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American Express "Take Charge" Campaign Launches with Powerful Full-Page Ads but Weak Online Support

By Jim Bruene Posted on September 3, 2009
Categories: Advertising & Promotion, American Express, Credit/Debit Cards, Website Usability & Design

Evidently, there is still a disconnect between the print and online advertising groups at major advertisers.

Case in point: American Express kicked off a new campaign (press release) with an impressive full-page ad (p. A9) in Tuesday’s WSJ (see inset) and other print media (note 1). It was a timely ad, playing on money fears and overall security concerns. It concluded with the company’s new tagline:

Don’t Take Chances. Take Charge.

The call-to-action uses a new URL <takecharge.com> that leads to a new microsite (see second screenshot below). Wanting to look at it, I did what I always do, typed “take charge” into Google. Nothing (see first screenshot). I even Binged it. Again, nothing. Searches at Twitter and Facebook also came up empty. Even at American Express’s own website, site-search results do not include the microsite (note 2).

It’s hard to understand why AmEx would spend millions on a new campaign and microsite without Google AdWords support to help people find it, at least until the microsite starts appearing on the first page of search results (note 3).

But after looking at the Take Charge microsite, I can see why the company might not be ready to direct search traffic there. The site is a good example of what NOT to do. The Flash-based site is slow-loading (note 4) and sparsely filled with ten testimonial videos (notes 5, 6), a list of seven benefits for using a charge card, and a couple links out to the main AmEx site.

So far, the microsite looks like a pure branding play. There’s little there that would motivate someone to apply for a card on the spot. But with millions being spent on other media using that URL, it seems like a wasted opportunity, so far. It will be interesting to watch it evolve.

Google search results for “take charge” (9:30 AM Pacific, 1 Sep 2009 from Seattle IP address)

AmEx Take Charge microsite (1 Sep 2009)

Notes:
1. Here’s the initial media buy according to the company’s press release:

The marketing campaign launches (Sep. 1) with print advertisements in national newspapers, including The Wall Street Journal, The New York Times, and USA Today. On September 2, print advertisements will run in major regional newspapers, including Boston Globe, New York Post, Los Angeles Times, San Francisco Chronicle and the Chicago Tribune. Television advertising will begin to air on major broadcast and cable stations such as CBS, FOX, NBC, TNT, A&E and the Discovery Channel breaking during the U.S. Open on September 5.

2. The search results do provide relevant links, just not to the microsite.
3. I haven’t tested it on other computers, but AmEx’s TakeCharge.com site just about brings my 3-year-old Thinkpad to a grinding halt. It’s not a good first impression. The company either needs more server bandwidth or a less demanding page, or preferably both. There should also be a link to a lower-bandwidth version.
4. Currently, the AmEx site does not come up within the first 10 pages. There’s also a remote possibility that Google won’t let AmEx use “take charge” in search ads due to the similar-sounding TakeCharge Financial. But I have to think AmEx lawyers have worked through that issue already.
5. There are small “apply now” links displayed at the end of each video.
6. Once it loads, the site is visually interesting (see screenshot above).

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Fifth Third Bank Bundles Free Credit Report Monitoring & Identity Theft Protection into Checking Accounts

By Jim Bruene Posted on September 2, 2009
Categories: Credit Reports & ID Theft Protection, Deposits, Checking, Savings, CDs, Fifth Third Bancorp, Pricing, Security & Privacy

Checking account profits are being attacked on several fronts. Near-zero short-term interest rates have destroyed the profitability of the balances. Regulators and activists are putting pressure on penalty fees. And consumers are loath to pay monthly charges for what’s been positioned as a free service for so long.

So how is it that Fifth Third Bank is able to bundle a service into its checking account that typically costs consumers $12 or more per month? They are bringing back the monthly fee (see note 1), charging either $7.50 or $15 per month for a so-called package account (see options below). It’s a strategy right out of Marketing 101: figure out what customers want, then build the product, package it right, promote it well, and price it for the value delivered.

I believe Fifth Third has taken the right tack with its checking accounts, though it should go even further (see analysis). The bank offers two non-interest checking account bundles (PDF comparison here), neither of which are free of charge no matter how high the balance (note 2). Instead of offering fee waivers, the bank has bundled full-service three-bureau credit report monitoring and identity theft services powered by Affinion (link to Fifth Third Identity Alerts). And the monitoring is available for BOTH names on a joint checking account (note 3).

