Banno’s new solution eases cross-channel headaches for FIs.
- Virtual Piggy’s kid-friendly online payment platform.
- Klarna teams up with We Do Commerce.
- ID Theft 911 partners with Cincinnati Insurance Company.
- Lifehacker profiles SigFig.
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At FinovateSpring this year, Virtual Piggy took the stage to demo its online payments platform made for consumers under the age of 18. We wanted to check it out, so we signed up for an account.
Overview
Over 35 merchants have signed on with the Virtual Piggy platform, including:
Product Highlights
1. Account dashboards
The parent’s homepage displays 5 categories:
- Payment Accounts
- Child Profiles
- Guest list
- Merchant list
- Reports
There is also an Alerts section highlighting items that need attention.
The child’s homepage is much simpler, and displays a dashboard that details:
2. Child settings
Parents customize an account for each child and select details, such as:
- Limits on transaction dollar amount
- Allowed merchants
- Parent approval requirement
- Savings requirements
Next, the child is prompted to enter their username and password to login, then confirm the purchase. Since the parent already entered payment and shipping information, shipping is automatically calculated.
What’s New
Since demoing at FinovateSpring, Virtual Piggy began supporting monthly subscription payments. With this update, teens and tweens can purchase subscriptions within games and other online digital media services by using their Virtual Piggy accounts.
To learn more about Virtual Piggy, watch its FinovateSpring 2012 demo.
European payment solutions company Klarna announced today that it teamed up with We Do Commerce, a Pennsylvania-based e-commerce development firm.
The two will join forces to bring Klarna’s solutions to We Do Commerce’s North American customers who do business with countries where Klarna operates.
Because most of We Do Commerce’s clients are on Demandware and Magento ecommerce platforms, Klarna built integrations into both platforms to facilitate merchant adoption.
To learn more about Klarna, watch its FinovateSpring 2012 demo.
Today, mobile app and website provider,Banno (formerly T8 Webware), announced that all websites it develops will be optimized for any type of device, regardless of screen size.
Its new, responsive design format offers a single URL that reacts to screen sizes of online, mobile, and tablet devices. This device agnostic approach will help FIs prepare for multi-channel banking.
The new websites also save time on updates:
“Furthermore, the websites now have a live data feed that updates rates based on predetermined formulas, assuring that accurate rates are published across channels instantaneously without the man hours of monitoring and making adjustments previously required.”
Banno also introduced dynamic website content. With this feature, the content that users see will change depending on the user’s historical searches, clicks and preferences.
To learn more about Banno, watch its FinovateFall 2011 demo and come to FinovateFall next month to check out its new tech.
I started my <bank> Simple relationship yesterday by responding to an email invite supplied by a reader (note 1). As expected, the application and initial on-boarding experience is tremendous. I’ve already catalogued a few dozen noteworthy innovations. But instead of writing an enormous blog entry, I will deliver them in smaller doses.
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#1 Allowing account login right away
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One area ripe for improvement at many FIs is the online on-boarding process. Typically, after applying for an account, new customers must wait a week or more to get account info and cards in the mail before they can even login to their account.
At Simple, once the new account application is verified and approved (this took less than 30 minutes for mine), users are invited to set up their account online and to download the mobile app.
After completing that process, users can log into their account and look over the features. Because new accounts are devoid of data, the startup offers a demo mode that allows new users to start learning about the account by using its features with fictional transaction data (see #2 below).
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#2 Interactive demo mode
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Many banks have an online banking demo available. Usually, it is limited to a static guided tour. But the best ones are also interactive, allowing users to play with the features as if they were using their own account.
Simple has taken the latter approach with an interactive demo. But instead of burying it somewhere on the public website, the startup has built a demo mode option right into its online banking interface. Users simply choose the demo option in the intro box on the main page, and the site opens up full of sample data that users can play with.
This is especially useful for new users who have no real data to manipulate.
Once in demo mode, users can turn it off using the toggle switch in the upper left or by clicking the X next to where demo mode was launched.
