It’s Friday, so we should have some fun.
Unfortunately, it’s both a bit of fun and a bit of a challenge.
The challenge is how to differentiate the bank?
That’s always been a challenge.
Most banks reckon that they don’t need to differentiate the bank because once you’ve got a customer, you’ve got them for life.
But some banks reckon that this olde worlde view of banking is disintegrating and that Gen Y and beyond are far more challenging.
For example, in the latest BAI Strategies, US research firm Market Rates talks about the age divide for channel preferences.
The firm finds:
24% of Gen Y consumers, identified as those between the ages of 18 and 35, indicated a branch as their preferred banking method.
25% of Gen X consumers, who are between 36 and 46 years old, are using a branch for their banking services.
38% of seniors aged 67 or over, and 31% of baby boomers, who are between the ages of 47 and 66, do so
This shows a variance of nearly 14% between Gen Y and the oldest group.
Conversely Gen Y has embraced mobile banking as their preferred banking channel to the tune of 6%, followed by Gen X at 4% and baby boomers at 2%. None of the seniors in the study indicated a preference for mobile banking.
I’m surprised the numbers are so small but then noted that 69% of Gen Y, 69%, 68% of Gen X, 65% of baby boomers and 61% of seniors choose online banking as their main channel.
And there’s the rub. The online crowd will move rapidly to the mobile online crowd, and so these last set of numbers will be the mobile bank users in the near term future.
Hence, to differentiate the bank, let’s launch an app, or so the mantra seems to go.
So I then looked at how many apps are on my iTunes store related to banking and found there’s quite a few.
Over 300 in fact (for stats on iTunes apps, see end of blog).
But few show differentiation although there are some.
For example, the ones you have to pay for. Who would pay when most are free?
Maybe the ones that help to save money – finding the best exchange rates – or the ones that provide accounting and budgeting capabilities, or the ones that provide entertainment.
In fact, the one that really stood out for me is the app: Hypnotize your bank manager.
Now that one really rocks.
See if there are any here that stand out for you.
July 2008 - 800
Sept. 2008 - 3,000
April 2009 - 35,000
Sept. 2009 - 85,000
April 2010 - 185,000
June 2010 - 225,000 (8,500 native to iPad)
Nov. 2010 - 400,000 (40,000 native to iPad)
June 2011 - 425,000 (90,000 native to iPad)
Oct. 2011 - 500,000 (140,000 native to iPad)
June 2012 - 650,000 (225,000 native to iPad)
Sept. 2012 - 700,000 (250,000 native to iPad)
Jan. 2013 - 775,000 (300,000 native to iPad)