Secure Checking at $7.50/month, comes with free credit report
monitoring and identity theft protection (valued at $9.95/month per person)
Gold Checking at $15/month, comes with the same free ID protection &
monitoring plus free nationwide ATM access

Analysis of Secure Checking
Now more than ever, customers are craving security and safety in all things financial (see yesterday’s post). Bundling identity theft/credit report monitoring in checking accounts is an excellent way to address customer concerns AND differentiate your account in the marketplace. And naming it Secure Checking helps drive home the key benefit.

I like what the bank has done. It would be even better if it highlighted more of its current security features available in mobile and Internet banking (note 4):

Email alerts
Mobile text alerts
Secure storage of estatements
Transaction monitoring for fraud and error
Other security protections as outlined on its security page

And down the road, they could enhance the account with additional features such as (note 5):

Out-of-band authentication via text message
Disposable credit/debit account numbers
Long-term (7+ years) secure transaction archives
Enhanced fraud protection guarantees
Dedicated security reps on call 24/7 to help out in the case of a suspected problem
Software and tools to safeguard online banking (e.g., Trusteer, Authentium, Check Point)

Fifth Third Bank non-interest checking accounts (link, 2 Sep 2009)

Secure Checking landing page

Notes:
1. Ref: Is This the End of Free Checking?, SmartMoney Magazine, 31 Aug, by Kelli B. Grant
2. The bank does offer an interest-bearing checking account with its $15 monthly fee waived with a $2,000 average balance in checking or $20,000 across all deposit and investment products. The bank also has a free non-interest checking account option.
3. I’m not sure the bank gets enough mileage out of covering BOTH account holders to justify the additional costs. To improve profits, the bank should consider a modest additional fee (approximately $5/mo) to cover joint account holders.
4. These benefits are hidden behind a tab that most consumers, including myself on my first two passes, will likely miss (see second screenshot above).
5. For more info on how to package security benefits into your services, refer to the following Online Banking Reports: Marketing Security (June 2005) and New Techniques for Securing Online Banking (Sep 2008).

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Who’s Innovating in 2009? Finovate Preview

By Jim Bruene Posted on September 1, 2009
Categories: Finovate, FINOVATE Conference

I’ve participated in dozens of online banking and technology conferences over the years, first as a banker, then as an analyst, and now as the host. Each time, I try to walk away with not only specific action items, but also overall themes that will drive product development over the next few years.

With 32 new products and services being unveiled next month at our Finovate Conference (see note 1) and with planning season just around the corner, I thought it would be a good time to review the themes taking shape this fall:

Control: More and more tools are being invented to help consumers and small businesses take better control of their finances, both on the credit and deposit side. The tools vary from very focused tools to manage health care expenses or 401(k) allocations, to broad tools that manage the big picture. This trend is expected to continue well into the next decade.
Mobility: Most simple financial management tasks, such as checking balances, authorizing purchases, and so on will move to mobile devices, another huge trend that will play out over the next 20 years.
Peer-to-peer: You can’t really cut out the middleman entirely in financial services; a trusted third-party is needed to authenticate both parties. However, the third-party may not always be a traditional financial institution.
Safety & security: This one never goes out of style. But more so than usual, consumers are seeking safe havens for their savings and investments. And they expect more from their financial service providers. It will be a long time before risk-taking reaches levels seen much of the past 10 years.
Segmentation (online): For the most part, online banking has been a one-size-fits-all service, since it came on the scene in the mid- to late-1990s. That’s not good enough going forward. There will be online, and mobile, services tailored for distinct segments. Initial efforts rolling out this year target youth markets, small- and micro-businesses, and savvy investors among others.

Guide to FINOVATE Companies
The following 30 companies (plus two more in stealth mode) will show their latest and greatest innovations in 7-minute demos at Finovate on 29 Sep in NYC. Here’s how our presenting companies describe themselves.

Backbase
Backbase enables organizations to leverage their understanding of valuable customer data into highly personalized eBusiness Portals and Applications. Branding, content, applications, and tools can be targeted to customers using profile-based personalization. Guidance and expertise can be proactively offered based upon specific customer needs. Customers can even be empowered to tailor their own user experience based upon their individual preferences.

