
* Tremendous growth in purchase of digital content. Age 26-34 has grown from 4% to 18%. Age 55+ has grown from 0% to 7%.
* Banks that are still worried about creating a business case for mobile are missing the point. "It's like trying to put together a business case for oxygen!"
* 60% of younger consumers use mobile as a deciding factor when selecting a new bank

Matthew Macomber - Bank of the West
* Must cannabalize more expensive transactions (call center)
* Must make up lost marketing revenue if customers aren't logging into online banking. Rule-of-thumb: 100 million ads served equals $1 million in revenue

Mobile Banking Vendor Shoot-out
Wences Casares - Bling Nation
Michael Diamond - Obopay
Chip Fishburne - Firethorn
Jason Hills - Cashedge
Matt Krogstad - MCOM

* Cashedge - P2P = 2.6 tansactions/user/month so far
* MCOM - 60% of P2P payments are sent to businesses; avg amount of $240; 30% come from non-online users
* Firethorn - Best to work with the carriers
* MCOM - Banks don't need the carriers
* Obopay - DDA will be the anchor point. Interoperability is critical. Banks need to be careful not to be a "dumb pipe"
* MCOM - Mobile Security: Threats will increase but banks will lock down with existing security protocols
* Firethorn - Volumes aren't sufficient for hackers to commit fraud - YET
* Bling Nation - Existing model of carrying around platic cards is ridiculous. Mobile will be more secure.
* Obopay - Don't get comfortable. Need to continue focus on security.
* Obopay - last year banks were worried about "the sharks swimming closest to the boat" but now they're going on the offense
*MCOM - It's exciting - the next 12 months will be all about mobile payments
* Cashedge - There will be P2P and mobile payments. P2P has just evolved more quickly because there are fewer players to coordinate
* Bling Nation - Not much dispute among panel because each company has a different use case

Jeff Dennes - USAA
* 3.3 billion phones
* AT&T has seen a 5,000% increase in data traffic
* On track to achieve 58% adoption or 67 million users by 2012
* 1.2 million logins weekly
* $600 million deposited via RDC
* 480,000 application downloads
* USAA is enabling voice transactions for iPhone and Android

Mobile Payments in Action
Chuck Davidson - Starbucks
Jon Squire - mFoundry
*1) Two touches to pay 2)Must be faster than plastic
* Allows Barista to provide better experience by continuing the conversation
* Payment and Loyalty solution
* "Never have to bring my card again. Less junk in my wallet"

Remote Deposit Capture
James DeBello - Mitek
Pradeep Moudgal - Silicon Valley Bank
Jim Plume - Conestoga Bank
Chris Hylen - Intuit

* Intuit is using RDC to capture info from a W2 for tax preperation
* Recent reports show that the majority of customers are interested in depositing checks via more
* Opportunity to extend RDC to credit cards and bill pay
* Can implement from the cloud or behind the firewall

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