US Bank works on instant shopping app

US Bank is working on a new app that will enable consumers to use their mobile handsets to capture and buy products that they chance upon during their day-to-day lives.

Using the eyes and ears of a mobile device, shoppers who see something they want to buy in a magazine, or hear an ad on the radio or TV, can use their mobile device to instantly capture, price and purchase the item, or save it to a wish list.

The bank has released a video that conceptualises what the experience will look like in the future.

Related Companies

US Bank

Channels

Retail banking Payments

Keywords

Innovation Mobile & online banking

Comments: (4)

A Finextra member 20 December, 2013, 09:35

Be the first to give this comment the thumbs up

0 likes

We've seen something similar to this in the UK, simply tap. The problem is the practicality of the service in terms of delivery for a business selling the products etc. It was that challenge along with a few others (including competitive selling from the market place) that meant simply tap amounted to next to nothing here in the UK.

The concept is great, the implementation and delivery isnt the right way for businesses to embrace and use IMHO.

Report abuse

A Finextra member 20 December, 2013, 10:18

0 likes

I s'pose that if you've got enough money and are happy to buy it without physically seeing it (or being prepared to return it if not suitable), then it might work. Seems like an interesting concept that will have limited appeal.

Report abuse

A Finextra member 20 December, 2013, 13:39

0 likes

There are specific applications where this coudl work well - e.g. the audio watermark recognition could be used for music downloads.

Report abuse

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 23 December, 2013, 15:49

0 likes

Shazam for Everything? RedLaser Without Barcode?? These popular mobile apps have proved that that impulse purchase works quite well in music, TV shows and books among other things. If US BANK does a good job of "curating" the right category of products and puts together a compelling business model, this could turn out to be a winner. However, it might also face unpleasant questions from its shareholders about why a bank is getting into sales of headphones, songs and TV shows.