BancVue/First ROI
These successful sister companies provide innovative checking accounts backed by dynamic marketing, data-driven consulting and powerful software to community banks and credit unions. BancVue and FIRST ROI aim to change the world of banking by launching a whole new product-delivery model for consumer deposit accounts and community financial institutions.

Billeo
Billeo gives consumers a fast, easy and intelligent way to exercise choice and control over their online purchases and payments. Billeo functions as the catalyst to make online purchases and bill paying as easy and financially rewarding as possible. Billeo was founded by experts from the EBPP, card issuer, banking, ecommerce and technology industries.

BillShrink
BillShrink is an unbiased, free online service that saves people money by continuously updating personalized recommendations on everyday bills. BillShrink monitors millions of wireless plans, credit cards and gas prices across the country to provide an apples-to-apples comparison of the best options available on the market.

Bling Nation
Bling Nation brings mobile payments to consumers and merchant points of sale, offering lower costs, increased efficiency and improved security compared to credit cards, debit cards, checks and cash. The Bling Nation service also enables financial institutions and merchants to offe
r consumers robust rewards programs and real-time redemptions, promoting loyalty and convenience and supporting “shop local” initiatives.

BrightScope
BrightScope is an independent data analytics firm that quantitatively rates 401k plans and gives employers, employees, and brokers tools to enhance plan performance and maximize retirement outlook. The BrightScope Rating™ developed in partnership with leading independent 401k fiduciaries, reviews more than 200 unique data inputs per plan and calculates a single numerical score which defines 401k plan quality at the company level.

Canopy Financial
Canopy Financial provides innovative technology solutions that power the Consumer-Directed Healthcare (CDH) programs of some of the world’s largest healthcare and financial institutions. Ranked #12 on the 2009 Inc. 500 list, Canopy empowers millions of consumers to take greater control of their healthcare dollars, enables price transparency for routine medical services, and increases the speed in which healthcare providers are paid.

CashEdge
CashEdge is the leader in Intelligent Money Movement™ services that enable financial institutions to engage customers in new ways. CashEdge’s Intelligent Money Movement services provide a single point of access, through an online banking or mobile application, for multiple easy-to-use consumer and small business transfer routes.

Credit.com
Serving as an educator, advocate and facilitator, Credit.com empowers consumers with easy-to-understand information about money, credit, loans and more. Credit.com is partnered with trusted financial experts and select companies in order to offer online consumers insightful tips, helpful tools and excellent deals.

Fidelity National Information Services
Fidelity National Information Services, Inc., a member of the S&P 500 Index, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10.

Firethorn (Qualcomm)
Firethorn, a Qualcomm company, is the crucial link in the emerging mobile commerce ecosystem. As a pioneer in mobile banking, Firethorn is transforming the traditional wallet into a streamlined, efficient and protected mobile revenue channel that will bridge relationships among financial institutions, retailers, wireless carriers and consumers.

Fiserv
Fiserv, Inc. is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers.

Home-Account
Home-Account is a web-based mortgage finding service helping America’s 75 million homeowners take control of their largest asset– their home via their ‘home-account’. The service grades and analyzes homeowners and their mortgages, presents scenarios to improve their financial situation and then pinpoints the best realistic mortgage options in the market.

Infosys
Infosys defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered.

Intuit
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Their financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.

iPay Technologies
iPay Technologies is the leading independent provider of Internet bill payment services. Founded in 2001, iPay develops and fully supports consumer and small business online bill pay solutions for more than 2,800 financial institutions nationwide and in Puerto Rico. iPay offers a 99.93% payment success rate with more than 1,200,000 bill pay customers, and over 4,000,000 payments processed each month.

Kapitall
Kapitall is a rich web application that makes investing easy for everyone. Inspired by game design, Kapitall combines an intuitive and engaging graphic user interface with powerful tools that make it easier than ever to research companies, build portfolios, share ideas and get smarter about the market.

