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Earlier this week, Nashville-based edo Interactive was presented with two awards from the Direct Marketing Association (DMA) for its Prewards Performance Marketing Platform:
Today, TechCrunch reported that PayPal is opening a brick-and-mortar pop-up store in downtown Manhattan to showcase its new tools and technology:
“The space will be located at 174 Hudson, which is located in the Tribeca neighborhood of Manhattan. Over the next three and a half months, PayPal will be inviting merchants to visit the space where they will have the opportunity to get real-time demos of the technologies in realistic point-of-sale scenarios.”
The store is set to open November 1 of this year.
Mountain Top Financial Services reviews Lending Club.
The folks in charge of Citibank’s website are sure brave. I’m not sure I’ve ever seen this dramatic of a change overnight in a major banking website (see before and after screenshots below). The bank rolled out the new site Sunday night and it seems to be running smoothly today.
My first impression is positive. Banking websites tend to be too cluttered. So they either overwhelm prospective customers or cause existing customers to tune the whole thing out. This seems like a step in the right direction, but only the company’s web analytics team knows for sure. I’m sure it’s been an interesting Monday for everyone involved.
The bank moved the majority of the previous homepage links (see last screenshot) into drop-down "mega menus" that are only displayed when clicking on one of the seven primary navigation items at the top of the page (see second screenshot). The drop-downs only appear after an actual click, so the don’t cover up the page when you accidently hover over them with the mouse.
While the new site is clearly less busy overall, the bank has actually added two new items on the main (top) navigation bar:
The new site renders nicely on an iPhone, displaying the login box, then navigation items in a vertical format (see inset). I’m not sure if this is a change from the previous site. Note the banner ad at the top promoting the bank’s @AskCiti Twitter site.
There are also numerous changes in the online banking area, notably the addition of PFM features powered by Yodlee’s FinApp development platform. I’ll look at those in a future post.
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1. New: 3 Oct 2011
Note: The main graphic, a young woman feigning delight over a bag of gift cards from Citi, is the same in both the before and after shots. But the new version is a mirror image of the old.
2. New design with Banking "mega menu" displayed over graphic
3. Previous: 30 Sep 2011 (from Google cache)
Note: The yellow highlights are on Google’s cached copy only, they would not have appeared on the actual Citi website.
“With the app… users can convert unused rewards points into gift cards usable at CashStar client merchants.”
The merchants include The Gap, Starbucks, Home Depot, and many others. Here’s how it works:
“Users can choose the brand they want. The app then generates a bar code that can be scanned at any of that brand’s stores. In cases where the merchant doesn’t have a scanner at checkout, the clerk can key in a 16-digit number that appears with the bar code.”
“BrightScope, which provides background on 450,000 advisors based on reports from the Securities and Exchange Commission and FINRA, is adding a section to its Advisor Pages that will let consumers write reviews about advisors – a concept akin to popular consumer websites like Yelp or Tripadvisor.com.”
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Earlier this week, Bank Technology News wrote about the gamification of finance. The article describes Capital One’s promos in Zynga’s CityVille (a FarmVille-like game), then looks at Seattle-based Bobber Interactive’s new GoalCard:
“Users set up their accounts and access funds with a Visa debit card issued by Meta Financial Group Inc.’s MetaBank Inc. and offered by Plastyc Inc. They are encouraged to share their financial goals with their Facebook friends, and they get points and rewards for transacting and sharing the application with others.”
New York-based Bundle is also highlighted in the article for its spending tracker and comparison platform:
“Bundle, which is backed by Citigroup Inc., analyzes card transaction data to help customers track their spending. It also compares their spending to various demographic groups based on aggregated data provided by Citi and other sources.”
Both Bobber Interactive and Bundle demonstrated their platforms at FinovateFall last week. Full-length videos will be posted within the next two weeks. In the meantime, check out Bobber Interactive’s FinovateSpring 2010 demo and Bundle’s FinovateSpring2011 demo.
I like it when businesses I frequent remember a milestone. Typically, it’s the anniversary of our first transaction or my birthday. I prefer the former, because it’s unique to the business relationship and less cliche.
Even though I know it’s just a bit of programming back at the home office, it still says something about an organization that they prioritized it over other pressing needs (like a new debit card fee, see note 1).
Unlike retailers or eateries, who can give customers a free desert and more than make up the cost with profit from the dinner, it’s hard for banks to deliver a freebie that has actual value. Last month, I wrote about Discover’s month-long double points birthday bonus. That was a winner.
