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Welcome William Azaroff, Vancity Social Media Guru, and NetBanker Guest Blogger

By Jim Bruene Posted on July 17, 2007
Categories: Azaroff

After three years of solo blogging (note 1), it's time that a new, and let's face it, younger and hipper voice, chimes in here from time to time (note 2). And we couldn't be happier that our first guest blogger is none other than William Azaroff, the man behind the curtain, at Vancity's celebrated Change Everything blog.

William also directs numerous other marketing projects in his role as Interactive Marketing & Channel Director at Canada's Vancity, a financial institution that continues to inspire me each time I visit. Here's a few of the highlights from his impressive official bio lifted from his personal blog <azaroff.com/blog> :

William Azaroff is the Interactive Marketing & Channel Manager at Vancity where he develops interactive marketing initiatives, and pioneered ChangeEverything.ca, the groundbreaking change-themed online community. William also plans strategy for the online channel, with a view to its potential to help Vancity, its members and the community. William brings nine years of experience in Vancouver, Seattle and Los Angeles producing web projects for such clients as Honda, Disney, Intuit Canada and Nike Jordan.

His first post is here and you can always find his posts by clicking on "Azaroff" in our Topic list in the top navigation bar or by searching on "Azaroff" using the site search in the upper left.

Any other gurus are interested in guest blogging at Netbanker? Drop me an email.

Note:

1. We started blogging here in April 2004 (first post here). At that time, the blog was a password-protected resource for our Online Banking Report subscribers. We opened the doors to all earlier this year, and couldn't be happier with the results, 16,000 visitors per month, up from a few hundred a year ago.

2. We should add that the opinions expressed here are solely those of Mr. Azaroff and should not be considered the policy or opinions of Vancity or Netbanker (but we agree with him most of the time!).

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Everbank’s Latest Multi-Currency CD: World Energy Index

By Jim Bruene Posted on July 17, 2007
Categories: Deposits, Checking, Savings, CDs, Direct Banking, Email Marketing, Email Samples, Everbank

Some companies are so innovative, you take them for granted. Five that come to mind, in no particular order:

Yodlee: account aggregation, credit card-based bill payment, mobile banking
Vancity (Canada): microcredit, green banking, blogging, community involvement
Wells Fargo: simple expense tracker, blogging, Second Life
PayPal: email-based payments, confirmation via twin deposits, integration into eBay (before it was part of eBay)
Prosper: Social lending, open API to most of its aggregated data, groups, auction style, Facebook app (game)

These companies are all relatively famous, but one that doesn't get nearly as much press, but has long pushed forward on a number of fronts is Everbank. From its website design (here), product marketing (here), to its foreign-currency certificates of deposit (here), the Jacksonville, FL-based bank continues to shine in an increasingly crowded online space (all previous coverage here).

My inspiration for this post (see note) was the bank's marketing email today announcing its World Energy Index CD, a multi-currency certificate pegged to the currency of four western countries with better-than-average energy resources: Norway, Canada, UK, and Australia. I have no idea if this CD is a good investment, but I do know that Everbank has proven that even the narrowest niches can be profitable using the reach of the Internet.

Everbank Email

Header:
   Date/Time received: July 17, 4:07 PM (Pacific)
   From: Everbank News [service@everbank.com]
   To: James [jim@netbanker.com]
   Title: A new CD with a powerful combination – energy and currencies

Customer type: Current checking account customer

Personalization: First name in salutation

Landing page: none (homepage link only)

Other offer: Third-party investment newsletter offer (link on right-hand side goes directly to newsletter publisher, Agora Financial Publications, landing page here)

Note: I have had an account for ten years at Everbank. Therefore, I see more of their marketing material and tend to write about them more frequently.

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The Aging of Facebook Makes it a More Appealing Platform for Financial-Services Firms

By Jim Bruene Posted on July 13, 2007
Categories: Facebook, Metrics & Market Research, MySpace, Social Networks

Due to Facebook's roots as a college-only social networking site, as recently as last year you had to use a .edu email address to gain admittance, it has remained a young person's playground much longer than MySpace. However, much to the chagrin of my college-age niece and her friends (note 1), Facebook has aged rapidly this year.