MShift
MShift, Inc. provides Mobile Banking solutions that offer the widest array of features, including Bill Payment, Presentment, Transfers, Account Summaries, History, ATM locators, and much more. MShift also provides the only available Facebook Banking application – online banking directly tied into the Facebook environment. MShift’s Facebook banking application won the Online Banking Report’s “Best of the Web” award for 2007.

On Deck Capital
On Deck Capital offers fair and fast financing to small businesses that do not meet traditional bank lending criteria. The company’s proprietary underwriting and loan processing platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner’s personal credit history.

Outright.com
Outright.com is incredibly simple, online bookkeeping specifically created for the 20 million Americans who work for themselves. Outright offers a streamlined, online solution, with the bookkeeping needs of the small business owners first. Outright’s goal is to keep financial records as simple as possible, helping small businesses accurately track all of their income and expenses to estimate and prepare their taxes. And yes, it works on a Mac too.

PayByMobile
PayByMobile is a virtual wallet that will let anyone text to pay when shopping online. Shoppers load money on their wallet at the same shops where they top up to buy airtime and then simply text to pay when shopping at their favorite online store. PayByMobile uses familiar prepaid mobile usability to deliver a simple yet secure online payment alternative for everyone who has a mobile phone.

People Capital
People Capital underwrites students without credit history by projecting individual income levels and ability to pay. Their Human Capital Score™ incorporates merit data such as GPA, standardized test scores, college and major to provide a true and unbiased, data-driven measure of economic value of an education. Their peer-to-peer lending platform allows students to finance their college educations through improved access to private student loans.

S1 Enterprise
More than 100 banks
and three million consumer, small business, and corporate users worldwide rely on S1 Enterprise solutions to access and manage their financial information. A division of S1 Corporation, S1 Enterprise is a leading provider of integrated banking solutions that deliver financial service providers a holistic view of their customers whether online, in the branch or in the call center.

Silver Tail Systems
Silver Tail Systems provides next generation fraud prevention to protect against business logic abuse – a rising threat on application logic costing financial institutions hundreds of millions of dollars and significant loss of trust. Silver Tail products use real-time behavior analysis to detect and alert on known threats and new behaviors, then enables the business to disrupt these attacks in real-time.

SimpliFi
SimpliFi is a free online financial planning and advice service that lets anyone plan for their financial future. The company was founded in 2004 as a tenant company in Wake Forest University’s Babcock Demon Incubator. SimpliFi is headquartered in Winston-Salem, NC, and has been providing white label financial planning services to credit unions since 2005.

Skill-Life
Skill-Life, Inc. began as CentsCity, LLC in January 2007 with the goal of building financially healthy youth and communities. Their initial vision of employing online gaming to teach financial skills has evolved into a more interactive, game-based, and comprehensive resource for awarding incentives and building life skills.

SmartyPig
SmartyPig allows customers to open goal-based savings accounts and to invite their friends and family to contribute to their goals. The system is based on proprietary, patent-pending technology and the latest in security standards. SmartyPig’s U.S. banking partner is West Bank, a subsidiary of West Bancorporation, Inc. The company’s Australian banking partner is Australian New Zealand Banking Group Limited (ANZ).

Strands
moneyStrands is an innovative, easy-to-use online personal financial service that goes beyond providing financial analysis tools, with personalized money-saving advice and recommendations, and lets people anonymously compare themselves with people with similar backgrounds and financial goals. The interface is widget-based and highly customizable by the end user. moneyStrands is accessible via a full-capability mobile web version and a native iPhone application.

Yodlee
Leading financial institutions trust Yodlee to power critical online financial applications. Yodlee’s personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure source for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions’ websites essential to their customers and generates new revenue opportunities.

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Note: You still have until the end of the week to register for the conference and save $100. Current Online Banking Report subscribers can save even more. Email info@netbanker.com for more info.

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Don’t Waste the Marketing & Communication Benefits of an iPhone App Update

By Jim Bruene Posted on August 31, 2009
Categories: Chase Bank, iPhone, Mobile Banking, USAA, Wells Fargo

I’ve written plenty about the importance of the iPhone App Store, both here and in Online Banking Report (note 1). But there’s one subtle side benefit I hadn’t thought too much about previously.

