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Citi Mobile on National Television

By Jim Bruene Posted on June 20, 2007
Categories: Advertising & Promotion, Citibank, mFoundry, Mobile Banking

At the Mobile Commerce Summit, we heard Citibank is running national spots featuring its mFoundry-powered mobile banking service, Citi Mobile <citibank.com/citimobile>. (Hat tip Richard Crone).

Back in the old days, like late 2006, we would have had to request a copy of the ad from the bank. But today, everything is on YouTube, so check out the 30-second spot below (screenshot at right).

While its not as appealing as Apple's iPhone commercials, the Citi spot does a good job demonstrating the utility of mobile banking. It features a close-in shot of a couple driving down the road with the wife making a quick forgotten payment in a few seconds, while still carrying on a conversation with her husband. It is also great branding, furthering Citi's long-term positioning as a technology leader.*

What it Means
National advertising by the big banks, as well as carriers introducing their mobile wallets later this year and next, will create considerable awareness among consumers. Although, usage will be light for the next few years, mobile commerce is NOT a fad. This is one area you should address very carefully in your upcoming budgeting process for 2008.

For more information, see our Mobile Banking Report.

—-

*Citi would look even hipper if it embedded the YouTube ad in its mobile banking landing page.

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NY Times Reviews Citi Mobile

By Jim Bruene Posted on May 24, 2007
Categories: Cingular, Citibank, Firethorn, Microsoft, Mobile Banking

The May 24 New York Times contains a generally favorable review of Citibank's new mobile phone service (article here). Writer John R. Quain also touches briefly on Bank of America's WAP service and gives Firethorn's application a spin via BancorpSouth's mobile service.

For followers of the space, there's not much new information here. But a 1,200-word article in the NY Times is significant for the mere fact that the editor's found the subject newsworthy.

The only downside cited, and it's a HUGE one, is the cost from the carrier. In the author's test, it cost him $2.59 in data charges for what sounded like a single Citi Mobile banking session (he did not have a data plan). Ouch.

Here's the exact passage near the end of the article:

For example, checking my balances, making a transfer and confirming a few payments totaled 244 kilobytes, plus one text message, on Citi Mobile. Total charges from AT&T: $2.59.

Update: Drew Sievers, CEO of mFoundry, the vendor powering Citi Mobile, emailed to say that the data charges cited in the NY Times article included the initial download. Subsequent sessions, would cost just pennies each, even without a data plan. He also said that the typical user attracted to mobile banking will already have a data plan, making mobile banking essentially free, at least from the carrier.

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Citi Mobile Launches in Southern California

By Jim Bruene Posted on April 3, 2007
Categories: Citibank, mFoundry, Mobile Banking

The long-awaited launch of True Mobile Banking 2.0 (note 1) in the United States happened yesterday with Citibank beginning a limited rollout of its mFoundry-powered downloadable mobile banking service. The service is currently available to Citibank customers in Southern California with nationwide rollout this summer. However, the bank's website today merely says it's "coming soon" (see screenshot below; link here).

The new service is not mentioned on the main Citibank website, unless you use the site search feature (see note 2).

The single mobile banking page doesn't tell us much we didn't already know (see previous coverage here), other than a few minor details are revealed for the first time:

Mobile PIN number is the same as what's used for regular phone banking; PIN numbers can be created online through a link on the mobile page
To enroll, users enter their mobile number, carrier and phone model and a link to the downloadable application is sent via text message

A short four-screen demo (below) shows users how to activate the service once it's been downloaded:

There was lot's of new coverage on launch day, indicating that Citi made the press rounds prior to launch:

Steve Bills from American Banker chimes in with a brief piece using consultant Richard Crone as a reality check on Citi's PR material (here)
Eileen Alt Powell put this out on the AP Wire
Time even picked up the story (here)

Note:

1. True Mobile Banking is defined as transactional banking directly from a mobile phone, without the need to access a website (WAP). The 2.0 means it's a second-generation technology, not to be confused with the circa 1999-2002 version 1 that worked on a limited universe of PDAs.

2. Accessed the website from a Seattle IP address via my laptop which does NOT know that I am a Citi customer.

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Citibank Buys the Top Spot for Google "Checking Accounts"

By Jim Bruene Posted on April 2, 2007
Categories: Citibank, Deposits, Checking, Savings, CDs, Search Engine Marketing

Citibank has the top spot this morning if you Google "checking accounts" from a Seattle IP address (see below). Wachovia and US Bank are the lucky recipients of the free advertising that goes with being in the top-two organic results. Two smaller institutions purchased well-placed ads with Alaska USA Federal Credit Union landing in the number four spot on the right-side column (#7 overall) and Viking Bank at #5 on the right (#8 overall).

