Southern Bancorp Launches "Shake and Bank" iPhone App Aimed at Youth

By Jim Bruene Posted on
Categories: Apps, Deposits, Checking, Savings, CDs, iPhone, Mobile Banking

image It’s been more than six months since we last featured a new mobile app from a financial institution (see Arvest Bank’s financial calculators). It’s not because of lack of activity, or importance. In that time, more than 1,000 financial institution apps have been introduced and the market has really heated up.

But we focus on what’s new and different. And for the most part, the class of 2010 and 2011 have been “me-too” entries. Which is exactly as it should be. Every mid-sized and larger bank and credit union needs at least one app in the iTunes store, so the last 18 months have been about gaining competitive parity. 

But things will start to get more interesting again as financial institutions:

Southern Bancorp’s new mobile app, Shake and Bank, ticks all four boxes. It’s an iPhone/iPod Touch app designed to give kids (or any account holder) a quick look at the balance in their account. As you can see below, Shake and Bank is pretty much self-explanatory:

1. Open app (note 1)

2. Shake iPhone

3. See balance

The app requires a setup code to launch. According to the iTunes entry, the code can be obtained through the bank’s website or at a branch. But as of today, I see no mention of Shake and Bank, or mobile banking for that matter, at their website.

Bottom line: I’m a sucker for pigs, so obviously I like it. But more importantly, Southern Bancorp makes it easy to monitor account balances with a simple kid-friendly approach. And parents will appreciate the help reinforcing the savings habit (note 1).

Southern Bancorp has $1.1 billion in assets and 40 branches in Arkansas and Mississippi.
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Southern Bancorp’s iPhone app targeted towards kids (link, 25 April 2011)

Southern Bancorp's iPhone mobile banking app targeted towards kids      image 

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Notes:
1. Since I couldn’t test the app without an account, I assume there is no subsequent login requirement once you’ve entered the setup code. And more importantly, I hope that it oinks when shaken. 
2. For more info on mobile banking, see our previous Online Banking Reports.

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Alumni Updates — Week of April 18, 2011

By finovate Posted on
Categories: Backbase, BancVue, BillFloat, Doxo, Dwolla, eToro, Kashoo, Lending Club, Mint.com, PayPal, SmartyPig, Yodlee
To follow updates from Finovate alumni companies in real time, be sure to follow us on Twitter.
 
Backbase extends content services offerings. Backbase CMS is available as an add-on module. http://bit.ly/finovate420112
BancVue launched “Money Island,” an educational game for children to be offered by banks and financial institutions. https://demo.moneyisland.com/
BillFloat partners with Online Resources to offer small-dollar loans to biller clients. Online Resources will now offer BillFloat as a payment option. http://bit.ly/finovate418112
Doxo signs Oregon Federal Employees Credit Union (OFECU). Members will be able to receive statements and banking documents via the service. http://bit.ly/finovate421111
Dwolla will provide an online payments option at Tikly, an online ticketing startup  expected to launch within the next thirty days. http://bit.ly/finovate418113
eToro surpasses 1.5 million users. The company cites the growth of thousands of members joining per day since the launch of eToro’s social platform, OpenBook. http://prn.to/finovate421113
PayPal and Discover partner on person-to-person payments. Rollout begins this week for Discover’s person-to-person payments system. http://bit.ly/finovate42112
Several Finovate Alumni firms have been nominated for Webby awards. Good luck to Lending Club, Mint, Billeo and Kashoo. http://bit.ly/finovate420116
SmartyPig eliminates redemption fees. Transferring SmartyPig savings account funds to a retailer gift card is now free. http://bit.ly/finovate418111
Yodlee partners with Boursorama to provide Money Center service. Boursorama customers will receive the Money Center PFM service free of charge. http://bit.ly/finovate420115

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Homepage Hits: Bank of America Promotes Image ATMs

By Jim Bruene Posted on
Categories: Advertising & Promotion, ATMs, Bank of America

imageI look at banking sites a lot, and sometimes a page or promotion strikes me as a cut above the  rest. For example, today’s Bank of America promotion of its image ATMs is eye-catching and must be gathering substantial clickthroughs (more on that below). 

Technically, everything about the promotion is first-rate, from the color to the typography to the copy. But what I really like is how this positions the bank as the place for anyone who appreciates elegant technology solutions to their everyday problems. 