As you can see in the inset, in May, comScore reported that more than half of Facebook visitors were 25 or older (see full press release here and note 2). Using this chart, we estimate the median age of a Facebook visitor was about 23 a year ago and now it's closing in on 30 (I'd guess 27 or 28 based on the comScore data). Even more frightening for the younger set: last month there were 2.6 million more unique visitors over age 35 than in the 18-24 category. We noted this trend at MySpace last year (here).

Significance for Banks
As you consider your social networking strategy, don't think it's only for the under-25 crowd. Some of your prime customers, the 30-somethings with new families, new cars, new homes, and accelerating careers, also keep in touch with friends via social networks. Refer to Online Banking Report, Social Personal Finance, for a long-term forecast and strategic options for financial institutions. Also, see our earlier post on the Top-10 Banking & Money apps on Facebook here.

Facebook Lingo Defined
For those of you new to Facebook, Ad Age ran a sidebar off its lead article this week, This 23-Year-Old has Google Sweating, explaining a few key Facebook terms:

Minifeed: Like an RSS feed, that automatically updates everyone on your friends list of any changes you make to your profile, including removing items. This feature caused a bit of a revolt, due to privacy issues, when introduced last year. But now it seems to be an important part of the network. It's especially critical for the viral spread of new applications such as Lending Club or Chipin. Unless they opt out, every time a Facebook user adds an application to their account, all their friends are notified in the mini-feed.
Poke: The virtual equivalent of smiling at a co-worker passing in the hallway; a way to connect with someone without the more formal protocols of email, text, or voice messaging.
The Wall: A place to write comments on your friends profile, or respond to comments on yours.
Tag: Allows users to associate names with the people in the pictures they've posted. As Ad Age says, "a college grads worst nightmare when it comes to the ever-crucial job search."

Notes:

1. This summer, my niece, a college sophomore, couldn't believe that I had a Facebook account. And she was more than a bit skeptical of my claim that I was tracking the social network for my blog and newsletter. To her, it's a privileged place for her friends to communicate: uncles, aunts, and especially parents, are definitely not on the invitation list. It will be interesting to see what happens to the hip kids as the establishment invades their turf. The Wall Street Journal had a similar story this week about fellow workers and even bosses requesting to be added as friends in social networks (here).

2. comScore is reporting the demographic profile of visitors, NOT the active-user base, i.e., those that maintain profiles. Active users would undoubtedly skew younger.

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Top-10 Facebook Money & Banking Applications

By Jim Bruene Posted on July 13, 2007
Categories: Facebook, Personal Financial Management, Social Networks

After six short weeks, there are 48 applications in Facebook's Money category. At Netbanker we are most interested in the 14 directly related to banking, payments, and lending. So here's the most-used list with the stock trackers, calculators, and shopper apps removed. Lending Club continues to lead the pack as it has since its May 24 launch in conjunction with the new Facebook platform. Applications are listed by number of Facebook users that have added them to their profiles.

Top 10

1. Lending Club by Lending Club >>> 11,012 users

Lending Club enables those in the Facebook community with good credit to easily borrow from each other with a trusted third party managing the process and assessing the risk. Previous coverage here.

2. Fantasy Banker by Prosper >>> 4,674 users

Prosper bills Fantasy Banker as a twist on HOT or NOT, "a fun & educational way to get acquainted with person-to-person lending by betting on whether real-life Prosper loan listings will fund or not." Previous coverage here.

3. My Bucks By Aryeh Goldsmith >>> 3,926 users

A virtual currency called the Facebuck.

4. BillMonk (Obopay) by Charles Groom and others >>> 2,793 users

BillMonk is an expense tracker specifically designed to track debts and obligations (such as rent) between individuals. Used Facebook APIs long before the F8 platform was announced. Previous coverage here.

5. Buxfer by Shashank Pandit and Ashwin Bharambe >>> 1,482 users

Buxfer is another expense tracker specifically designed for singles sharing households expenses. Previous coverage here.

6. Pay Me by Yellow Media >>> 842 users

Pay Me was developed by a third-party developer to make it easier to initiate PayPal payments right from Facebook. Previous coverage here.

7. ChipIn by ChipIn >>> 830 users

ChipIn is a simple way to collect funds for an event, trip, or anything. Users create a clickable badge that is displayed in their profile. Other Facebook users chip in via the PayPal network. Previous coverage here.

