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How Bank of Montreal Puts an Orange RSS Feed Icon in the Browser Address Bar

By Jim Bruene Posted on January 18, 2007
Categories: RSS, Website Usability & Design

Over at BankWatch (post here), Colin Henderson, who recently stepped down from his exec post at Bank of Montreal, wrote that his old company recently became the first bank to add an important line of code to their websites (see note 1).

The feature is called RSS Auto-Discovery, and it alerts Firefox, Safari, and IE 7.0 users to available feeds by placing an orange RSS feed indicator below the address bar (see IE 7 above) or on the right-hand side of the address bar (see Firefox, first, and Safari address bars below, source Soxiam).

At Bank of Montreal, the icon shows on most pages, but NOT on the homepage. While Bank of Montreal may have been the first major bank to use RSS Auto Discovery, two Canadian credit unions had already implemented it, including:

North Shore Credit Union <nscu.com> which has used it for 2 years
VanCity <vancity.com> which began using it in November (see screenshot below)

Analysis
Financial institutions are encouraged to add this code since there is no major downside (see note 2). However, it should not be the sole method for publicizing feeds. Most consumers have no idea what an RSS feed is, much less that they can add one by clicking on an orange icon by the address bar.

We like how VanCity has added the RSS feed icon to the right-hand navigation and also included an important link to an explanation of what an RSS feed is (see screenshot below).

In comparison, North Shore publicizes its feed only on the rates page. Although, it is certainly prominently displayed there (see screenshot below).

Notes:

According to software engineer Peter Freitag (link here), it requires just a single line of code, plus a few attribute tweaks, to add RSS Auto-Discovery to your website.
The only downside is a small amount of customer confusion on what the icon means. Banks should address this in its FAQs or Help screens and brief website tech support reps in how to answer customer queries.

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A Do-It-Yourself Outsourced Sweepstakes from ePrize’s Caffeine Unit

By Jim Bruene Posted on January 16, 2007
Categories: Advertising & Promotion

Sweepstakes and contests are a proven way to generate new leads and add a bit of excitement to your website marketing, especially when tied to online banking and/or bill payment usage (see previous coverage here).

However, if you are a smaller bank or credit union it may be difficult to justify the overhead necessary to create a contest for a few hundred website visitors. A new service from ePrize, called Caffeine <caffeinenow.com> makes it easy to create your own professional sweepstakes or interactive instant-win game complete with optional discount coupon (see my test sweepstakes mockup above). The service was profiled in The Wall Street Journal today (article here).

The service has no upfront fees, costs about a buck per new user, has attractive templates, and is drop-dead easy to use. A first-time user could easily create an entire promotion in under an hour using the company's web-based tool. Go ahead and see for yourself, you can create a free account and build a sample promotion (see screenshots below).

The downside is that the prize pool is shared, so your customers may never actually win, and customization options are limited. Check out <myqualitycleaners.com> to see the service in use (screenshot below).

Using Caffeine
An online console is used to create the promotion in seven easy steps (see below). The company says you can setup a sweepstakes in 10 minutes. From my tests, I'd say that is possible; but the first time through you will probably spend closer to an hour deciding which prize to offer, which theme to use and so on. Subsequent promotions could be setup in five minutes or less.

Here's the process, which requires no technical knowledge or expertise other than access to your company's credit card to pay for it:

Choose from a half-dozen promotion themes
Set the background color
Enter business info and upload your logo
Decide whether you want to giveaway low-dollar instant win prizes worth $10 to $25 each or use a $10,000 sweepstakes prize, then select from several dozen prize choices.
(Optional) Choose what type of coupon you want to offer after entering the contest. Unfortunately, the only choices are a percentage discount or 2-for-1 offer, neither of which are particularly good for financial institutions.
Create a budget limit, including how many times you will let someone replay the game (0 to 4), and enter billing info.
Copy the code for the contest banner and enter it into your content management system.

A dashboard at the Caffeine website allows you to track usage, budget, and registered users. The free tell-a-friend option allows your contest to spread virally.