Bank of America personal homepage (21 April 2011, Seattle IP address, customer cookies)

Bank of America homepage (21 April 2011, Seattle IP address, customer cookies)

However, the landing page (below) leaves a lot to be desired. A video of someone using the ATM would be perfect. How about links to an FAQ for those with more questions about the technology, risks, costs, guarantees, availability and so on? And a link to the checking account signup form would seem appropriate. But at least BofA did direct people to its ATM finder (in two places). 

Landing page

image

Bottom line: This BofA effort reminds me of the advertising adage that the worst thing you can do is put out good advertising for a bad product. Before the bank put such an appealing visual on its homepage, it should have put together more content for those clicking through. It’s not bad, just a bit of a wasted opportunity. 

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30 Most Popular iPad Apps from U.S. Banks and Other Financial Services Companies

By Jim Bruene Posted on
Categories: Apple, Apps, Mobile Banking

image Apple tweaked its propriety algorithm that ranks apps in terms of popularity (Cnet article). Evidently the changes had an impact on overall rankings, but little or no effect on intra-category ranks.

That holds true with my casual observations within the finance category. Regardless, it seemed like a good time to visit the App Store and document which financial iPad apps are currently most popular (see Table below).

Note: The first column below is the rank among all financial institutions (as defined below). The second column in the app’s rank within the entire App Store “finance” category.

Observations:

  • The highest rated bank is Chase at number 9 in the finance category
  • There are only two banks (Chase & USAA) in the top 20
  • There are only seven consumer banks in the top 200 (Chase, USAA, Bank of Oklahoma, Trustmark, BB&T, BBVA, Bank of Texas)
  • There are more credit unions (8) than banks (7) in top 200 in the finance category
  • Still missing some huge banking names (Amex, BofA, Capital One, Citi, Discover, Mint, PayPal, US Bank)

My methodology: Using an iPad and iPhone, I accessed the finance category of the App Store and sorted by “Most Popular.” I am including only apps from any U.S. financial institution or from third parties that tap directly into financial institution data using account aggregation (e.g., from Yodlee, CashEdge, etc.). Pure content apps, like Schwab’s On Investing magazine, were not included even if from a financial institution.

FI Rank Finance Rank Company App Name
(+ company)
1 1 Pageonce Money & Bills (free)
2 2 Square  
3 3 Maximo Cavazzani (works with
TD Ameritrade)		 iStockManager
4 9 Chase Bank Mobile
5 10 Pageonce Pro – Money & Bills
6 11 E*Trade Mobile Pro
7 15 TD Ameritrade Mobile
8 20 USAA  
9 21 Fidelity Investments  
10 22 Thinkorswim (TD Ameritrade)  
11 29 Expensify Expense Reports
12 49 Mercedes-Benz Financial My MBFS
13 50 Wescom Central Credit Union Mobile
14 59 TDECU Mobile
15 67 BofAML (BofA Merrill Lynch) MyMerrill
16 68 Bank of Oklahoma Mobile
17 74 MACU (Mountain America) Mobile Banking
18 88 Trustmark National Bank  
19 96 thinkMoney (TD Ameritrade)  
20 97 BofAML (BofA Merrill Lynch) Merrill Edge
21 98 JP Morgan Mobile
22 107 BB&T Banking
23 114 thinkorswim (TD Ameritrade) VEO Mobile
24 131 BBVA Compass Mobile Banking
25 169 NASA FCU Mobile Banking
26 170 DATCU Credit Union Mobile Banking
27 182 SCU (Scott Credit Union) Mobile Banking
28 188 Bank of Texas Mobile Banking
29 193 GWCU (Goldenwest Credit Union) Mobile Banking
30 194 American Eagle FCU Mobile Banking

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Note: For more info on mobile banking, see our previous Online Banking Reports.

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Alumni News — Week of April 11, 2011

By finovate Posted on
Categories: Boku, Garland Group, GoalMine, Intuit, Striata, Sybase 365, The Receivables Exchange

To follow Finovate alumni companies’ latest news in real-time, see our live feed on Twitter. 