8. PayPal by PayPal >>> 500 users

The official product from PayPal, the division of eBay. So far, merely allows you to easily request money from your Facebook friends. More functions are said to be on the way. Previous coverage here.

9. Ven by Hub Culture >>> 154 users

Another virtual currency.

10. iSpend by Reman Child and Shawn Gupta >>> 141 users

A new financial tracking app posted last week.

The Rest
11. Wesabe by Wesabe, Inc.
>>> 104 users

The Wesabe Facebook app currently supports group discussions. It is not currently linked into its Web-based personal finance app. Previous coverage here.

12. OmniSpense.com by Jonathan Kelly >>> 60 users

The newest expense tracker, appeared in the money category in the past 48 hours, but looks like it may have been posted about 2 weeks ago.

13. BillTrack Bill Reminder by Michael Irizarry >>> 59 users

Bill Track is built specifically for tracking bills (surprised?). It was posted earlier this week.

14. My ViCu by Myvicu Master >>> 17 users

Yet another virtual currency.

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Compete’s May Online Financial Shopping Scorecard

By Jim Bruene Posted on July 12, 2007
Categories: Bank of America, Compete, ING Direct, Metrics & Market Research

Last month, we introduced the Financial Services Monthly Performance scorecard produced by Compete. Here's the second installment, summarizing the overall performance of 23 large U.S. financial institutions and lead-generation sites. For more information, including the detailed methodology and companies tracked, refer to that post (here).

The highlights:

Financial shopping was down or flat in most categories, especially savings accounts; not surprising given the typical tax-time spike in April.
The main exception to the trend was checking, which grew a phenomenal 31% in May compared to April.
The main drivers of checking account growth: Bank of America's promotion of free MyAccess Checking (see coverage here) and, to a lesser extent, Wachovia, whose Google/MSN marketing caused a major spike in traffic
But it wasn't all rosy in checking accounts: While BofA was experiencing 25% growth in applications, ING Direct went through a typical post-launch downturn with a 50% decline in application volume
Credit card conversions were up dramatically, with a 5% increase in application volume despite a 6% drop in shoppers, resulting in a 22% conversion ratio (see note 1)

Note:

1. Compete revised its card applications show in the previous report. The revised number of card applications:
March 2007: 1.57 million instead of 1.71 million
April: 1.70 million instead of 1.88 million with 8% growth instead of 9%

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Who Wants to Go to Banking Camp in Seattle?

By Jim Bruene Posted on July 12, 2007
Categories: BarCamp Bank, Conference Calendar

Being somewhat older than the 20-something coders the frequent the Silicon Valley/Toronto/Paris/Austin BarCamp scene (Wikipedia definition, website), I'm not quite sure what to expect when the banking version, BarCamp Bank, comes to Seattle next weekend (July 21/22).

But simply knowing that the Trabian gurus, Brent Dixon and Trey Reeme, will be in attendance assures that it will be eye-opening and fun. There's also the king of banking social media, Ed Terpening of Wells Fargo as well as William Azaroff, Pierre Burns, and Monica Mashal from pioneering Vancity and Ben Morales the creative thinker behind many cool initiatives at Washington State Employees Credit Union. And so far, just one representative from the hot personal finance space, Marc Hedlund from Wesabe (here's the full registration list so far).

The idea is to gather a bunch of innovative thinkers in one spot, drink coffee, eat pizza and try to change the world, one payment at a time. All in one weekend.

It's beautiful in Seattle this time of year, if you can make it, drop your $35 into this form ASAP and I'll see you next week. Otherwise, we'll be writing about it of course.

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Mobile Alerts Can Help Stem the Tide of Overdraft Fee Disclosure Regulation

By Jim Bruene Posted on July 11, 2007
Categories: US Bank

It looks like overdraft fees will be a popular target this election cycle (see inset). It's an absolutely predictable, and avoidable outcome, had banks done a better job of helping customers avoid debit card-induced fees (see previous coverage here).

But the genie is out of the bottle now, and the goose that laid the golden egg may soon be dead, or at least restricted to quarters (how's that for a mashup of metaphors in one sentence..sorry, sometimes you just need to get them out of your system).

