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Live blog - M-commerce, what do consumers want from financial institutions?

17 July 2013  |  7332 views  |  0 Man holding smartphone

The Future Foundation, along with Monitise, showcased their new report M-commerce: What consumers want from financial institutions at the Oxo Tower in London Wednesday. Finextra was there to live blog the event. You can also follow along on the hashtag #mcommerce.

The research showed that 57% of UK smartphone users would feel more confident buying goods and services by mobile if they could use apps provided by their bank.

Consensus from the panel is that consumers want the security they get from their bank when making mobile purchases, especially large purchases. But ease of use, seen clearly in some of the retail sector is also prized. How banks combine those two isn't clear. However, there was also strong evidence on how mobile banking and payments work between families. Enabling the 'Bank of Mum and Dad' to support children and teenagers. Data privacy also reared its head. Consumers are happy with vouchers and loyalty schemes from the retail sector. How can banks get in on the act without looking 'clumsy' is the main question. We'll leave you with this statement from Ben Green of Santander.

11:00: Short, but sweet. Discussions are over and networking has started here at the Oxo Tower.

10.55: Q from audience: I would love to use my banking app to do all my online shopping - it is independent, it is secure - but I'm not doing that - When is this going to happen? Alzetta: Visa is launching a V.Me app for retailers in the UK soon. Green: There are 10 million mobile banking customers in the UK - but they are all at different levels. The need a 'nudge' to allow them to move to purchases. Banks are slow to recognise how to do that 'nudge'. But I think we will see some few 'fledgling steps, later on this year."

10.51: Green: We, as a community, have not invested enough time making mPos a workable model for small businesses and tradesmen. There is a lot of work to be done in the UK before we get SMEs using mobile checkout in greater numbers.

10.48: Panel are discussing 'data privacy' issues. Andrews: Data needs to use in a subtle way and not a clumsy way. Consumers don't want to feel they are being watched.

10.41: Green: Banks need to be able to 'key into the emotion' of personal finance. They need to understand the implication of why people check balances.

10.37: Comment from the panel. One of the reasons why 'payments innovation is slow is because everything needs to be inter-operable. Cash can be used everywhere.

10.35: Andrews: Waiting for a one-size-fits-all payments winner is not a good idea.

10.32: Alzetta from Visa discussing the different types of payments that are now available for consumers: "We have an interest in NFC, but not exclusively. Just now, we haven't seen anything, from a consumer perspective, that is better [than NFC]. It is so easy. The technology is there.

10.23: Q: Is there a 'silver bullet' roadmap for banks? Green: The roadmap for banks is to make sure consumers can bank anywhere. Alzetta: One of the keys is getting contactless cards out the door. That is a stepping stone to mobile purchases.

10.19: Q: How are the generational changes affecting digital money. The younger digital natives and the 'grandparents'? Ensor: Does a 15 year old or a 19 year old 'need' bank - those questions are starting and needing to be asked by banks. Green: I say, the younger generation, are 'already' banking customers. P2P payments are between families. The 'bank of Mum and Dad'.

10.10: Q for the panel. How can a bank brand expand into the commerce space? Green: Santander: The morning 'balance check-in' for the customer is important. Banks need to make the bank brand part of a consumers day to day purchases. The 'emotional' connection with the brand is secondary. Ensor, Forrester: The companies that succeed isn't always the 'big brands' it is how you deliver complex products to consumers in a simple way. Alzetta, Visa Europe: Hitting the dual needs of consumers who want 'easy to use' yet 'secure' apps. Andrews, Additive Agency: Banks role in helping you 'make the most of your money' can be extended into 'here are good things to buy' It isn't straight forward, but can be done.

10.10: Panel discussion with:

  • Sandra Alzetta, SVP at Visa Europe
  • Ben Green, Head of Mobile at Santander
  • Benjamin Ensor, Research Director at Forrester
  • Simon Andrews, CEO at Additive Agency
A quarter of those surveyed don't seem to have an issue with data privacy.

10:02: Clarke is going through what banks needs to deliver to meet the demands laid out the the Future Foundation research. Those things include apps that are secure and easy to use. Sounds so simple. But what are the challenges banks face between security and ease of use or data privacy and value added services? Hopefully those questions will be discussed during the panel. Ginette is in favour of distruption.

09.56: Clarke: Mobile changes the nature of the purchase. Mobile means consumers have more information, recommendations, loyalty schemes. It is 'disruptive' to traditional marketing and sales thought.

09.52: The survey also found that consumers were more willing to buy higher value items via their smartphones if the application was managed by their bank. <==Banks are still trusted - will banks take advantage of that or 'blow it'?

09.50: According to the survey 48% of UK smartphone users, compared to 54% in Germany and 53% in Spain had a 'desire to manage their finances on one's phone.

09.40: Presentation of research findings by Barry Clarke, Research Author at Future Foundation

The Future Foundation research focused on smartphone users only. That was deliberate, says Clarke. Also, they research included users over 65 years of age. "That is why 'our numbers may seem lower' than what you've seen before," says Clarke. Including the 'oldies' - good plan. Consumers don't need to 'go somewhere' to connect anymore. We are always on. The power doesn't sit with the brands anymore, it sits with the consumer, says Clarke.

09:45: "One of the things we come back to time and time again is the importance of the 'family unit'," says Clarke. P2P payments between families came up high in the survey.

09.30: Introduction by Monitise CEO Alastair Lukies

Monitise CEO opens the event comparing the battle for mobile money to the battle for middle earth. We're now looking for Orks ;-)

09.00: Registration and breakfast

10.40: Audience Q&A

11.00: Event closes

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