Citibank's landing page emphasizes the rate on its savings account, with a passing mention of EZ Checking (see screenshot below). The landing page is gorgeous, but is it missing the point by soft-pedaling what the searcher was looking for? Only Citi and its analytics team knows for sure. My guess is that it does pretty well since the bank's been using this basic design for more than a year now (see previous coverage here).

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Citibank Mobile Getting Closer: FAQs Posted

By Jim Bruene Posted on March 20, 2007
Categories: Citibank, mFoundry, Mobile Banking

Citibank recently posted a short FAQ (click here or view screenshot below) on its website that confirms what we had suspected about its upcoming launch of mFoundry-powered Citi Mobile (see previous coverage here and here).

Here's what we now know:

1. The service will be FREE of charge

2. It will be a downloadable app (unlike the SMS-based service in India shown above)

3. It will work on approximately 100 cellphone handsets

4. It will work across multiple wireless carriers

5. It will include bill payments and funds transfer

6. A direct link to customer service is provided

What we still don't know:

1. Will is support SMS/text messaging?

2. What login/security process will be used?

3. Will it work with all Citi checking accounts or only certain products?

4. Will it work across all major carriers?

5. Will it require a full data plan at the carriers?

As you can see from the Citibank India graphic at the top of the page, major banks offer mobile access in much of the world. But in the U.S., the Citibank launch is a major milestone as the first downloadable application that can be used on common handsets. For more information, see our latest Online Banking Report, Mobile Banking & Payments 2.0 (OBR 138/139).

Click on the screenshot right, to see the Citibank FAQ on mobile banking. Or go directly to its website here.

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Citibank’s Instant-Win Billpay Sweeps

By Jim Bruene Posted on March 20, 2007
Categories: Advertising & Promotion, Bill payment, Citibank

Earlier this year, we wrote about how easy it is to run an online instant prize contest using ePrize (see post here). Today, we see that Citibank is using the company to power an instant-win game and billpay usage sweepstakes. They share the same creative and both run March 1 through April 30, but otherwise have little to do with each other.

The instant-win game can be played by anyone and finishes with an ad for Citi's e-Savings account. The sweepstakes rewards Citi billpay customers with automatic sweepstakes entries tied to billpay usage. Here are the specifics:

1. Instant win: Anyone who registers with an email address and date of birth may spin the wheel up to three times each day to win won of 300 prizes awarded randomly between March 1 and April 30, 2007. The total prize pool is $15,000 with one-hundred $100 winners and two-hundred $25 prizes. At the end of each play, Citi pitches its e-Savings account with 4.75% APY and $25 signing bonus, which is slightly different than its website promotion of 4.65% and $50 bonus (see screenshots below).

2. Usage sweepstakes: Citibank billpay customers are also entered into a sweepstakes with a single grand prize of $25,000. Each bill payment of more than $5, after the first four during the 60-day run, receives one automatic entry into the sweeps.

The promotion is advertised on its main Banking page with a small banner (see screenshot below). A larger promotion (see inset above) appears on the Online Banking page (see note 1).

Screenshots: Citibank signup page, "spin" the wheel to play, loser's page with cross-sell of 4.75% savings account (click to enlarge)

Citibank main "banking" page with sweepstakes promo

Note:

1. Tested from a Seattle, WA IP address at 10 AM PDT. Cookies are enabled and will show multiple visits to Citibank, but no evidence of any Citibank accounts.

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In 2006, 86% of credit card direct mail included online options

By Jim Bruene Posted on March 5, 2007
Categories: American Express, Bank of America, Capital One Financial Corp., Chase Bank, Citibank, Credit/Debit Cards, Metrics & Market Research

Advertising-monitoring firm, Mintel Comperemedia reported last week that nearly 9 out of 10 credit card solicitations in 2006 directed recipients to the Web, up sharply from 56% in 2003 (see note 1, 2). Several big mailers, namely American Express, still seem reluctant to use website response as an option, at least in the mailers we see at our house.

American Express tests must show a drop in response by offering too many choices. But if you don't have the budget of American Express, which can afford to drop a mail piece in every credit-worthy household every two or three weeks, you should add website options to your direct mail creative. That way, you can at least capture a lead at your website, even if they don't ultimately accept your credit offer.

Total mailing volume for 2006 was 9.2 billion pieces (see note 1), or about 3 per week per credit-worthy household. Two of those were from the five largest mailers listed below which accounted for more than 60% of the volume, according to Comperemedia. JPMorgan Chase accounted for 18% on its own.

