MyPrivateBanking Blog
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Archive for November, 2015

How Banks Fail to Make Their Apple Watch Apps Personal

Monday, November 30th, 2015

In our analysis of the Apple Watch banking apps offered by 22 of the largest retail banks worldwide, we come to the conclusion that the first generation of banking apps reveal some major shortcomings while in other industries, there are already several outstanding examples.

The infographic below displays the share of points the banks achieved for the nine features an Apple Watch banking app should contain. The results show that amongst other aspects, banks yet have to recognize the main benefit of a smartwatch app – the access to a very personal accessory of their clients that allows banks to get closer to their clients’ daily lives. Hence, Apple Watch apps should particularly deliver mobile moments that excite clients. Making use of the client’s location, interests, and financial situation for personalized offers, news, and product offerings is a field not yet explored by the leading retail banks, albeit adding substantially to a bank’s equipment in the race for clients’ attention.

The study shows how in other industries apps perform very well in delivering such mobile moments amongst other impressing best practices banks should take a closer look at when developing their Apple Watch apps.

Don’t miss out on our new study available tomorrow to not lose sight of what really matters when developing your Apple Watch app. sum

 

Bank at your Wrist: How the Apple Watch will Reinvent Banking

Monday, November 23rd, 2015

This week MyPrivateBanking Research releases the first comprehensive report on banking apps of the largest retail banks worldwide that run on the Apple Watch.

The report shows that the market for wearables will substantially benefit from the launch of the Apple Watch as it continues to grow to over $ 12 billion by 2018. The implication for banks is obvious: as the market penetration of smartwatches is increasing, the demand for banking apps that run on these devices will increase at the same rate. Actually, many banks are adopting this technology already today: The MyPrivateBanking report evaluates 23 Apple Watch apps of 22 banks and compares their overall performance. The evaluation comes to the conclusion that today’s Apple Watch banking apps are mainly providing only very basic features lacking the capability to excite clients. Outstanding examples from other industries and comprehensive strategic recommendations complete the study.

Watch out for our concise guidelines helping banks to take the right steps towards a winning Apple Watch app.

Wearable device market value from 2010-2018

 

Banks get more possibilities to attract clients on Facebook

Thursday, November 5th, 2015

Mark Zuckerberg, founder of Facebook, has just revealed that video views on Facebook have doubled since April with more than 500 million users watching eight billion video views daily. Responding to the exploding importance of video, Facebook added new features to its platform like live broadcast for public figures and 360° videos for creators. This way, companies get more opportunities to communicate their message to their customers.

How can banks and wealth managers take advantage of this significant trend? Here are a few suggestions:

Keeping clients up-to-date. Most people prefer to watch news and headline content via video instead of reading long, complex articles. Market developments and investment topics are a great area for video coverage. An interactive video stream covering investment topics and economic research is certainly a great idea to support clients in their investment decisions.

Education. Banks are expected to support their clients in every important life situation and educate them about important financial decisions. For instance, the purchase of a new house requires a lot of assistance. A dedicated video blog that gives tips and guidance how to calculate the costs of a house purchase and setting up a financing plan would add a lot of value to many customers.

Promotion. Many clients customarily ignore their bank’s promotional material – 90% of a bank’s promotional letters go in to the bin immediately. Adding promotional videos to social media presences in a smart way can increase the eyeballs significantly. Yet this works only when the video is only shown to users that indicate an interest in the topic area – using the particular search terms, looking at related content on social networks or showing other behavioral patterns that will spark an interest in the banks promotional videos.

 
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