“Profiles may include everything from the borrower’s income, education level and veteran status (individuals) to number of employees, annual sales or revenues, and articles of incorporation (business). Borrowers can upload images, videos and files that support their loan projects, better showcasing them for lenders.”
Amazon.com Shoppers Prompted to Select Discover Card as Default Payment Option, with a $1 Million Carrot
A few months ago, American Express provided five free song downloads as incentive for its cardholders to make Amex the default card option within the iTunes store (previous post).
Today, I noticed Discover offering an eye-opening incentive to get their card listed as the default option for one-click purchases on Amazon.com:
A chance to win $1 million every time you pay
This offer is part of the year-long Discover Everyday Giveaway usage sweeps.
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Discover Card’s $1 million promotion on Amazon.com (12 Aug. 2011)
Note: A small ad first appeared in the upper-right part of the screen, this is what it looked like after I chose “Expand”
How it works (link)
Note: This screen presented when clicking on “Learn more” from above banner
Lighter Capital Looking to Loan $500K to a Small Business in August
“We heard the banks were tightening credit, so we decided to do the opposite…. If the banks aren’t going to fund awesome, growing companies, we will, no matter what the market does.”
Expensify Launches New “Crop & Rotate” Feature
Truliant Federal Credit Union Gives Away iPads to Promote FinanceWorks PFM
There are three huge usability challenges with online personal financial management (PFM):
- It’s hard to get started
- It’s a pain to keep up with tagging transactions to make the data meaningful
- It can be disconcerting for many users to view spending summaries
That’s why so few Americans engage in PFM, despite its obvious benefits (note 1). One way to tackle the first problem: Offer a sweepstakes or bonus to induce trial.
Truliant FCU is doing that with a late-summer sweeps encouraging members to log in and give its FinanceWorks (powered by Intuit’s Quicken) program a try. Members who sign up for the PFM between July 6 and Sept. 29 are automatically entered into the sweeps. There is no cost for the service (note 2).
Prizes include:
- $100 awarded each week
- iPad 2 awarded each month
Total value of the prizes is about $3,000.
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Truliant FCU PFM sweeps (11 Aug. 2011)
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Notes:
1. For more on online personal financial management (OFM), see Online Banking Report (published May 2010).
2. We urge FIs to consider charging for value-added services such as online PFM. See our recent Online Banking Report, Creating Fee-Based Online & Mobile Banking Services (published May 2011) for the rationale.
Inc.com’s Interview with SecondMarket CEO Barry Silbert
To see SecondMarket’s innovations in action, check out its FinovateStartup09 demo.
eToro’s Blog to Syndicate Content from Financial News Site Benzinga.com
with news site Benzinga.syndication deal
BankSimple Receives $10M in New Funding and Partners With Visa, Andera, Bancorp Bank and Others
“…will use the Application Risk Management and Funding Risk Management components of Andera’s software development kit (SDK) to power its online account opening process.”
New Solution From Confident Technologies Uses Mobile Pictures for Additional Security
Last Chance for Early-Bird Tickets to FinovateFall 2011!
In just over 5 weeks, dozens of handpicked companies will take the stage at FinovateFall in Manhattan to demo their latest financial and banking technology innovations.
The selected companies will showcase their newest ideas to an influential audience that’s shaping up to be Finovate’s largest ever (well above last fall’s record crowd of 650). It’s going to be a packed house on September 20th and 21st at Pier 92, and we hope you’ll grab an early-bird ticket before the deadline this Friday August 12th to lock in your spot.
In case you missed our earlier announcement, here are the companies who will be demoing at FinovateFall 2011:
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Closer to the event, we will also be announcing several additional presenting companies that wish to remain confidential for now.
Don’t miss out on a chance to see the future of fintech debut in just a few short weeks! Tickets are selling fast and the early-bird price expires this Friday. We’ll see you in September!
FinovateFall 2011 is sponsored by: The Bancorp, Tier One Partners, TxVia, and the law firm of CB&S.
FinovateFall 2011 is partners with: BankInnovation.net, BankerStuff, Celent, CardWeb, Filene Research Institute, Finance on Windows, PYMNTS.com, Mercator Advisory Group, MyBankTracker.com & Mobile-Financial.com.
Last Chance for Early-Bird Tickets to FinovateFall 2011!
In just over five weeks, dozens of handpicked companies will take the stage at FinovateFall in Manhattan to demo their latest financial and banking technology innovations.
The selected companies will showcase their newest ideas to an influential audience that’s shaping up to be Finovate’s largest ever (well above last fall’s record crowd of 650). It’s going to be a packed house on September 20th and 21st at Pier 92, and we hope you’ll grab an early-bird ticket before the deadline this Friday, August 12th, to lock in your spot.
In case you missed our earlier announcement, here are the companies who will be demoing at FinovateFall 2011:
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|
|
Closer to the event, we will also be announcing several additional presenting companies that wish to remain confidential for now.
Don’t miss out on a chance to see the future of fintech debut in just a few short weeks! Tickets are selling fast and the early-bird price expires this Friday. We’ll see you in September!
FinovateFall 2011 is sponsored by: The Bancorp, Tier One Partners, TxVia, and the law firm of CB&S.
FinovateFall 2011 is partners with: BankInnovation.net, BankerStuff, Celent, CardWeb, Filene Research Institute, Finance on Windows, PYMNTS.com, Mercator Advisory Group, MyBankTracker.com & Mobile-Financial.com.
Bank of America Sponsoring Free Wi-Fi for Smartphones on Alaska Airlines Flights
A few days ago I was on a Chicago-Seattle flight on Alaska Airlines and was surprised to hear an overhead announcement about Bank of America sponsoring free wi-fi on the flight. But it came with a catch, the free access applied only to smartphones (notes 1, 2).
While I’m a big user of airborne wi-fi on my laptop, there isn’t much I want to do on a smartphone connection at 35,000 feet. But my curiosity got the best of me, so I gave it a shot and found the free connection was delivered as promised. I had simply to type in my email address, agree to the terms and conditions, and hit the big blue button (see first screenshot).
It didn’t take me long to figure out why BofA was being so generous. The second page of the sign-on process included a full-page ad for the bank’s Alaska Airlines affinity card (see second screenshot).
My take: Sponsored wi-fi is an effective way to reach the lucrative smartphone-carrying market. But the credit card application user experience was flawed. The bank dumps the whole app and disclosures onto a single mobile webpage, which required scrolling down about eight screens’ worth of info (see screenshots 3, 4, and 5). And the fonts were way too small to engage most users.
If BofA were to build a proper mobile-optimized credit card application form, they’d likely increase app volume two- to three-fold. In the meantime, the bank should add an option for the user to request a full-sized app to be completed later on their laptop.
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1. First screen of free wi-fi promotion on Alaska Airlines (7 Aug. 2011)
2. BofA credit card solicitation on page 2 of the login process
3, 4, 5: The rest of the mobile application (click to enlarge)
Note: This shows only the beginning of the disclosures; the full text ran several more screens down the page.
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Notes:
1. I didn’t test it, but I assume it would have been free on the iPad as well.
2. I believe they said the offer would continue through the month of August.