Cost
The best thing about the solution is there are no up-front costs, it's all variable depending on usage. Here's the basic charges:

$1 per new registration
$0.05 per coupon printed (optional)
$0.04 per email sent (optional)
$0.15 per subsequent log-in to replay the game (optional)

Screenshots
MyQualityCleaners home page with contest banner:

OBR test sweepstakes setup showing the elements I chose for my online game: a $25 blockbuster gift card awarded daily, an interactive scratch-off game, the retro sign, my logo, and other form items:

An optional coupon shown after a user participates in the game:

The billing screen clearly shows the prices for all services and allows business owners to set a weekly budget amount:

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Paper-check Conversion is Bigger than just Business Remote Deposit Capture

By Jim Bruene Posted on January 15, 2007
Categories: Channel Integration, Remote Deposit Capture

Recently, we've focused on one aspect of paper-check conversion, so-called remote deposit capture, where a business deposits paper checks by converting them into electronic items instead of driving them to the bank. It's an important new service that benefits both the bank and the end user.

However, there is more to this story than saving businesses at trip to the branch. There is also a significant opportunity for capture at branch locations, including:

Capture at the ATM (in-branch or off-site)
Capture by the teller
Capture by the customer at an in-branch kiosk)
Hybrid model with customer doing some of the work with the branch staff assisting
Capturing in the branch back office (i.e., not at the teller line, but later in the process)
Capture at a third-party such as a UPS Store or check cashier

An insightful summary of the issues was published Friday by Gonzobanker's Terence Roche http://www.gonzobanker.com/article.aspx?Article=314. Previous Netbanker coverage is here.

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Make Sure Your Wikipedia Entry is Factual and Up-to-Date

By Jim Bruene Posted on January 11, 2007
Categories: Advertising & Promotion, Citibank

Ten years ago, we advised banks to make sure their listings in Yahoo were up to snuff. Now, the major search engines are so good, there isn't much work needed to appear at or near the top of the results for searches on your company name (see note 1).

However, there is one important online database with massive reach that still needs manual maintenance, Wikipedia. As the sixth-busiest Internet property in the world, with 150 million monthly visitors (see note 2), you should make sure your institution's entry is both factual and up-to-date. One of Wikipedia's defining attributes is that anyone is allowed to edit the content. So there is no reason you shouldn't jump right in and change any factual errors right away. You should also consider adding info and links to missing or incomplete listings, but make sure to follow the strict guidelines prohibiting self promotion.

Nor surprisingly, Wikipedia prohibits all forms of advertising. And they'll take down any entry deemed to be made to further sales rather than add to the world's knowledge base.

Wikipedia does allow company listings provided your company is deemed "significant" by Wikipedia. Most financial institutions should qualify. However, don't try to put a listing in for your SuperDoubleNet Gold Card. It won't fly.

Also, copy must be devoid of hype, be totally unbiased, and basically read like an encyclopedia entry (see guidelines for company listings here). That said, the online encyclopedia does allow limited use of logos and pictures, so you want to make sure your entry is attractive without being a brochure. Any violations of Wikipedia's guidelines will be quickly deleted.

Below is the first part of the 1500-word entry for Citibank. Note the use of its current logo and an attractive branch photo.

In comparison the entry for Boeing Employees Credit Union is just 170 words and devoid of graphics.

In addition, you might look for other Wikipedia "marketing opportunities" where your bank could be listed as a service provider or reference. Again, it has to add to the facts of an existing article, not be positioned solely for marketing purposes. Of course, this is as gray an area as you can get, so there is no harm in trying as long as you keep the edits in line with the spirit of the website.

For example, in the Wikipedia listing for "remote deposits", under the sub-heading, "usage of remote deposit," the following financial institutions are listed (see screenshot right):

Bank of America
Citibank
Commerce Bank
U.S. Bank
USAA (Offers this feature to consumers using a common scanner)
Pentagon Federal Credit Union (offers this feature to consumers, although the physical check must be mailed in)
Wachovia Bank
Wells Fargo (also offers this feature to consumers using special ATMs)

If you have a good remote deposit capture service, add your name to this list. It may or may not be accepted, but it's worth a try.

