NetFinance Webinar Provided Great Insight into Changing Demographics of Banking Customers

By Richard Simons, CEO, Creative Virtual USA

On December 10th, I participated in the NetFinance webinar “Understanding The New Consumer Journey To Design Your Touch Points & Create A Consistent Experience Across All Channels.” This was a new and exciting opportunity to work with Javelin Research & Strategy and discuss some of the new research coming out on mobile banking and the changing trends in customer demographics. Bradley Leimer, VP Online/Mobile Strategy, Mechanics Bank also participated in this fascinating panel, giving his expert insights into what he has seen firsthand in the industry.

Mark Schwanhausser, Director of Omnichannel Financial Services at Javelin went into depth discussing the profiles of various consumers and how they interact with banks. For example, I was surprised to learn how sizable the group of consumers is who are still nervous about banking on mobile devices. It used to be consumers had to wait for their monthly bank statements to arrive in the mail to check on their accounts and monitor any potential cases of fraud. Those days are gone though, with mobile banking allowing transactions to be performed and processed on a smartphone, allowing the consumer to always have the ability to monitor account status. Javelin’s research is encouraging consumers to redefine their personal security in the mobile banking environment by focusing on prevention of fraud, not just detection and resolution. This is an important shift that puts a great emphasis on the anytime banking and monitoring of mobile.Mobile banking and finance concept

Schwanhausser also discussed the importance of catering to the Moneyhawk™ demographic. Moneyhawks are defined by their use of three critical banking services, which include using online banking, bank bill paying and mobile banking in the past 30 days at their primary financial institutions.  Approximately 19% of consumers fall into this segment, which we discussed in the webinar as being a critical group that will shape banking in America in the coming years. Moneyhawks are profitable consumers that prefer cost-effective digital channels. Intelligent virtual agents are a perfect match for meeting the demands of this group because of their ability to communicate consistent messaging across channels and decrease the amount of channel switching, allowing users to stay in their preferred self-service environment. As 2013 draws to a close, I am excited to see how mobile banking in 2014 evolves.

I wanted to give a big Thank You to both Mark and Brad for participating in this webinar. In case you missed it, click here to access the full NetFinance webinar.

Hello Again Mumbai! Fun Facts We’ve Learned Along the Way

By Chris Ezekiel, Founder & CEO

Creative Virtual is opening new offices in Mumbai, India – a prime epicentre of business and culture that provides grand new opportunities for us and bolsters our international presence. India is also strategically important to us as it’s where we’ve based our product development function. We have a strong local team there under the leadership of Rohit Shrivastava, who brings over two decades of experience in the industry to the position. In July we deployed our first intelligent virtual agent in India, a momentous event celebrated by the entire company. I’ve traveled to India on several occasions and am excited to be visiting the country again this week to meet with the team and attend our launch event on Friday. For those of you who may not know much about Mumbai, here are a few fun facts that you might not have known about this wonderful city.

  1. Mumbai used to be called Bombay until 1995.
  2. Mumbai is India’s largest city and is on track to be the world’s most populated city by the year 2020 rivalling Tokyo. As the commercial and entertainment capital of India, it generates 5% of its GDP.Mumbai
  3. Mumbai is known for the Super Dense Crush Load referring to their overly crowded trains transporting more than 6 million commuters during peak hours. They even have a special railway just for women called The Ladies Specialto help them avoid the Super Dense Crush.
  4. Mumbai likes to party celebrating a host of festivals from Diwali to Good Friday to the Ganesh Chaturthi. In fact, the Bandra Fair, a week long fair commemorating the Nativity of Mary begins 9th September this year.
  5. Cricket is the most popular sport followed by football (or soccer to our American readers) and derby races. It boasts 2 cricket stadiums where they hosted the 2011 World Cup.
  6. Bollywood (a blend of Bombay and Hollywood) was born in Mumbai which cranks out 150-200 films per year.
  7. Mumbai is built on what was once an archipelago of seven islands.

The past few years have marked new milestones as we add offices across the globe. So where can you find Creative Virtual? Our headquarters are in the UK with offices and partnerships in Australia, North America, Netherlands, Singapore, and as you know, India. We’ll be adding a few other territories in the near future so stay tuned. We’re popping up virtually everywhere!