In October, attending the ATM-Debit & Prepaid Forum made my head spin as speaker after speaker talked about new technologies for making payments. One group showed a solution with its own currency called BitCoins. Another, called PaidPiper showed the solution for a one-time credit card payment. This type of payment can be made at the merchant if your son or daughter just has to buy something and you’re not with him/her. There was a large amount of discussion over how prepaid cards are the new solution to the unbanked or underbanked yet there are so many players, it’s hard to see where a financial institution wants to jump into the fray.
The whole week, my mind was spinning as the marketer who tries to understand the impact on consumer habits and attention when anticipating new waves of change. So much of what was discussed came down to mobile devices to be used to make payments.
Interestingly, an executive from MasterCard said that the transition to digital means that every connected device will become a commerce device. Right now, you can order online via PC/laptop, tablet, smartphone, game console, and appliances/TVs.
In addition, the stat thrown out was that for 14 hours a day, most consumers have their phones close to them, even on the nightstand when going to bed. So, in checking around the Internet, found this PEW Internet Research chart of how mobile phone use has changed.
With people doing more things than talking on the phone, it has become another marketing medium to consider. In the 2011 Pew survey, the use of a phone for checking a banking account jumped 11% in this year’s survey. As a financial marketer, it is important to consider more messaging on the mobile app or on the online banking screen that is easy to read from a mobile device.
Another key item was the use for checking email was up 31%. So, again, with my financial marketer hat on, it is imperative that more of the marketing content and messaging needs to be framed for mobile and tablet than in the past.
Overall, what does this move to new mobile technologies mean for marketers? We have to be monitoring how a marketing message or access to information on a phone can result in more revenues. And, to get those revenues, an instant sale over that smartphone means having secure access to capturing the order information and an easy payment solution.
If you are interested in mobile strategies and how it should be incorporated into your marketing strategy, contact us at LemmonTree.