GoalMine receives first Morningstar rating. The fund received a top rating of five stars and achieved returns that ranked in the top one percent of 400 funds in the mid-cap value category for the three-year period ending March 31, 2011, based on risk-adjusted performance. http://bit.ly/finovate41211
Intuit releases report outlining its vision for banking in the year 2020. http://bit.ly/finovate412111
MobileBeat: Why does NFC Matter? (Mentions of Boku, Sybase and others). Does tap beat swipe for mobile payments? http://bit.ly/finovate412113
Striata and Payments Gateway partner to securely deliver electronic property-tax bills. Allegheny County, in Pennsylvania, USA, will be billing electronically with Striata. http://bit.ly/finovate413113
The Garland Group announces strategic partnership with Deluxe Corp.  The Garland Group’s RiskKey’s compliance program will now be included as a product within Deluxe Corp’s enterprise compliance programs.  http://bit.ly/finovate413111
The Receivables Exchanges partners with Coupa to provide suppliers with working capital. Coupa, a developer of cloud spend-management solutions (CSM), is integrating the receivables exchange system into invoicing for suppliers, to provide greater working capital.  http://bit.ly/finovate413112

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Links from My April 13 FIS Customer Conference Presentation

By Jim Bruene Posted on
Categories: Conferences, FIS

image Thanks again to FIS for allowing me to speak at its annual customer confab in Milwaukee. And thanks to everyone who attended.

Here are the links from my presentation in the order presented:

image 2010/2011 highlights:

 imageMobile does new tricks:

imageOnline information management:

Merchant-funded rewards:

image

Family banking:

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* Will be demoing at FinovateSpring 2011, May 10 & 11

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Bank Website Redesigns are Back: Salem Five Outdoes Itself

By Jim Bruene Posted on
Categories: Salem Five Savings Bank, Website Usability & Design

image Unless it was mission critical, or compliance mandated, there is a good chance your pet project was put on hold during the 2008-2010 financial crisis. Most website-redesign projects, despite good ROI, drop into that “discretionary spending” bucket.

But as we approach the one-third-mark of 2011, we are starting to see the results of design projects green-lighted in the last budget cycle. Bank of America, the most-visited financial website, rolled out its new design late last year.

But smaller financial institutions are also doing great work, ofttimes offering a better user experience than the big brands, which must be all things to all people. The Financial Brand rounded up a half-dozen great examples in a March 23 post.

One that I particularly liked (note 1) is Salem Five’s new homepage (shown below). Not only is it gorgeous, the navigation is outstanding with a large box containing key info (see points A and B below) and drop-down mega-menus (second screenshot) for everything else.

A few highlights of the new design (letters correspond to those shown on the screenshot):

A. The small outlined box on the left contains important info including the online banking login and current rates for key products.

B. The bank makes it easy to find contact info by listing the toll-free number at the bottom of the box. The bank also features LivePerson-powered click-to-call, one of the recommendations from our most recent report (note 3).

C. Despite the minimalistic design, the bank still has four low-key, text-based promos running across the screen.

D. Users can choose from 19 background themes to use as the backdrop (note 2).

Salem Five homepage with customizable backgrounds (18 April 2011)

Salem Five homepage with customizable backgrounds (18 April 2011)

Salem Five uses drop-down “mega menus” to help users navigate to the far corners of its website

Salem Five uses drop-down "mega menus" to help users navigate to the far corners of its website

Notes:
1. I’m a bit biased because I’ve been following Salem Five since the summer of 1995 when we both spoke at the first-ever conference on Internet banking.
2. I’m not sure many users really want to choose their homepage backdrop; I personally prefer that the images be randomly rotated. However, it does show considerable web-savvy that the bank offers a customizable design option. After Salem Five is done showcasing the feature, the option to change pics should probably be taken off the homepage. It’s taking up prime real estate in the upper-right corner. 
3. For more info on click-to-call and other “live help” techniques, see the most recent Online Banking Report (March 2011).

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Ally Bank Posts Real-time Call-center Wait Times on Homepage

By Jim Bruene Posted on
Categories: Best of the Web, Service

imageAlly Bank made news this week as one of the few major banks offering consumer PC/scanner-based remote deposit (USAA and US Bank also offer it, note 1). But that new feature has not yet filtered out  to its website. While disappointed in not finding what I was searching for, I did notice something even better:   

imageThe wait time for its call center, updated in real-time, right at the top of every page (see screenshot, below). 