Every time a new version of a native app is released, users must take action to download it if they want the new features. While this process used to be a nightmare in the desktop software days where users had to use floppy disks, CDs or large downloads to reinstall the software, it’s an absolute breeze on the iPhone and usually takes less than a minute from start to finish. And there’s no restarting the iPhone or choosing installation options. It’s just a one-click process plus the input of your iTunes password if you weren’t already logged in.

So why is this process a benefit? Because each time a new release is available a little icon shows on top of the App Store icon (see screenshot 1 below). Users then press the App Store icon, choose update, and they see a list of applications with updates available (screenshot 2). At that point users choose to update them all or look at them individually.

We believe most users are interested enough in their financial apps to take a look at the update, at least until the novelty of the mobile app wears off some years in the future. This provides financial institutions a free marketing opportunity to not only explain the new features of the app, but also deliver other marketing messages. You are much more likely to make an impression with your customers during the update process, compared to sending out a random marketing email.

In the three bank examples below, only USAA (screenshot 3) uses the opportunity to further cement its relationship with mobile customers, touting its new remote deposit capabilities along with several other enhancements. Wells Fargo (screenshot 4) takes a matter-of-fact, “we’re fixing bugs” approach that is OK, but still misses the chance to communicate with users. But Chase (screenshot 5) completely annoys users with two sentences of marketing speak that says nothing about the update.

Lessons for financial & mobile marketers: Whenever you release an update for your mobile app (note 2), take the opportunity to communicate with your customers as follows:

Clearly explain the benefits of the changes to the app
Highlight one or two related benefits of the app
Mention any related news or promotions
Strike a good balance between disseminating technical info and marketing new benefits

Screenshots

1. Main iPhone screen shows                        2. The Updates page shows the 4 apps
    that 4 app updates are                                       that have new versions available.
    available (right side halfway down).

3. USAA’s latest update explains the specific changes made and provides several new benefits to using the app.

4 & 5. On the other hand, the Wells Fargo and Chase update messages are sparse. The Wells Fargo update appears to be a minor bug fix, so we’ll cut them some slack for the terse message. However, Chase, with a minor update (2.0.1 update) to its major 2.0 release (released Aug 25), says absolutely nothing in 24 words of marketing-speak:

We’re listening — You asked for a fully native iPhone banking application. This Chase iPhone app is built exclusively for iPhone and iPod touch users.

Seriously Chase, this is the best you could come up for the tens of thousands, if not hundreds of thousands, of iPhone users waiting for your updated app? At least the bank gets points for brevity.

Screenshot 4 Screenshot 5

Note:
1. For more info on the importance of a native iPhone app see Online Banking Report: Mobile Banking via iPhone.
2. The same advice holds true for communicating online banking improvements as well, although the communication methods are different (email, newsletter, statement insert, blog, interstitials, log-off messages, etc.).

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New Online Banking Report Published: 2010 Guide to Online & Mobile Products, Pricing & Strategy

By Jim Bruene Posted on August 27, 2009
Categories: Online Banking Report, Planning, Strategic Planning, Strategies

Believe it or not, there are just 23 business days left before Q4 2009. That means planning season is just around the corner. To help ease the pain, we offer you the ultimate idea-generation tool; our 15th annual Planning Guide for Online & Mobile Banking.

The 80-page report is packed with more than 500 product and marketing tactics designed to help you generate new ideas, plans, and strategies for 2010 and beyond.

Online Banking Report subscribers, may download it (here) free of charge. Others may purchase it (here).

Note: Yes, that’s USAA’s awesome native iPhone app on the cover. Mobile banking, specifically via the iPhone and text messaging, are top opportunities for next year. See below.

Twenty projects from the report were selected for our 2010 hot list (in alpha order):

Activity dashboard/ticker
Archives, long term
Automatic alert enrollment
Blog/Twitter and other social media
Credit score/report zone
Friends-and-family loan facilitation
High-yield online savings/checking
Home equity center
Micro/small-business services
Native mobile app (iPhone/Blackberry/Android)
Personal finance functionality
Premium/VIP online services
Prepaid/gift cards
Problem mortgage resource center
Retirement planning center
Service standards/guarantees for online/mobile interactions
Student banking/financial education center
Text (SMS) banking
Ultra transparent (flat fee) mortgages
Usage-based contests/rewards

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What Does Google’s Possible Entry in to Mortgage & Loan-Rate Aggregation Mean for Banks?