Notes:

You should make sure your tags and titles are up-to-date and appropriate (see previous article here).
Worldwide unique visitors in Sep. 2006, according to comScore (press release here)

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Wachovia is Developing User-Managed Security Controls

By Jim Bruene Posted on January 10, 2007
Categories: Alerts & Messaging, Security & Privacy, Wachovia

In an American Banker article today (here), Wachovia says it is developing security controls that will put users in charge of some of their own security settings such as the size of a funds transfer allowed. According to John Watkins, Wachovia's Director of Online Services, the new capabilities will be available "sometime this year."

This is not a new concept. The first full-service online-only bank in the world, Security First Network Bank, offered user-set bill payment limits more than ten years ago. Other international banks, such as ABSA Bank in South Africa, have long allowed users some control over security matters.

However, in the United States user-controlled security has been slow to catch on, other than via triggered email alerts, which remain the first line of defense. For several months, Bank of America has been reminding online banking users that alerts can help them prevent fraud in their accounts.

While it's too early to speculate on what Wachovia will or won't do, the concept is a good one, and will eventually be used to some extent by all financial institutions. It's a win-win, providing users a better sense of control while reducing actual fraud losses within the bank.

For more information:

See Online Banking Report #119, "Marketing Security" for more ideas on how to turn security concerns into a marketing advantage.

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Singapore’s OCBC Bank Uses "Mobile" in its URL to Help Users Find Mobile Offerings

By Jim Bruene Posted on January 10, 2007
Categories: Mobile Banking

Both Yahoo and Google have creating landing pages for their mobile offerings at http://mobile.google.com and http://mobile.yahoo.com.

OCBC banner image on its mobile banking page

As interest in mobile banking picks up, financial institutions should create a mobile service page under the URL http://mobile.yourbank.com.

OCBC's downloaded mobile banking application on Sony Ericsson phone CLICK TO ENLARGE For example, Singapore's OCBC Bank has a WAP site at http://mobile.ocbc.com. that has links to basic info and the downloadable application used for True Mobile Banking (see mobile phone image right).

The bank also has a mobile information page on its regular website (here) that provides information about its mobile services. Currently, there is nothing like it in the U.S., but Citibank/mFoundry appear to be on the verge of a launch in early 2007 (see OCBC banner above and screenshot of complete webpage below, click to enlarge).

Even if you don't have a WAP site or other mobile services, you should at least provide information on text-based alerts which work well for most mobile devices.

In a test of the 20 largest U.S. retail banks, only Fifth Third has a URL with the word "mobile" <http://mobile.53.com>. However, unlike OCBC, Fifth Third's mobile URL has not been optimized for mobile access (WAP), nor does it contain any info on mobile services. Either Fifth Third is about to launch a mobile initiative or they just have very thorough Web programmers.

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Apple’s iPhone to Provide Even More Reasons to Bank on the Go

By Jim Bruene Posted on January 9, 2007
Categories: Cingular, Mobile Banking, Strategies

Yesterday, I wrote about how new downloadable search apps were likely to spur mobile banking adoption as users grew more accustomed to using their phones for more than just voice calls (see post here).

Today, a potentially bigger driver was unveiled. The much-anticipated Apple iPhone which was such big news that the company's homepage was given over to a single image of the iPhone (see screenshot right).

Given Apple's recent track record, the combo iPod/phone/camera/browser may do even more to spur adoption of mobile services than the Google/Yahoo/Microsoft offerings (see note 1).

Why? Because, the user interface appears to do an excellent job of exposing the non-phone functions. While the same can be said of Blackberry's and Treos, this phone, co-marketed by Apple and Cingular, is expected to be a mass-market hit along the lines of the iPod (see note 2). As one blogger put it, "Apple didn't unveil a phone today, they unveiled a $500 fashion accessory" (see note 3).

While the built-in Safari browser and magnification function will spur mobile browsing and banking via standard and WAP websites, there is no indication if and when the iPhone will support True Mobile Banking via downloadable third-party applications. The demo phone on the Apple website <apple.com/iphone> does includes a stock tracking widget (see inset).

However, given Cingular's involvement in mobile finance, with pilots underway with MasterCard, BancorpSouth/Firethorn/ CheckFree (see our coverage here), we expect that bank's will have the opportunity, most likely at a significant cost to add a widget to the phone (see our Wells Fargo iPhone mockup at right; see note 4).