The most onerous of current proposals making the rounds on Capital Hill calls for real-time notification of pending overdrafts at the ATM and point-of-sale. While that's probably not technically feasible in the short-term, it demonstrates just how expensive the remedies could be.

Today's Center for Responsible Lending press conference announcing its finding that in 2005 banks levied $17 billion in overdraft fees plus $8 billion in NSF fees (see note 1), is sure to receive plenty of press for the next 15 months or longer. For example, the headline that made it into Dow Jones's MarketWatch today (see above) includes both "gouged" and "abusive," both dreaded terms in banking circles.

So it's time to be proactive in education about overdraft-protection options. That includes aggressive marketing of systematic protections, such as automatic transfers to cover shortages and early-warning options such as email alerts (see note 2).

Mobile Banking to the Rescue
From a consumer-advocacy standpoint, the weakness of email alerts is that they are either overlooked or are too late to prevent a negative-balance situation. Mobile alerts, on the other hand, are much likelier to be read within minutes of being sent, providing crucial extra hours or even days of warning before balances fall below zero. And with mobile phone usage crossing most demographic and income lines, text messages can potentially reach farther into the lower-income segment of your customer base. Widespread deployment of mobile alerts could help soothe consumer advocates and lawmakers.

So if you have had trouble getting senior management buyoff on your mobile banking ideas, clip yesterday's American Banker article about the new legislation (here). Add this post to your business plan and run it up the flagpole (end of tired cliches… promise!).

Notes:

(1) Download the CRL white paper now (here). It's well written, thoroughly footnoted, and will be read by every personal finance and banking columnist in the country. You will want to have every bank exec that speaks to the press become familiar with the arguments. In my view, there are several assumptions that may inflate the industry OD/NSF estimates slightly, but the $124/yr in OD/NSF income per account, in their pool of 4,036 checking accounts, seems solid. And whether the "real" number is $25 billion or $15 billion, it doesn't materially affect their argument.

(2) And if I were a bank, I'd look very hard at reverting back to FIFO check-clearing so I didn't end up like U.S. Bank, the example exposed in the CRL paper.

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Intersections Identity Guard Offering Six Months of Free Credit Report Monitoring

By Jim Bruene Posted on July 11, 2007
Categories: Identity Theft, Intersections, Security & Privacy

Intersections, with 4.7 million subscribers (as of March 30, 2007), is a leader in the U.S. credit monitoring business. Its private-label programs are offered by Bank of America, Capital One, Discover, Citibank and many more leading financial institutions. I have personally used the Intersections service for nearly a decade through its distribution agreement with American Express, a partnership which ended last year.

Last year, Intersections redesigned its core consumer-direct website, Identity Guard, to feature four levels of protection (see screenshot below):

Good Start (single-bureau monitoring only): Free for six months, then $4.99/mo
Watchful Eye (above plus Internet fraud database scanning and quarterly credit report and score): $7.99/mo or $69/yr
Extra Caution (same as above, but expanded to all three credit bureaus plus $20,000 id theft insurance): $12.99/mo or $119/yr
Total Protection (above plus constant scanning of public record databases): $17.99/mo or $159/yr

Analysis
The free six-months of service is a great way to get customers accustomed to using a daily monitoring service. However, the company does themselves a disservice by completely ignoring the obvious customer question: What happens after six months? As far as I could tell there is no way to get an answer to that question without calling or emailing prior to starting the application (see note 1). That's unacceptable for any eCommerce application, but especially in credit monitoring, which has had its share of questionable marketing practices.

We'll look at the Identity Guard application process and products in detail in our upcoming new report, Online Banking Report: The Market for Fraud Protection, Identity Theft, and Credit Monitoring Services (available at the end of July here).

Identity Guard homepage showing four product choices

Note:

1. My first email about the potential fee has not been answered or confirmed 48 hours later. But my call to customer service this morning was answered promptly, I was speaking with someone in about 50 seconds from dialing. He was a little unsure of the fee, saying "I believe it's $5.95/mo" and he "thought" that yes, you would be charged automatically to a card entered at signup. But overall, he did a decent job answering my question and surprisingly did not try to get me to signup even though I was obviously hesitant.