By Jim Bruene Posted on August 27, 2009
Categories: Google, Lead Generation, LendingTree, Mortgage, Refi & Home Equity, Search Engine Marketing

Thanks to information in LendingTree’s lawsuit (embedded below) against its rate-engine provider, Mortech (see note 1), which was picked up by the NY Times, then echoed across the Internet, Google appears to be looking at providing loan rate comparison/aggregation directly in its search results. The service appears to have been beta-tested in the UK more than a year ago (screenshots here).

It’s no surprise Google would make this move. It’s long worked on ways to help online shoppers compare products and services. For example, a search today on “air conditioner” displays the usual targeted text ads on the top and right, but also shows various “shopping results” in the middle of the page (see screenshot below). There are even catalogue-like thumbnails in the right-hand column, something I’d not noticed before.

Financial services, with heavy search volumes, are an obvious area for expansion by the search giant.

The LendingTree lawsuit says the service may launch within the next 30 days. Google says only that it is “currently working on a small ad unit test that will run against a limited number of mortgage-related search queries in the U.S.”

What it means to NetBankers: The service, if successful, could help users streamline their rate-research process by eliminating a visit to a loan-comparison site. But it’s not likely to have a material impact on banks, credit unions and other mortgage lenders. There will just be more advertising dollars ending up in Google’s pocket at the expense of other financial lead-gen sites such as BankRate.com, Interest.com and LendingTree, of course.

LendingTree complaint

Search results for “air conditioner” (27 Aug 2009, 3 PM Pacific, from Seattle IP address)

Note:
1. LendingTree claims that Mortech, an info provider to LendingTree, would be in violation of its contract if it provided similar technology to Google. See LendingTree’s press release on the matter.

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Finovate 2009 Early-Bird Ticket Prices Expire in 5 Days

By Eric Mattson Posted on August 26, 2009
Categories: Uncategorized

If you’ve been waiting to get your ticket for our fall Finovate 2009 conference, I urge you to act now. The early-bird ticket prices for the event expire in less than 5 days (on Monday 8/31 at midnight). Register today to lock in your spot and the savings.

Why attend? Because this fall’s Finovate is going to be amazing. We’ve handpicked 32 of the most interesting new ideas in financial and banking technology from leading established companies and hot young startups (presenter list). And all these innovative ideas will be showcased via our signature fast-paced, demo-only (no slides allowed!) format.

Plus, and this is what really sets Finovate apart, many of the selected ideas will be seen for the first time ever on stage on September 29th. When was the last time you attended at conference and saw dozens of new products/technologies/ideas debut in a single day?!

That unique quality is why organizations like Citibank, Bank of America, eTrade, TD Bank, Discover, HSBC, Wells Fargo, Capitol One, American Express, Suntrust, ANZ, Federal Reserve Bank, Experian Direct, Microsoft, Canaan Partners, Cardinal VC, Village Ventures, North Hill Ventures, the Financial Times, Dow Jones, The Economist, NY Times, BusinessWeek, the Wall Street Journal, Consumer Reports, Yahoo! Finance, USAA, ING Direct and many others have already signed up to attend.

Will you join them?

Eric Mattson is CEO of Online Financial Innovations, the parent company of NetBanker, Online Banking Report and the Finovate Conference Series. He can be reached at eric@netbanker.com.

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Banking Apps in the Google Android Market vs. Apple iPhone App Store

By Jim Bruene Posted on August 24, 2009
Categories: Android, Apple, Bank of America, Google, iPhone, Mobile Banking

A few weeks ago, we noted a milestone at Apple’s iPhone App Store, 1000 apps available in the finance category (U.S. store). I was been curious how that compared to Google’s Android Market so today I did a quick comparison.

The Android market now has a respectable 211 apps in the finance category. However, few financial institutions have staked a claim. Only, Bank of America and Alliant Credit Union, had branded apps (see note 1, 2).

