emarketer webinar: financial services 2015 outlook—mobile comes into focus
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© 2014 eMarketer Inc.
Financial Services 2015 Outlook—
Mobile Comes into Focus
Bryan Yeager
Analyst
November 12, 2014
© 2014 eMarketer Inc.
Agenda
Consumer attention and activity are shifting to mobile
Financial marketers are ramping up mobile investments
Pushing toward an omnichannel future
Key takeaways
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Consumer Attention and
Activity Are Shifting to
Mobile
© 2014 eMarketer Inc.
Almost half of
US adults’
media time is
being spent
with digital …
… and almost
half of time spent
with digital media is on mobile
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Mobile is pulling consumers away from the
desktop
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Digital banking is increasingly common in the US
By 2018,
6 in 10 adults
will be digital
banking users
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Mobile phone and tablet banking are quickly
catching on among adults
74.5
93.3106
37.647.1
54.8
2013 2014 2015
Mobile phone Tablet
US Adult Mobile Banking Users, by Device (millions)
Twitter – #eMwebinarSource: eMarketer, Aug 2014
© 2014 eMarketer Inc.
Major banks are drawing millions of customers
to their mobile banking apps
16.1 million users
18.4 million users
13.7 million users
Source: company reports, Q3 2014Twitter – #eMwebinar
© 2014 eMarketer Inc.
Result: Mobile is now the preferred banking
channel for 1 in 10 US consumers
22% of US internet users access mobile banking at least
once per week
31% of US mobile bankers access their mobile banking
app at least once per day
Twitter – #eMwebinarSource: American Bankers Association, 2014; YouGov, Sep 2014; Bank of America/Braun Research, May 2014
© 2014 eMarketer Inc.
Mobile banking
will continue
its growth
trajectory
9 in 10 US adult
digital banking users
will also be mobile
banking users by the
end of 2018
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Smartphone
bankers
comprise the
bulk of mobile
banking users
Half the US adult
population is
projected to use
smartphone banking
by 2018
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Penetration is already strong among younger
adults
The bulk of
growth is coming
from older adults
moving off the
sidelines
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Key drivers for mobile banking usage growth:
Overall mobile device user growth and increasingly
widespread mobile internet usage on these devices
More robust functionality, including mobile remote
deposit capture, peer-to-peer payments, enhanced
security measures, personal financial management tools
and simplified user interfaces
Larger mobile device screen sizes will help consumers
avoid transaction errors and improve interactions
Concerted marketing and advertising efforts by financial
institutions to push customers to use mobile banking
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Security and privacy concerns remain primary
inhibitors to greater mobile banking usage
More than one-third of
the US smartphone
owners worried about
insufficient wireless
network security
protection when
accessing financial info
28% were concerned
about losing their device
or having it stolen
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Despite a
fragmented
landscape,
proximity mobile
payments will
grow
aggressively in
the US over the
next five years
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Mobile
payment user
growth is a key
contributor to
increasing
transaction
values through
the forecast
period
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Larger
purchases
by more
users will
spur growth
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Apple Pay brings hype, increased competition to
mobile payments in the US
The announcement of Apple Pay on Sept. 9, 2014,
generated a massive amount of media hype, which may
help raise mobile payments consumer awareness.
The choice of using near field communication (NFC) for
Apple Pay helps provide clarity to the market in terms of
technology standards.
Apple is competing with many existing platforms from
other tech firms, mobile carriers, retailers and other
payment providers.
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Consumers are bullish on a mobile payments
future
More than half of
US internet users
believe mobile
payments will be
widely used in the
next five years
23.2% were
certain about
widespread
adoption
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Financial Marketers are
Ramping Up Mobile
Investments
© 2014 eMarketer Inc.
62% ($3.9B): Spend
dedicated to direct
response objectives
in 2014
35.5% ($2.2B):
Spend dedicated to mobile
advertising in 2014
Twitter – #eMwebinar
Digital ad
spending is
rising
© 2014 eMarketer Inc.
Mobile ad spending will outpace the desktop in
2016
$32.4 $31.7$30.1
$26.9 $25.4 $24.2
$10.7
$19.0
$28.5
$40.2
$49.4
$58.8
2013 2014 2015 2016 2017 2018
Desktop Mobile
US Digital Ad Spending (billions)
Twitter – #eMwebinarSource: eMarketer, Sep 2014
© 2014 eMarketer Inc.
Users are
increasingly
coming
across
financial
services ads
on their
mobile
devices
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Facebook advertising is efficient but requires
testing to be effective
“ Facebook advertising is relatively cost
efficient for us. I wouldn't say we've
absolutely perfected it … We’re
constantly testing messages,
creative and new targeting
options. It is a beautiful thing that
you are able to overlay so many
different factors and interests.”
—Alison Mittelstadt, head of digital marketing
at Personal Capital
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Financial
services
advertisers
are dedicating
more dollars
to digital
video
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Mobile video gets consumers engaged
“ More money needs to roll into mobile
from a video and a rich media
perspective even faster. Every time
we’re doing a lift study after a
video campaign, we’re seeing
that consumers are engaged.”
