ACI Worldwide software powers electronic transactions for financial institutions, processors and retailers around the world - all the time, without fail. http://www.aciworldwide.com/products-and-services/wholesale-payments/online-and-mobile-banking/mobile-channel-manager.aspx
As mobile continues on the fast track, mobile bill presentment and payment across web, apps and text has transitioned from optional features to essential components of a successful billing and payment strategy, and organizations are quickly realizing the importance of providing optimal mobile services. Implementing a mobile billing and payment system is an essential step toward meeting increasing customer demands. Ultimately though, the mobile capabilities and how effectively they are deployed are what will determine whether or not the mobile billing system is perceived as exceptional or inadequate.
I don't know if you and our guests have seen the news recently, reporting how Smartphone adoption has reached about 60% of the population so far, and how tablets like iPads and so forth are owned by about 1/3 of all households in the US. That's quite a level of adoption over a relatively short period of time. It's pretty amazing in terms of what it's done. It seems to me that what gets missed a lot, in terms of a lot of that news, is how these devices have changed our behaviors and changed how we've communicated.
The New York Times picked up on this recently with an article called 'Attached to Technology and Paying the Price' and how all this computer time that we spend online and attached to these devices have really changed our behaviors, our attitudes, and how we think. This is probably a little small, this screen. I don't know if you can see it. I'm not sure you can see the guy's iPad, so let me enlarge that for you to give you a better understanding. There you go. I got to tell you, I bought my wife an iPad a couple years ago and I haven't had to talk to her in 2 years. It's great technology. I love it. Just kidding, of course. I do want to really emphasis today and talk about how these mobile devices are changing behaviors, specifically in terms of how consumers pay their bills.
Really from your perspective as billers, understand why you need to participate in shaping a new mobile customer experience. To help me play out this theme a little bit, what I'm going to do over the next 15 or 20 minutes or so is address 3 questions and talk a little bit about what consumers are doing with mobile devices and the mobile channel. I'll share with you some research that we've done recently, in terms of how large billers are responding to this change in behaviors, and then talk a little bit about why this is so important and why shaping a new mobile experience is important. Then I'll turn things back over to Phil, who'll talk a little bit more about how to actually make that happen.
IK Group, the firm I work for, is a research and advisory firm based in Boston. We focus on the financial services industry and do a lot of consumer research about how consumers interact with technology as they manage their finances and pay their bills. When we contacted consumers recently, we found that, probably not surprisingly, that many consumers are using their mobile devices to check account balances. Not just bank account, but their credit cards and access other types of accounts as well, with the various providers they do business with because of the convenience of it. We did find, however, that there are significant differences of this utilization by age. Among Gen Y'ers who own a Smartphone, nearly 2/3 of them are checking their account balances using that device. The percentage of other consumers that own a Smartphone and use that device it goes down a bit to about 1/3, to about 3 out of 10 Gen X'ers, or Baby Boomers. Consumers over the age of 65, even if they own a Smartphone, tend to not use that phone to check their account balances.
From a tablet perspective, as tablets become more popular, I would expect these numbers to go up. Among the Gen Y'ers who own a tablet, about 4 out of 10 use that device to check account balances. About 1/3 of Gen X'ers who own a tablet are using it to check account balances; about 1 out of 5 Boomers.
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The problem is not that Facebook and Google are the only advertising platforms. The problem is that they are considered mainstream media and without these two, the trend of cryptocurrencies gaining legitimacy is delayed. That is right, I said delayed not blocked or prevented.
The World Has Changed.
Five years ago, when bitcoin was unknown to most people, this might have been a fatal move. Today is a different story. I recently traveled to a remote mountain town in the interior of Mexico. Everyone I met had heard about Bitcoin and eyes lit up with excitement when I ask if I could pay for lunch with bitcoin.
Today are dozens of websites dedicated to cryptocurrencies, either holding them, exchanging them or just writing about them. Probably the most effective advertising remains on Google, it is called Google Search and it is free.
If someone wants to learn about owning bitcoin or any other currency, there is a ton of educational information.
The Flipside Is Being Ignored.
Not All Regulation Is Inherently Bad.
If we examine the full spectrum of regulation to this point on a global scale there is one common target most everywhere. That is the practice of exchanges. So far there has been little or not regulation, threatened or enacted, to protect investors from loss of funds due to security breaches.
Capitulation Is A Good Sign.