———————————–
Before: Demo mode is activated with this button
After: Demo mode is shut off with toggle
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Notes:
1. Thanks to Michael Bagniewski, VP & Director of Information Technology at PNA Bank, for sharing his extra invite (he inadvertently put himself on Simple’s waitlist with two email addresses). Apparently, Simple invites are transferrable, though none are listed on eBay yet.
2. We looked at the new crop of Truly Virtual Banks (including Simple) in our Oct 2011 Online Banking Report (subscription).
This quarter’s funding of over $120 million closely matches quarter 2 of last year, when Finovate alumni raised approximately $124 million.
Meanwhile, compared to last quarter’s $150 million, Finovate alums pulled in around $30 million less this quarter.
Here’s the quarter 2 summary for 2012:
April — $2.5 million raised by 1 company
May — $55.5 million raised by 5 companies
June — Over $62 million raised by 8 companies
Note: Funding that companies received before they demonstrated at Finovate was not counted. If you know of any funding that is not on this list and should be, please send the name of the company along with a link to the funding information to julie@netbanker.com and we will add it.
As customers have adopted ever-more convenient delivery methods, the customer communications process has changed dramatically. Each channel has its own ways of communicating with customers:
In the mobile channel, the process for updating native apps provides a unique marketing opportunity that is virtually without cost and guaranteed to be read by a large portion of your mobile customers (previous post). App publishers have a screen of free real estate to explain the benefits of the new feature(s).
I’ve read thousands of these update descriptions and there is huge variety of approaches. Some publishers take maximum advantage of the “free publicity” to engage their customers (see Yelp below), pump up the new features (see USAA), and seek additional feedback (see Redfin, SimplyUs examples).
Other publishers don’t pay enough attention to readability (Wells, Bank of America, US Bank examples, see note 1) or just put the minimum effort into a bulleted list (E*Trade).
Bottom line: Each time you push out a new update, use it as an opportunity to educate users and reinforce your mobile brand.
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iPhone App Update Examples
Good
———
Yelp reinforces its playful brand with USAA is more matter of fact, but
enthusiastic and humorous copy does a good job highlighting new
announcing its v.6.0. features in its v.4.9.
Redfin released a minor bug fix in SimplyUs gets right to its bullet
v.3.3.2 but includes its email address list of features, with just enough
to report any issues. info to explain the v.1.0.17 update.
Nice touch! Plus email and Twitter handle.
Need work
——————
Wells does an OK job, but the first Similarly, Bank of America has an
bullet reads like something lifted from acceptable message for its v.3.3.351.
project checklist. And the second But the copy is a little confusing and
is too long-winded. Plus, a floating has an asterisked point floating mid-page. “Bug fixes” hovers at the bottom
of its v.2.1 update.
US Bank’s v. 1.6.8 message is E*Trade’s 2.6 update sounds like it
confusing. Something about being has a bunch of new features, but
asked to accept a quick update, but
it did nothing but list them with
no specifics on why or what has no explanations.
changed.
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Note:
1. These examples were all taken from updates I downloaded today. They are not necessarily indicative of every update from these companies. At major releases (such as Yelp’s v6.0), most publishers will step up the copy-writing quality.
SoMoLend, a platform that connects small business borrowers with investors, today announced a partnership with CircleUp, an equity-based lending platform.
The purpose of the partnership is to help small businesses find a source of capital that is tailored to meet their needs. Because SoMoLend supports micro-loans, while CircleUp facilitates equity investments, businesses will be able to choose from a wider variety of funding options.
The companies will also benefit from sharing information, best practices, and joint education efforts.
To learn more about SoMoLend, watch its FinovateSpring 2012 demo.
StockTwits, a social platform for the investing community, announced late last week that it has integrated social charting service, Chart.ly, onto its platform. StockTwits purchased Chart.ly back in 2009, but this is the first integration of its capabilities.
The integration enables users to easily upload charts and record screenshots by using the Include Media button.
It also makes it easy for members to search, view, and share the charts and videos, and even has the capability to filter for charts and screencasts on the StockTwits stream.
Upon clicking the chart or video, users can see a larger view where they can zoom in and comment.
Because all Chart.ly functionality has been ported to StockTwits, the Chart.ly site now redirects to StockTwits.
To learn more about StockTwits, watch its FinovateEurope 2011 demo.