The first few times I checked the site, it always said zero and I wondered if the bank left it permanently there to demonstrate its call-center prowess. But now the wait-time has moved out to six minutes (11 AM Pacific time on a Thursday…a couple days in front of the U.S. tax deadline).

But that’s even more important for public acknowledgement. When wait times stretch to several minutes, customers can decide to call back later or spend a few minutes checking Facebook before a banker comes on the line. It also gives Ally’s customer service department a big incentive to keep the queue at a reasonable level. It’s a complete win-win.

The bank should also add a click-to-call feature so customers can skip the queue and simply request a call-back, a technique that can potentially cut support costs by shortening average call time (see note 3). Ally does offer live chat on its Contact Us page. However, it must be a lower staffing priority as I found intermittent availability on a Friday morning (8:30 AM Pacific) even though wait times for the call center were zero.

imageBottom line: Ally’s real-time availability is so much better than simply plopping a smiling face in the corner of your website and inviting calls. The estimated hold time demonstrates the bank’s respect for its customers’ time, something rare at large consumer brands in any industry. It’s a great tangible benefit to the “ally” positioning.

Because it raises the “state of the art” in online support, we are awarding it our first OBR Best of the Web for 2011 (see note 2).  

Ally Bank homepage with real-time call center wait time monitor (14 April 2011)

  Ally Bank homepage with real-time call center wait time monitor

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Notes:
1. Post updated at 10 AM: Originally I said the new Ally service was
“mobile” remote deposit, Ally let me know that it was PC-based online
remote deposit (previous post on US Bank’s service)
2. Since 1997, Online Banking Report has periodically given OBR Best of the Web awards to companies that pioneer new online or mobile banking features. It is not an endorsement of the company or product, just recognition for what we believe is an important industry development. If anyone knows of other financial institutions offering a similar feature, let us know and we’ll update the post. Ally is the 81st company to win the award since 1997 and the first in 2011. Recent winners are profiled in the Netbanker archives.
3. For more information on delivering “live help,” see the most recent issue of Online Banking Report.

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Can’t make it to FinovateSpring? Then don’t miss out on FinovateFall this September in NYC!

By finovate Posted on
Categories: FinovateFall 2011, FinovateSpring 2011

Finovate2011_low.png

In less than four weeks, dozens of leading fintech companies will take the stage at FinovateSpring in San Francisco to demo their latest innovations to a packed audience of companies like Wells Fargo, PayPal, Time Inc., SunTrust, Bank of America, H&R Block, Ally Bank, Intuit, Yahoo, Citi, Jack Henry, Bank of Montreal, Bain Capital and Visa.

While we are incredibly excited about that show (it’s shaping up to be the biggest Finovate ever, and we still have a few tickets remaining), we would be doing you a disservice if we didn’t point out that the FinovateFall pre-sale ticket price of only $995 (a savings of $400) will expire this Friday (less than 48 hours from now).

So, if you’re unable to join us in San Francisco in May or simply want a great deal on FinovateFall, I highly encourage you to lock in your seat and your savings of $400 for the fall event in Manhattan. We’ve moved to a great new location since we sold out the old location three weeks ahead of the event last year and expect to pack the new space with awesome debuts of the best new fintech innovations as well as a high-quality audience of financial & bank executives, venture capitalists, press, industry analysts and entrepreneurs. We hope to see you there!

FinovateFall 2011 is sponsored by: The Bancorp, Tier One Partners, and the law firm of CB&S.

FinovateFall 2011 is partners with: BankInnovation.net, BankerStuff, CardWeb, Filene Research Institute, Finance on Windows, PYMNTS.com, Mercator Advisory Group and Mobile-Financial.com.

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Can’t make it to FinovateSpring? Then don’t miss out on FinovateFall this September in NYC!

By finovate Posted on
Categories: FinovateFall2011, FinovateSpring 2011

Finovate2011_low.png

In less than four weeks dozens of leading fintech companies will take the stage at FinovateSpring in San Francisco to demo their latest innovations to a packed audience of companies like Wells Fargo, PayPal, Time Inc., SunTrust, Bank of America, H&R Block, Ally Bank, Intuit, Yahoo, Citi, Jack Henry, Bank of Montreal, Bain Capital and Visa.