In another data slice from Comperemedia, cited by Capital One in a Feb. 2006 investor presentation (PDF here), response rates have fallen from 1.4% in 1995 to 0.3% in 2004 (see note 3).

Here's a breakdown of the billion-piece club, and their percent change compared to 2005:

1. Chase >>> 1.7 billion (down 4%)

2. Capital One >>> 1.2 billion (up 13%)

3. American Express >>> 1 billion

4. Citibank >>> 980 million (down 2%)

5. Bank of America/MBNA >>> 920 million (down 17%)

Other top-10 mailers: HSBC (up 25%); Discover (up 29%); Barclays Bank (190 million, up 70%)

Note:

1. Comperemedia tracks mailing volume for more than 150 large financial institutions. So the figures here do not include mailings from thousands of smaller banks and credit unions. In total, those probably account for less than 5% of the total from the top-150.

2. Comperemedia press release is here. Interview of Comperemedia director Jenny Roock by MediaPost is here.

3. Credit card response rate slide from Capital One's investor presentation (PDF) at the Debt & Equity Conference, Feb. 2006; data from Comperemedia.

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Citibank Mobile Banking Delayed Until April

By Jim Bruene Posted on March 2, 2007
Categories: Citibank, Credit/Debit Cards, Mobile Banking, Mobile Payments

In a multi-page look at mobile banking (here), BankRate.com reporter Laura Bruce quotes Citibank's Rob Julavits as saying the bank will be:

…testing (mobile banking) in March and allowing customers to enroll in April, with a broad launch expected before midyear

That's a few months later than originally expected. The bank sent Citi Mobile disclosures to checking account customers in January indicating the service would be live in February (see article here). Citibank already provides mobile access to its credit cards in Japan (link here).

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Citi Mobile Appears Ready to Go Live in February

By Jim Bruene Posted on January 28, 2007
Categories: Citibank, Mobile Banking

I opened my Citibank checking account statement today and out fell one of those text-only "terms and conditions" notices that are rarely read. However, the title of this one caught my attention (emphasis added):

Important Information: Introducing Citi Mobile

It's an update to the bank's terms and conditions incorporating access via web-enabled cellphone or other mobile device. The statement was mailed January 23rd and the notice carried a 2006 copyright with an "01/07" date by the item number.

There's no mention of any fees for the service, which begins in February 2007, according to the statement insert. Readers are referred to the Citibank website for a list of compatible phones, but we couldn't find anything on Citi Mobile today.

In a Google search we ran across an older Citi Wireless Services website <wireless.citi.com/wireless/homepage> with a 2001 copyright date (see screenshot below), but it discusses the previously available services such as alerts sent to mobile phones. There is no mention of the new mFoundry-powered services (see previous coverage here).

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Make Sure Your Wikipedia Entry is Factual and Up-to-Date

By Jim Bruene Posted on January 11, 2007
Categories: Advertising & Promotion, Citibank

Ten years ago, we advised banks to make sure their listings in Yahoo were up to snuff. Now, the major search engines are so good, there isn't much work needed to appear at or near the top of the results for searches on your company name (see note 1).

However, there is one important online database with massive reach that still needs manual maintenance, Wikipedia. As the sixth-busiest Internet property in the world, with 150 million monthly visitors (see note 2), you should make sure your institution's entry is both factual and up-to-date. One of Wikipedia's defining attributes is that anyone is allowed to edit the content. So there is no reason you shouldn't jump right in and change any factual errors right away. You should also consider adding info and links to missing or incomplete listings, but make sure to follow the strict guidelines prohibiting self promotion.

Nor surprisingly, Wikipedia prohibits all forms of advertising. And they'll take down any entry deemed to be made to further sales rather than add to the world's knowledge base.

Wikipedia does allow company listings provided your company is deemed "significant" by Wikipedia. Most financial institutions should qualify. However, don't try to put a listing in for your SuperDoubleNet Gold Card. It won't fly.

Also, copy must be devoid of hype, be totally unbiased, and basically read like an encyclopedia entry (see guidelines for company listings here). That said, the online encyclopedia does allow limited use of logos and pictures, so you want to make sure your entry is attractive without being a brochure. Any violations of Wikipedia's guidelines will be quickly deleted.

Below is the first part of the 1500-word entry for Citibank. Note the use of its current logo and an attractive branch photo.

In comparison the entry for Boeing Employees Credit Union is just 170 words and devoid of graphics.