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Smart Car: The Next Must-Have Banking Sweeps Prize

By Jim Bruene Posted on July 11, 2007
Categories: Advertising & Promotion, Green Marketing, Loans & Credit

Looking for an eye-catching grand prize for your fall sweepstakes? You can't beat the new Smart fortwo car hitting to hit our shores in six months. According to today's Wall Street Journal (here), more than 20,000 (make that 20,001) have already plopped down $99 for a "reservation" for the Smart fortwo (here).

Not only is this a sexy sweeps prize, it has green appeal as a less resource-intensive vehicle compared to larger gas cars. While hybrids will still be more fuel efficient for in-city driving, the $12,000 base price makes it much more affordable that the $20,000+ Prius.

With the perfect storm of higher gas prices, the rebirth of environmental awareness, and America's obsession with cars, the Smart micro is almost guaranteed to be a hit, at least in urban markets. Anyone who's been in Europe in the last 10 years knows how popular these cars already are.

Financial Institution Opportunities
There's hundreds of ways to use a coveted, and potentially rationed, consumer product in your marketing efforts. For example:

At $10,000 less than the Mini Cooper, this is the cost-conscious choice for a sweeps grand prize
Use the car to reinforce your smart banking choices such as paperless banking, auto bill pay, and so forth
Smart loans that include a preapproved auto loan along with a reservation for the car
Use the car's "CO 2 champion status" (see inset) to reinforce your green banking efforts
Paint the car with your brand and provide smart rides around town…include a form on your website for requesting a ride; for extra credit offer text message reservations
Work with Smart USA dealers in your area to offer joint promotions

And you already know we have a weakness for the car; so as an added benefit, any banking promotion involving it has a great chance of making it to the pages of Netbanker. Just give me a heads-up here.

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PayPal Really Launches on Facebook

By Jim Bruene Posted on July 9, 2007
Categories: Epayments, Facebook, PayPal

Two weeks ago I heard from PayPal corp communications who felt that my “PayPal launches on Facebook” title was misleading. They had a point. As I explained in the post, the new Facebook app was PayPal-powered but developed by Australia’s Yellow Media. The title could have been better.

However, that’s moot now since PayPal has now launched its own app on Facebook (here). It appears to have been posted on July 3 and has 218 users as of this morning. The application provides a simple interface to request and track money requests from Facebook friends (see inset above). Additional functionality is said to be on the way.

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ChipIn, Another PayPal-powered Application Launches on Facebook

By Jim Bruene Posted on July 9, 2007
Categories: ChipIn, Facebook, PayPal

Watching the explosion of content, and users, at Facebook, may be the most interesting thing we've seen since the rise of the commercial Web in 1995/1996. Marc Andreessen, not know for hyperbole, had this to say in a lengthy blog posting (here) that should be required reading for all content providers, including banks and credit unions:

(Facebook Platform) is an amazing achievement — one of the most significant milestones in the technology industry in this decade.

Every time we head over to the Facebook application directory, there's an interesting new financial app. Friday we found ChipIn, a nifty little widget that allows users to post a badge on their Facebook page or website that allows users to contribute money for a certain event or cause. It can be a charitable event such as Vancity's Bike Share program or a private event such as pooling funds for someone's birthday party. ChipIn is the second developer to launch on Facebook using PayPal's engine. The first was PayMe (see our coverage here).

ChipIn <chipin.com> is a Honolulu-based firm formed in mid-2005 with seed funding from CommerceNet. The company emerged from stealth mode in Feb. 2006 and launched its service on the Web in November 2006. The Facebook app launched June 24 and has 415 downloads as of 9 AM this morning, impressive growth compared to the 134 it had on Friday.

Initially, ChipIn was a full-service payments company, actually holding and managing the funds for users. However, after a few months of those headaches, it outsourced all payments-related functions to PayPal. Check out the Chipin blog for the full company history.

How it Works
ChipIn uses the PayPal engine to do the heavy lifting similar to PayMe that we wrote about two weeks ago (here) (see note 1). To create a ChipIn badge on Facebook, users select a Facebook event (created separately within the social network), set the fundraising goal, then customize the text and colors of the widget.

In our test, we created a ChipIn badge with the goal of raising $100 to donate to Vancity's Bike Share program (see screenshot #1 below). Although, we were able to successfully install the widget on our Netbanker Facebook page (see screenshot #3 below), we had trouble with the customization. Every time we moved from the customization step to installation, our changes were lost (note 2).