While we are incredibly excited about that show (it’s shaping up to be the biggest Finovate ever and we still have a few tickets remaining), we would be doing you a disservice if we didn’t point out that the FinovateFall pre-sale ticket price of only $995 (a savings of $400) will expire this Friday (less than 48 hours from now).

So, if you’re unable to join us in San Francisco in May or simply want a great deal on FinovateFall, I highly encourage you to lock in your seat and your savings of $400 for the fall event in Manhattan. We’ve moved to a great new location since we sold out the old location three weeks ahead of the event last year and expect to pack the new space with awesome debuts of the best new fintech innovations as well as a high-quality audience of financial and bank executives, venture capitalists, press, industry analysts and entrepreneurs. We hope to see you there!

FinovateFall 2011 is sponsored by: The Bancorp, Tier One Partners, and the law firm of CB&S.

FinovateFall 2011 is partners with: BankInnovation.net, BankerStuff, CardWeb, Filene Research Institute, Finance on Windows, PYMNTS.com, Mercator Advisory Group and Mobile-Financial.com.

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Alumni News — Week of April 4, 2011

By finovate Posted on
Categories: Cardlytics, eWise, Fiserv, Kasasa, Mint.com, SmartyPig, Stocktwits

To see our Alumni companies’ updates in real time, follow us on Twitter. 

eWise officially relocates from Australia to Denver, Colorado. http://bit.ly/finovate44114
Fiserv and Cardlytics partner for merchant-funded in-statement rewards. http://bit.ly/finovate45112.   See last month’s Online Banking Report for more info.
Southwest Louisiana Credit Union joins Kasasa with fun and games on April Fools’ Day. SLCU has served the Lake Charles, LA, region since 1952. http://bit.ly/finovate45111 
Mint introduces mobile advice for iPhone. The feature will come to the Android app this summer. http://bit.ly/finovate44111
SmartyPig launched a free mobile app for Android. http://bit.ly/Finovate44112
Follow the markets through the StockTwits blog network. Users can follow more than 40 profiles in StockTwits network. http://bit.ly/finovate45113

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Bank of America Offering Trusteer’s Rapport Plug-in to Protect Online Banking Customers

By Jim Bruene Posted on
Categories: Bank of America, Security, Security & Privacy, Trusteer

image If there was any question as to whether Trusteer  had become the industry standard in online banking protection, it was answered this week. Bank of America is now offering the optional Rapport protection to its 29 million online banking customers. Ann Carrns in the NY Times Bucks blog wrote about it a week ago, but I guessed I missed it in all the April Fools Day commotion.

ING Direct was first to offer the program, launching in May 2008. Since then dozens of financial institutions have followed including Zions, PSECU, CIBC, PayPal, Santander, RBS and about 70 more (see full client list below in note 2).

In total, Trusteer says it’s been downloaded more than 20 million times.

Analysis: It’s a good move by Bank of America. While Rapport does not protect from all possible threats, it does seem to provide material improvements. The bank gets a double benefit: less fraud and improved perceptions from customers concerned about security.

The program is not without downsides, however. It requires a download and installation, though thankfully not a full reboot (see second screenshot). And like any software program, there are real and perceived compatibility and performance issues (see the comments on the NY Times blog entry).

Bank of America would be wise to make it easier for customers to find out more info on the program. There is only a tiny link buried at the bottom of the interstitial ad for more info. And that screen goes away after you press the download button.

Users who are surprised by the download warning, and even worried that they’ve been attacked by a virus, will find it difficult to find more info at that time. Rapport is not yet mentioned in the bank’s security area accessible from online banking. Only by going back to the public site and searching for “Rapport” was I able to find the page offering more info (third screenshot).

Many users are going to need more hand-holding and reassurances before they install the program (note 1). The bank could save itself, and its customers, from thousands of harried support calls, by adding a detailed a “how it works” tutorial integrated into the interstitial.

Bank of America interstitial ad after online banking login (7 April 2011, 2 PM):

Bank of America interstitial ad after online banking login

To use the service, users must download and run an executable file (Windows version below, there is also a Mac version)

To use Rapport, BofA users must download and run an executable file

Bank of America Trusteer Rapport info page (link)

Bank of America Trusteer Rapport info page

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Notes:
1. For more info on Trusteer and other security topics, see Online Banking Report: New Security Techniques (Sep. 2008)
2. Trusteer financial clients (per company)

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