In addition, you might look for other Wikipedia "marketing opportunities" where your bank could be listed as a service provider or reference. Again, it has to add to the facts of an existing article, not be positioned solely for marketing purposes. Of course, this is as gray an area as you can get, so there is no harm in trying as long as you keep the edits in line with the spirit of the website.

For example, in the Wikipedia listing for "remote deposits", under the sub-heading, "usage of remote deposit," the following financial institutions are listed (see screenshot right):

Bank of America
Citibank
Commerce Bank
U.S. Bank
USAA (Offers this feature to consumers using a common scanner)
Pentagon Federal Credit Union (offers this feature to consumers, although the physical check must be mailed in)
Wachovia Bank
Wells Fargo (also offers this feature to consumers using special ATMs)

If you have a good remote deposit capture service, add your name to this list. It may or may not be accepted, but it's worth a try.

Notes:

You should make sure your tags and titles are up-to-date and appropriate (see previous article here).
Worldwide unique visitors in Sep. 2006, according to comScore (press release here)

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Holiday Bank Marketing Continued

By Jim Bruene Posted on December 24, 2006
Categories: Advertising & Promotion, Bank of America, Citibank, PNC Bank

As mentioned last week (here), U.S. banks are starting to get more creative with their websites, with 12 of the 30 largest (note 1) injecting a bit of holiday spirit into their websites.

This year, three of the top-30 banks had major holiday themes running on their homepages; in 2004, none did. And today we viewed another nine with minor holiday sprinkles, making 12 in total. Two years ago, four banks had minor holiday-themed promotions.

We expected to see more banks marketing gift cards, one of the hottest holiday gifts, especially during the last few days before Christmas. Only four banks mentioned gift cards on their homepages on Dec. 24 (note 2):

National City
BB&T
North Fork Bank
Commerce Bank

Here is a rundown of those with major holiday themes:

Citibank: Citi had the best overall holiday theme as it continued pushing its 5% e-Savings Account, with a clever 5% "ornament" hung next to traditional Christmas decorations (see screenshot below).
PNC Bank: Runner-up was PNC with its unique brand of holiday marketing, a tongue-in-cheek look at the cost of the items listed in the popular Christmas song, Twelve Days of Christmas. It's a holiday tradition at PNC which has been tracking the holiday index for 22 years (see screenshot below).
Bank of America: The largest online bank used a holiday theme, and $100 off a Dell PC, to encourage users to join the other 20 million BofA customers using its online banking. Customers hitting the bank's homepage were greeted with an animated banner displaying a wrapped package, which after two seconds changed to the Dell deal (see before and after screenshots below).
Showing before and after package animation:

Other top-30 banks with holiday-oriented images on their homepages:

Chase Bank: snow globe with 0% credit card offer
Wells Fargo: packages
Washington Mutual: snowball with 30-second credit card application
Citizens Bank: packages with a debit card rewards promo
National City: snowflakes with gift card promo
BB&T: packages with a gift card promo
Countrywide Bank: snow and packages with a loan promo
North Fork Bank: Radio City promo with $15 off coupon and gift cards
Commerce Bank: packages with gift card promo

Notes:

According to Online Banking Report's list of the 150 largest U.S. financial institutions as of 31 March 2006 (link here).
Searches conducted during late morning (EST) on Dec. 24, 2006, from a southwest Florida IP address. Although gift cards were not mentioned on US Bank's homepage on Dec. 24, we had seen them advertised on previous visits, although not necessarily on ithe homepage.

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First Direct Bank’s Holiday Pop-up Marketing

By Jim Bruene Posted on December 14, 2006
Categories: Advertising & Promotion, Citibank, Deposits, Checking, Savings, CDs, First Direct, Website Usability & Design

I am a sucker for holiday graphics on websites. It doesn't have to be dramatic, a few snowflakes or candy canes in the background is fine. For example, Citibank's e-Savings banner on its homepage today (see inset, click to enlarge). Just like a holiday wreath on the door of the branch, it shows your customers and employees that you have some holiday spirit.

Unlike two years ago (see prior post here), this year many banks and credit unions are running holiday promotions for gift cards and other products (see rundown here) and/or have dropped holiday sprinkles into their websites. The most dramatic is the popup from U.K.'s First Direct <firstdirect.com>. This is over-the-top, but it brings a grin, not a bad thing during the end-of-year rush.

First Direct homepage with popup showing (click to enlarge)

Close-up of popup after choosing "let it snow" option
The loud holiday music that accompanies the snow globe can be turned off with the button in the lower right. Selecting "all snowed out" or "bah humbug!" from the first screen displays a brief "seasons greeting" message before automatically closing the popup.

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