To use the widget, visitors click on the "chip in" button to launch a PayPal window. Users choose an amount to pay, then login to PayPal, to complete the transaction. A progress bar on the Chipin widget shows the progress towards the fundraising goal.

With a single click the badge can be placed within an individual's Facebook page (see screenshot #2 below). ChipIn also provides cut-and-paste code to load the badge on any blog or website. ChipIn badges can also be built directly through its website without the need for a Facebook account.

Financial Institution Opportunities
PayMe and Chipin are cool little apps that can and should be sponsored by banks, credit unions, or card issuers. Although the PayPal brand name makes Chipin relatively trustworthy, a widely recognized financial brand would be even better. At this point, ChipIn is still a tiny, relatively unknown company. If I were at a major bank, I'd write them a $50,000 check and have them rename their Facebook app, "Chipin by YourBank," instantly becoming the first bank with an official Facebook app. The company will also build white label versions you could provide to customers for use outside Facebook.

For more on how to use social networking in financial services, see our Online Banking Report on Social Personal Finance.

Screenshots

1. Simple ChipIn Widget Creation
Using an existing Facebook account and an existing Facebook event, in this case Vancity's Bike Share (thanks to William Azaroff), a new widget can be created and posted to your Facebook profile in about a minute.

2. Facebook Promotion
Once the badge has been created, the Facebook integration provides simple ways to promote the cause. You can invite up to 10 friends each day, post it on your Facebook profile, or cut and paste the code onto your own website or blog. But the key to viral growth is the Facebook mini-feed which automatically notifies all your friends about any Facebook activities, including the addition of the Chipin badge to your profile.

Posted on the NetBanker Facebook Page
Here's how the ChipIn badge looks on my Facebook profile page (here). Note, you'll need to be logged in to Facebook to view.

Notes:

1. PayPal is not the developer of Chipin, nor do they have any financial interest in the company. Chipin is an independent developer using PayPal APIs.

2. Tests conducted on July 5 using Firefox 2.0.

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Free Checking in the Internet Age

By Jim Bruene Posted on July 6, 2007
Categories: Advertising & Promotion, Bank of America, Chase Bank, Deposits, Checking, Savings, CDs

Bank of America and Chase, two of the three largest U.S. banks, are putting an online spin on free checking offers using online banking, security, and other benefits to encourage applications. On the surface, Bank of America's approach appears much more effective. And with no direct-deposit requirement, it surely generates more new accounts. However, without knowing how the free accounts convert to profitable relationships, it's impossible for an outsider to recommend one approach over another.

Bank of America
Bank of America's free checking offer (see note 1) is difficult to overlook (screenshot below). The top-of-the-page banner has animations that showcase the major benefits:

online banking
bill payment
"Keep the Change" debit card savings program
SiteKey security

The teaser "We're redefining Free Checking" creates interest while the bright blue "open an account" and "special online-only offer" further entice prospect to click through the banner.

The landing page (screenshot below) reiterates the online benefits and features a large laptop to reinforce the high-tech nature of the account. Two additional benefits are added to the list:

Free debit card with security protections
Free ATM access at 17,000 BofA machines

Notes:

1. The free checking banner appeared in a visit to the homepage from a Seattle IP address at 10 AM Pacific time today. It did not appear on afternoon searches from several computers.

2. The bank uses a live chat popup after lingering on the application for a short time (click on image right for closeup).

Chase Bank
Chase's homepage banner uses the "kitchen sink" approach with an image of an ATM machine, debit card, paper checkbook, laptop, and PDA along the top. The mobile phone is a good addition, but the ATM machine and laptop are so small, they aren't easily recognizable in a quick scan (see screenshot below).

Another problem: the paper checkbook, which is centered and slightly larger than the others, seems to get an inordinate amount of attention. I'm not sure that the checkbook or the debit card add much value. U.S. consumers pretty much realize those are included in a checking account.

Chase's landing page leaves a lot to be desired. The benefits are listed in small, gray type that is relatively hard to read. And the only call to action, if you can describe it as one, is the last line in small blue type, with an underlined "apply online." No buttons + no color + no large font + no offer = no interest.

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