woman from gartner who does social media stuff. 3 topics: innovation, competitive advantage, how will the tools change as they go mass-market.
billeo product pitch. 9000 co’s in their system. (if this is going to be mostly pitch, I’m outta here.) sounds like a clever idea.
keeping nickels, finance blog.
mint. biggest in the space.
smarty pig. (Adrienne who I met the other day was totally enthusiastic about it.) touting their high interest rate on savings: 3.25%? making goals public…which I do find fascinating. somebody in the CU space should write a plug-in (or whatever) for the major core processors/online banking systems.
innovation: mocking the bank websites. what draws consumers to these guys?
average american has 10-11 “financial relationships”? rly? know where your money goes. ah, mint guy pimping the credit card comparison aspect: get better interest rate, rewards. (I never had that much luck with that aspect.) smarty pig: when you save for a goal, you feel empowered.
why should anybody go “wow”? make it easier. mint guy is totally hogging the panel. keeping nickels blogger too quiet, billeo guy not involved at all. 🙁 wish wesabe were here. ah, there she (nickels) goes: bank’s online banking takes time, looks intimidating. busy people who travel, expense report organizing is a PITA. billeo: mailing checks vs instant payment. comparing products.
why can’t banks grasp this? why no banker on the panel? (did anybody ask anybody?) mint: no good designer/programmer wants to work for a bank. what a jerk. smarty pig: had to partner with a bank, met with some of the big guys, CMO of maybe #5 bank on seeing storyboards etc., “love the idea, but we would chew your idea up and spit it out and you would hate it.” maybe not even implement in 2 years. (oh, they built something that is (technically) entirely independent of institution. I know they partner with a small bank. in Iowa?) environment doesn’t make it possible.
didn’t quite understand the question. billeo has way for customers to share ‘site is down’ info. “banks would not dare to do” nickels blog: friend sharing story about bank fee f-up. shopping around, diminishment of loyalty. she makes the comparison to social & weight loss.
q: aaron with intel. people are scared. how do you find information about “weathering the storm”? mint guy gives bland “3-6 months savings” answer. (I heart get rich slowly.)
q: the reality is that “america doesn’t do that” (savings), has used everything from mint to excel, nothing gets the budgeting scale that he wants. mint budgeting is monthly because most expenses are monthly. mint is organized around “problem categories”. “your solution is too complicated for most people” billeo comparison: how much do others spend in that category. #3 request at smarty pig: correlate deposits w/paychecks rather than monthly.
q: not paying attention, something about security? “banks are well-trusted but they shouldn’t be” bank employee fraud 3rd leading cause of identity theft in the country. (?! srsly?) they send out suspicious activity alerts. huh. scanned database for tiny charges and emailed members. no bank would do that. (otoh, banks/CUs get breach info directly from visa, don’t have to scan db.) smarty pig gets full fdic & bank auditing. mint guy tripping on “mission impossible” type physical security of servers.
nickel blogger makes the good analogy of mobile alerts to atm receipts.
I don’t know why I’m feeling SO snarky about this panel.
banks banks banks banks. why NO mention of credit unions? or do they just lump it in, the way “online banking” is a generic term?
(missed a big chunk)
could their products work together? mint guy prefers using credit card for bill paying. srsly?!
ack. taking off now.