Actionable Insights From APT's Financial Services Practice

Author Archives: FedCohen

Talk To Me: The Impact of Voice Recognition in Mobile Banking

May 20th, 2013 | Posted by FedCohen in Uncategorized - (Comments Off on Talk To Me: The Impact of Voice Recognition in Mobile Banking)

Last month, US Bank announced that they will test features to allow customers to carry out banking tasks by speaking directly to their smartphones. To better understand the impact of the new feature, they will pilot the functionality by first allowing bank staff to leverage it. Piloting the features is a great way to understand the incremental impact of the implementation and what effects it will have on customers.

As banks evaluate customer-level investments in this way, they should keep in mind two key points that ensure banks properly understand the impact of the investment: (more…)

Eating Groupon’s Lunch

June 19th, 2012 | Posted by FedCohen in Uncategorized - (Comments Off on Eating Groupon’s Lunch)

Over the past few months, we’ve seen several companies put effort into unlocking the vast insights of transactional data. Using this type of data, American Express has launched targeted, merchant-funded offers, and Bank of America is piloting a program to provide tailored deals inside online account statements. Both Google and PayPal are exploring ways to use this data to open new advertising channels. Furthermore, PayPal has also begun offering Point of Sale terminals to major US retailers such as Home Depot, in an effort to improve loyalty and expand the breadth of their transaction log data.

The transaction log – commonly referred to as “t-log” – details every transaction conducted by a card, account, or customer. For many, using this data isn’t a new concept. Retailers have had the ability to look at their sales data for several decades and have aggregated it to understand the general behavior of their customers. The richness and size of t-log data has the potential for companies to increase loyalty, expand customer relationships, and increase profits.

There are a couple of recent trends that have brought t-log back into the spotlight. Retailer and financial services companies now sit on aggregated t-log’s for millions of customers. With the rise of computing power, it is extremely valuable to be able to leverage this detailed data in near real-time. (more…)

How to Make the Most of the Mobile Landscape

October 25th, 2011 | Posted by FedCohen in Uncategorized - (Comments Off on How to Make the Most of the Mobile Landscape)

This past month, American Banker noted that many banks have found their online and mobile banking services are not providing a great user experience. The banks discussed have begun experimenting with different features and different pricing options for those features. As the article outlines, 8 of the top banks in the US are each spending approximately $100 million on these new web and mobile offerings.

New web and mobile services are great opportunities to improve customer satisfaction and retention and could even provide opportunities to increase fee revenue. Most web offerings currently allow for little more than routine tasks, but many banks are realizing that customers are looking for new types of tools and additional flexibility in how they manage their accounts. In light of this, banks are considering innovative features, such as: (more…)