In comparison, the iTunes App Store has 11 U.S. banking apps and 3 from U.S. credit unions. That’s up from 6 banks and no credit unions when we published our most recent report on the subject (see note 3). See the the following table for details. Did I miss any? Let me know in comments or email jim@netbanker.com

	Google Android (Rank)	Apple App Store (Rank)
Number of finance apps	211	1,089
Number of U.S. bank-branded apps (note 1) (number shown is rank in the finance category)	#2 Bank of America	#1 Bank of America #2 USAA #3 Chase #4 Wells Fargo #10 E*Trade #13 Citibank #28 & 32 PNC Bank #43 BBVA Compass #156 IBC #409 1st Mariner Bank ATM/Branch locator #962 Plaza Bank Mtg Calc
Number of CU-branded apps	#30 Alliant CU — ATM Locator	#185 Tech CU #327 CUloc8 (TDECU) #411 iDeposit (WV United FCU)

Source: Online Banking Report tally, 24 Aug 2009

1. In addition, Qualcomm’s Firethorn unit has an app that works with several dozen banks and card issuers including Citi, Chase, Wachovia, SunTrust and USAA. It’s ranked tenth in the Android Market and 15th in the iPhone App Store. Also, in the Android Market, Visa has a beta app that works with Chase cards ranked #77. However, according to commenters, that test is ending in September.
2. There are another 15-20 international banks listed in the iPhone App Store.
3. Our Online Banking Report on iPhone Mobile Banking was published March 11, 2009.

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Finovate 2009 Demoing Company Lineup Complete

By Eric Mattson Posted on August 21, 2009
Categories: Finovate

Today, we’re revealing another handful of the leading fintech companies that will demo their latest and greatest innovations at Finovate 2009 on September 29 in the heart of NYC. The quality and diversity of the ideas that will be demoed on stage is very high this year and we’re incredibly excited to showcase all the chosen companies to you.

The additional companies are:

These four companies join 26 we’ve already announced (list below) as well as two great startups still in “stealth” mode that will debut at the event.

These companies will be showcased to an audience of senior financial/banking/credit union executives, influential press, industry analysts, venture capitalists, bloggers, tech companies and entrepreneurs.

A few of the organizations already committed to attend include: Bank of America, Citibank, WSJ, Microsoft, HSBC, Wells Fargo, American
Express, Dow Jones, the Financial Times, E*Trade Financial, SunTrust, ANZ,
Capitol One, Financial Insights, Discover, Sybase, Cardinal Venture Capital,
Intuit, Consumer Reports, DataMonitor, Canaan Partners, The Economist,
BusinessWeek, and Aite Group.

We’d love to have you join us at the fall event and watch the future of finance/banking unfold onstage. If you register before the end of August you’ll save $100 via the early-bird ticket discount.

P.S. Online Banking Report subscribers save even more on tickets to all our events PLUS they obviously get 12 months of great research.

Eric Mattson is CEO of Online Financial Innovations, the parent company of NetBanker, Online Banking Report and the Finovate Conference Series. He can be reached at eric@netbanker.com.

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PocketSmith and Cashflow Insite are Newest Online PFMs

By Jim Bruene Posted on August 21, 2009
Categories: Launches, Personal Financial Management

Last September, six online personal finance managers launched in a single month (previous post). Since then, just a handful of new PFMS have appeared online. Most newcomers have instead chosen the iPhone where more than 1,000 finance apps have launched in the past 12 months.

The iPhone is great for on-the-go transaction processing, but most PFM users will still do their heavy lifting at their computer, setting budgets, tracking expenses, planning for the future, preparing tax returns and so on. So the online venue is still the key competitive battleground.

Two new online efforts have come to my attention in recent weeks. We’ll look at them in more detail later this year (see note 1).

Cashflow INSITE, from Neuralus. The Winnipeg, Canada-based startup is looking to partner with banks and credit unions to deliver the PFM. The company is also targeting the financial advisor market where they have a number of independent advisors paying a flat fee (currently under $100/mo) to support up to 100 clients on the Cashflow INSITE platform.
PocketSmith, a New Zealand-based firm which launched its beta last year, uses the popular calendar approach to tracking personal cash flow and appears to be gaining some traction in the United States. It’s monthly unique U.S. visitor total in July was more than 8,000 according to Compete (see chart below). That puts it at number 13 of the busiest online PFMs in the U.S. according to estimates from Compete (note 2). It’s also the highest ranked newcomer to the chart and the non-US PFM with the most U.S. traffic.