Bonus prediction: Within two years one of those buttons on the iPhone will activate contactless card payments via MasterCard, Visa, or American Express.

Notes:

Apple's iPhone will ship with integrated Google and Yahoo search.
Apple is forecasting 10 million unit sales in 2008, but at least one analyst has already called that low according to today's Wall Street Journal. Worldwide iPod sales are expected to be 40 million units in 2006. However, no one expect the iPhone market share to get anywhere close to the iPod's 80%. Competition is far more advanced and intense in phones than it was in MP3 players.
I can't recall where I read this, still looking for the attribution.
We added the Wells Fargo logo to the iPhone image; the bank has no known relationship with Apple or Cingular.

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Website Maintenance Tip #1: Update Your Website Copyright Notices

By Jim Bruene Posted on January 8, 2007
Categories: Main Street Bank, Wainwright Bank, Website Usability & Design

Up-to-date website copyright notices are one of those little details that seem hardly worth mentioning. But, like cleaning the branch windows, when left unattended they can create a poor impression over time.

Most commercial websites carry copyright notices on the bottom of the page with the current year or a range of years listed. It looks sloppy if you don't show the current year, even 2006 is OK for a while. But you certainly don't want to follow the example of Main Street Bank <mstreetbank.com>, which still shows 2004 at the bottom of its homepage (see screenshot below).

And kudos to anyone who's already added 2007. One winner, Wainwright Bank <wainwrightbank.com> already displaying (copyright) "2005 to 2007" on Jan. 2. And not so coincidently, Wainwright has an absolutely gorgeous website, something I don't say very often, especially in the financial services arena (see screenshots below).

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Why Growth in Mobile Search is Good for Online Banking

By Jim Bruene Posted on January 8, 2007
Categories: Google, Mobile Banking, Search Engine Marketing, Yahoo

Today, The Wall Street Journal looks at Yahoo's latest efforts in mobile search where it holds a substantial lead over its online nemesis Google. According to figures from Telephia, Yahoo has a 7% penetration of U.S. mobile subscribers vs. 3% for Google. In addition, MSN has a 4% penetration and AOL 3% (see article here).

Yahoo will be encouraging users to download a search application to their phones, see <mobile.yahoo.com/search>. Advertising revenues will be shared with wireless carriers. Mobile search results are more "managed" than website results in attempt to better display a single answer to the search so phone users can avoid surfing to other websites for answers.

Why is this important for online banking? Most consumers, especially the 35-and-older crowd, will get their first taste of a mobile phone app through search. Once users begin to to get comfortable with Googling or Yahooing from their mobile, it won't be long before other ecommerce apps become popular, and mobile banking will be at the front of the next wave.

And early mobile banking users are likely to share one key attribute that sets them apart from online banking users, a willingness to pay fees for service. Most mobile applications such as sports scores, mapping services, or games currently carry small monthly fees. Whether or not banks choose to charge directly for mobile banking is yet to be seen, but we believe there is an excellent potential for profitable fees from at least a portion of the mobile user base (see previous post here).

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Marketing Remote Deposit Capture Services

By Jim Bruene Posted on January 5, 2007
Categories: Remote Deposit Capture

As mentioned in our earlier post (here), there is relatively little advertising activity on the search engines for remote deposit capture services.

However, when it comes to website marketing, a number of community banks are featuring the innovative service front and center (see screenshots at the bottom of this article).

First Mutual Bank <firstmutual.com>
1st National Bank of Arizona <fnbaonline.com>
National Bank of Arizona <nbarizona.com>

However, even though these banks are using their most valuable online real estate to promote the service, in most cases there is little information on how it works, how much it costs, or whether it would work for smaller businesses.

To properly market remote deposit capture to smaller businesses, look at how how high-tech companies market new products – almost always with an an online demo and frequently with white papers, spec sheets, and free trial offers.

As mentioned previously, Wells Fargo is using a white paper to explain the service and capture leads (see post here). In terms of demos, Nevada State Bank, <nsbank.com> a $3.4 billion unit of Zions, has an excellent one (see screenshot below).