—Anthony Iacovone, founder and CEO of
AdTheorent
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Digital ad KPIs are also evolving as marketers
become more sophisticated
“ A lot of companies are using basic
media metrics to optimize their
programs. Not every [acquired]
account is going to drive the
same value to their business
… More sophisticated clients are
starting to think about, as well as
implement, value-based KPIs.”
—Gil Biegacz, director of category strategy
for financial services at Rocket Fuel
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Data-driven marketing is second nature to the
new breed of financial startups
“ As a startup, we, by necessity, have
to be extremely frugal and meticulous
in tracking all of our spend and
determining the value of all of our
digital marketing efforts. To
characterize the company as
data-driven is really an
understatement. We’re part ‘Mad
Men’ and we’re part data geeks. We
live and die by the numbers.”
—Alison Mittelstadt, head of digital marketing
at Personal Capital
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Pushing Toward An
Omnichannel Future
© 2014 eMarketer Inc.
Financial firms face competitive threats from
growing tech companies
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Banks’
biggest
challenges
include
satisfying and
retaining
increasingly
demanding
customers
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Mobile is an important innovation area in
financial services to help meet user expectations
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Breaking down marketing silos: Is talk becoming
reality?
“ We’re starting to see some of the
silos come down from a client’s
perspective. Traditionally, financial
firms are structured where they have
a branding group and a direct
response group … I think in 2015,
we’re going to see more
alignment to take a full-funnel
approach to executing campaigns.”
—Gil Biegacz, director of category strategy
for financial services at Rocket Fuel
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Alignment with external partners is also critical
“ One of the things that we're going to
do for the first time in our short life is
hold an agency summit where we're
going to bring together all of our
external partners… We have some
very ambitious conversion and growth
goals for next year and we want to
make sure that we're all
aligned.”
—Alison Mittelstadt, head of digital
marketing, Personal Capital
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Making moves to stay innovative and transform
+
+
+Twitter – #eMwebinar
© 2014 eMarketer Inc.
Banks are looking to online and in-branch
innovations to deliver more customer value
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Beacons can bridge the digital divide, bringing
attribution to branch locations
“ We’ve had conversations with a few
firms about beacon technology
within branch locations, so that
when we serve an ad to a user,
specifically on mobile, we can
attribute that user to visiting a location
and put those two things together. It’s
all anonymized through hashed IDs
between the two systems.”
—Anthony Iacovone, founder and CEO of
AdTheorent
Twitter – #eMwebinar
© 2014 eMarketer Inc.
A variety of
new mobile
banking
capabilities
are planned
for 2015
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Delivering unified experiences can drive digital
sales
“ Financial firms have to start
connecting three experiences: the
public site, the authenticated
space and mobile apps. People
are constantly bombarded with
messages; you need consistency
between the three if you are really
going to drive sales.”
—Christopher Young, director of industry
strategy for financial services at Adobe
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Navy Federal Credit Union leverages its tablet
apps for credit card account acquisition
“ Consumers can learn about all the
features that each of the various
cards offer and then they can apply to
get that card via their mobile device.
We’re looking at expanding our
acquisition pieces to offer a
membership application probably
early next year, as well as looking at
consumer lending.”
—Meghan Gound, assistant vice president
for e-channels at Navy Federal Credit Union
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Customer experience is a powerful marketing
vehicle
“ Our most effective marketing channel
is the actual moment when the
customer experiences us in our store
or on our website. We put a lot of
emphasis into the experience that the
customer has because, at the end of
the day, that experience is far
more powerful than anything
we can say.”
—Vinoo Vijay, CMO at TD Bank
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Key takeaways
More consumer time spent with digital and mobile media is
changing how consumers prefer to engage with financial
institutions.
Mobile banking and mobile payments will reach key
milestones in 2015.
Financial marketers are adapting their budgets, strategies
and tactics for 2015 to reach consumers across digital
touchpoints at the right time and context.
Firms are trying to perfect the omnichannel experience to
fend off competition and meet heightened customer
expectations.
Twitter – #eMwebinar
© 2014 eMarketer Inc.
Meet with eMarketer at NetFinance!
Contact Alexia Vlosky (avlosky@emarketer.com)
or Bryan Yeager (byeager@emarketer.com)
to schedule a meeting
December 2-4, 2014 – San Diego, CA
© 2014 eMarketer Inc.
Planned Financial Services Topics for 2015
Digital Insurance Industry Trends
US Financial Services Industry 2015 Digital Ad Spending
Digital Video in Financial Services
Role of Digital in Loan Products
Role of Digital in Credit Card Products
Global Mobile Payment Trends
Updated Digital Banking + Mobile Payment Forecasts
© 2014 eMarketer Inc.
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Q&A Session
You will receive an email tomorrow with a link to view
the deck and webinar recording.
To learn more: www.emarketer.com/products
800-405-0844 or webinars@emarketer.com
Bryan Yeager
Financial Services 2015
Outlook—Mobile Comes into
Focus
US Digital and Mobile Banking 2014: User Forecast, Key
Trends and Marketing Opportunities
Global Digital Banking Trends 2014: Key Usage Metrics for 31
Countries
US Mobile Payments 2014: Updated Forecast and Key Trends
Driving Growth
The US Financial Services Industry 2014: Digital Ad Spending
Forecast and Trends
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