This week, ING Direct came through with birthday present that has some perceived value. Delivered via email (see opposite) was a complimentary four-issue subscription to ODE Magazine plus a special issue devoted to savings. Granted, it’s only the digital edition (note 2), but it’s still better than nothing.
The bank also throws in a 15% discount at its online store. A nice touch, but not a huge value for most customers.
Landing page to redeem magazine subscription
Note: Here you can choose digital or printed version (note 2)
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Notes:
1. Actually, I’m pro debit-card fee. Why shouldn’t you charge for an optional-yet-super-convenient service that people use every day? I might have started out at $3/mo and bundled it with more value-adds, but even at $5 it’s about 17 cents per day for unlimited usage. So what’s the big uproar? Sure, it probably made more sense to have the merchants pick up the tab, but that got Durbined down the drain.
2. The landing page offers a choice between printed and digital. However, it’s not clear whether that applies to the 4-issue subscription or just the special savers issue.
At the beginning of this month, eToro won three World Finance Awards:
“(eToro) was selected as the Best Social Trading Network, Best Mobile Trading Platform, and Best Trading Software Provider by the World Finance Awards. eToro was selected following an email poll of 40,000 industry decision-makers due to its innovation, originality and quality of product, as well as proof of market development and excellence in client representation.”
The goal of the World Finance Awards is to identify organizations that implement best practices in the financial and business world.
Reuters advises opening a BankSimple to avoid bank fees.
Like most, I’ve been amazed at how fast Zynga was able to build a 250+ million user base for its social games. But I’d never actually played one.
Until now. So make that 250 million and one users, because I couldn’t resist checking up on Capital One’s new product placement in three Zynga games (more on what players could do). The bank’s Facebook page, which has grown to 2.3 million likes, has details on the promotions (screenshot 1).
Although, it appears I may have missed my chance to interact with the CapOne goat, Visigoth statute or a virtual branch (the promo only ran one week), there are still credit card ads and mystery gifts available, at least in Farmville, the only game I tested.
Capital One viral gift & banner ads
Capital One may have ended the in-game elements for now, but they still have a presence in the game. Starting Farmville for the first time, I was greeted by a number of social elements, one of which is sending a Capital One gift (screenshot 2). There is no indication of what the gift actually is. Maybe that’s part of the fun, but it seems like a weakness to me. Am I sending someone a virtual goat or a solicitation for a CapOne card (mystery solved)?
The company is also running banner ads within the game (screenshots 5 & 6). Clicking on them takes users to the usual Capital One pre-approval page within a separate browser window (screenshot 7). Once you land on the CapOne site there is no mention of Farmville.
Discover Card & Citibank bonus offers
Game players are encouraged to buy all kinds of virtual goods. They can earn virtual currency in a number of ways, including using real world cash to buy credits. But users can also earn currency by participating in sponsored activities.
Both Citi and Discover are offering users virtual cash to apply, and be approved, for a credit card. Discover is offering virtual currency worth about $75 and Citi is handing out about $50.
My take: With 250 million users, the large brands owe it to their shareholders to see if they can make hay in Farmville and any other popular virtual world. And I suspect there will be a positive ROI for the right mix of promotion/offer. I have no idea what the magic formula is, but you know the direct marketing wizards at CapOne, Citi and the others will figure it out sooner rather than later (note 1).
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1. Capital One Facebook page (27 Sep 2011)
2. Capital One "free gift" in Farmville (27 Sep 2011)
3. Choose friends you want to receive the gift
4. Before you send the gift, you have the opportunity to see what the notice looks like to the recipient, and you can add a personal note
5. When I got back to the game, there was a large Capital One banner
Note: Starbucks promotion in lower right
6. Another Capital One banner ad served while playing Farmville
Note: Bank of Internet ad on right
7. The banner ad in Farmville, led to Capital One’s usual pre-qualification form
8. Discover Card and Citibank have powerful offers in the "earn cash" area.
Note: Discover offers 475 Farm Cash (worth about $75) for card approval, Citibank 300 (about $50).
9. The first screen after choosing Discover’s offer
10. Clicking Continue above leads to standard Discover Card app (in new browser window)
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Note: If you are interested in a fictional look at where the commercialization of Internet gaming is headed, I highly recommend Cory Doctorow’s For the Win.