Action items:

Create an online demo to educate the market on how remote deposit capture works
Post detailed information on features, benefits, pricing, how to use, FAQs, testimonials, amount of deposits captured to date, and so on
Capture leads from the product-info page
Use Google and other search engines to market the service
Offer a free trial

Homepage screenshots:

First Mutual Bank

1st National Bank of Arizona

National Bank of Arizona

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Remote Deposit Capture is Virtually Invisible at Google

By Jim Bruene Posted on January 5, 2007
Categories: Remote Deposit Capture, Search Engine Marketing, Small Business

Remote deposit capture is one of the most significant new technologies to hit online business banking since, well, online banking. According to Celent, 60 of the largest 100 banks, including 20 of the top 25, now offer it. In addition, hundreds of smaller community banks now offer it.

So why can't I find it through Google? (see note 1)

For two years I've been coveting the service and waiting for my bank to offer it to small businesses such as ours. I'm still waiting.

Today, I happened to see it mentioned on the homepage of a local community bank here, First Mutual Bank (see screenshot below).

Not wanting the hassle of moving my account relationship, especially to a bank on the other side of Lake Washington (a major traffic hassle), I tried a little Googling to see what other banks in the area might have it.

It fails to show up in the organic results, and only two banks, Wells Fargo and Main Street Bank <mstreetbank.com> are advertising on "remote deposit capture" and the shorter "remote deposits." Main Street Bank is located out of state and Wells Fargo, while just up the street from my office, appears to target its remote capture to larger businesses. I'd be willing to pay $20 to $30 a month for it, but I'm guessing that's not even close to the Wells Fargo commercial customer price.

Action items (see note 2)

If you offer remote deposit capture, make sure you have a dedicated page touting the features and benefits.
On the dedicated page, make sure you use the term "remote deposit capture" in addition to any cute name you've branded it with. That will help users find it on search results.
Market it through Google and other search engines. At this point, it doesn't appear that there's much competition for ads, meaning your cost per click should be low.
Create a landing page that captures leads for your business banking officers. Check out Wells Fargo's approach at https://www.wellsfargo.com/com/boc_campaign
(see screenshot below)

Notes:

I am searching from a Seattle IP address. In other markets, there may be financial institutions using Google to market remote deposit services.
We will post an additional article on remote deposit marketing later today

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Online Banking Report Awards Five "Best of the Web" Winners in 2006

By Jim Bruene Posted on January 4, 2007
Categories: billQ, Blogs, Verity CU, Wells Fargo

Our sister publication, Online Banking Report, is constantly on the prowl for innovations in online finance. When it finds a new one, it awards the new development an "OBR Best of the Web." During its 12-year history, the newsletter has handed out about 80 such awards (click here for the pre-2006 list). The main criteria for winning is "raising the bar" in online consumer banking, credit/debit cards, payments or lending (see note).

The 2006 winners in chronological order were:

Prosper (March) for its eBay-like take on
person-to-person lending (coverage here)
billQ (August) for its Web 2.0 bill payment
reminder service (coverage here)
USAA (November) for the first in-home, remote deposit-capture service (coverage here)
Wells Fargo (December) for fully embracing
blogging with the launch of four blogs in 2006
(coverage here); also, a belated award to Verity Credit Union for being the first to blog in
December 2004 (coverage here)
Bank of America (December) for its Yodlee-powered, full-featured online personal
finance service, MyPortfolio (coverage here)

It was a good year innovation-wise, and we look forward to continued growth in 2007. One prediction: multiple winners in the mobile finance arena. For more information on the top developments of 2006 along with the latest 10-year forecast, see Online Banking Report #137.

Note: Usually, the first company to implement a significant new feature wins the award. And generally there is only one award for each new feature. For instance, Signet Bank was named best of the Web in 1997 when it launched the first triggered-email alert. Then Charter One won the award in 2002 when it took the triggered-alert feature to a whole new level, integrating voice, fax, and email options into a full suite of alerts. Online Banking Report founder and managing editor Jim Bruene makes the final decision. The only way to win the award is by being innovative. There is no nomination process, no deadline, nor any way to influence the decision.

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