The Times They Are A-(Rapidly)-Changin’

Yuppie80sCellWhile in Arizona, I had a chance to lunch with Mika Moser, SVP and digital strategist at Bank Director. As two women north of 29, we enjoyed reminiscing about just how far technology has come. You see, when we were young – other than walking to school uphill and in the snow (both ways) – cell phones were physically huge (and firmly in the hands of businessmen and the wealthy). Want to stay in touch with a friend out-of-state? You had two choices: 1. Make a long distance call, which cost money, or 2. Write a letter,  address it, put a $0.25 stamp on it, and mail it.

We looked back on the dial-up years, learning DOS in  school, and basically learning the ins-and-outs of email on the job. Oh how times have changed, and FAST.

So when I saw the following question in a LinkedIn discussion group, I couldn’t help but chuckle:

What Mobile Banking Feature do you think will be the most important to consumers in three years?
Account Balances
Remote Deposit Capture
Peer-To-Peer Payments
Bill Pay
Personal Financial Management

It’s a valid question, and I’m not looking down my nose at it. Banks do need to focus priorities not only on where consumers are now, but where consumers will be (and arguably, where the banks will want the consumers to be).

Yet I did chuckle, because I think that frankly these won’t be just “important” to consumers – every single one of these will be EXPECTATIONS. Increasingly, consumers are expecting their mobile devices to do everything for them. Looking ahead 3 years, all of these will be a vital and expected part of mobile banking.

So if these features are all expected – what will become the “bells and whistles” that set your bank apart from the rest? I’d love to hear your thoughts.

Pew Internet just released their Demographics of Social Media Users for 2012. Take a look.

Jim Marous offers advice on just how banks should approach big data.

Al Dominick’s got a new blog focused on banking – About That Ratio. He’ll still be blogging at DCSpring21.


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