PocketSmith monthly traffic estimates from Compete
Monthly unique visitors Aug. 2008 through July 2009

Cashflow INSITE homepage (21 Aug 2009)

PocketSmith homepage (21 Aug 2009)

Notes:
1. We covered the personal financial management space several times in Online Banking Report, most recently: Personal Finance Features for Online Banking; Social Personal Finance; and Online Investing Communities.
2. See the current issue of Online Banking Report: 2010 Planning Guide, for the U.S. traffic estimates for 28 online PFMs.

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Chase Bank Targets WaMu Overdrafters in Google Search Ads

By Jim Bruene Posted on August 20, 2009
Categories: Chase Bank, Search Engine Marketing, Washington Mutual

Someone’s getting creative on Chase’s search-engine marketing team. Look at the ad they placed on the RSS feed of a recent Payments News article (see first screenshot below, note 1). Using Google AdSense, the bank cleverly placed an ad against a story about Wells Fargo’s same-day bill pay service.

Chase probably figures consumers reading about same-day payment capabilities might also have experienced problems with overdrafts in the past. But, I’m not sure why Chase used a call-to-action aimed at driving prospects to a branch:

Wamu Overdraft Forgiveness
Help Take Control of your Finances. Find a Chase Branch Near You Today! (emphasis added)

Prospects that clicked through on the first ad landed on a microsite with a large branch finder at the bottom. This is a good microsite, although it doesn’t directly mention taking control of your finances (see second screenshot).

Over at the main Google site, Chase used a pitch that seemed more likely to induce clicks (see third screenshot):

Welcome to Chase
Chase Checking Alerts Help You Avoid Fees. Learn More Today!

These search ads were not displayed in searches today, so perhaps they were pulled after performing poorly.

Lesson: There’s a lot of attention in the press these days about overdraft fees (see NY Times editorial today). If you have good tools to avoid them, especially mobile alerts, it might be an effective way to attract new customers.

And even though these particular ads may not have worked, it demonstrates that Chase is being creative in its search engine marketing efforts. The only way you can find what works in your market is by continuous trials (note 2).

Google ad on Payments News RSS feed (29 July 2009)

Chase landing page from ad shown above (link, 29 July 2009)

Google AdWords ad for “Wamu overdraft forgiveness” (29 July, 12 PM Pacific, from Seattle IP address)

Notes:
1. Viewed in a soon-to-be-defunct NewsGator reader.
2. For more info on search engine marketing, see Online Banking Report: Searching for Customers 3.0 (March 2008).

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A Big Thanks to our NetBanker.com Sponsors

By Eric Mattson Posted on August 20, 2009
Categories: About Netbanker

Good writing and thoughtful analysis is hard to do. And it takes a ton of time (which none of us have enough of). That challenging dynamic is why a lot of blogs come and go so quickly. And it’s why I’m incredibly proud of our track record of regularly publishing high-quality, in-depth posts analyzing the latest tech innovations in finance, banking, payments and lending here at NetBanker.

Recently, some new companies have come forward to support us in keeping our blogging efforts top-notch and free by sponsoring the blog.

Please help us in welcoming and thanking the following new sponsors (listed in alphabetical order):

Digital Insight, an Intuit company — Showcasing their FinanceWorks (Online Banking + Quicken) solution. Check it out.
Tier One Partners — A PR firm powered by only senior-level talent. Their client list.
Trusteer — Free white paper on “Addressing Customers [Security] Concerns from Financial Trojans”. Download it here.
Yodlee — Free webinar about “Leveraging Data in PFM to Drive Revenue From Online Banking”. Register now.

In addition, we would be amiss if we didn’t thank our departing (for now) sponsor, Sybase 365, which has supported NetBanker a bunch over the last couple years. Most recently, they’ve been promoting their webinar series and a free white paper about the future of mobile commerce.

From time to time, we’ll be thanking the companies that sponsor NetBanker. Please join us by checking out their offerings if there might be a good fit with your business needs. And if you’d like to join their ranks, please drop me an email at eric@netbanker.com.

Now, back to the regularly-scheduled blogging.

Eric Mattson is CEO of Online Financial Innovations, the parent company of NetBanker, Online Banking Report and the Finovate Conference Series. He can be reached at eric@netbanker.com.

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