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Mapa insightseries buildingpfm-brochure-jul15

Mapa International Limited
Mapa International Limited

The document summarizes a report by Mapa Insight Series on building mobile personal financial management (PFM) with mass market appeal. It highlights key developments by banks and vendors in the mobile PFM space over the last year. The report methodology included analyzing mobile banking functionality from over 200 live bank accounts and research on traditional and non-bank players. It provides insights on trends in the market and vendor perspectives to help with strategic planning.

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Mapa Insight Series Find out more about our research: www.maparesearch.com/research PFM Insight Series: Building Mobile PFM with Mass Market Appeal
息 Mapa Research July 2015Page 2 Objectives The key objectives of the research was to: Highlight key developments implemented by banks in the mobile PFM space over the last twelve months Summarise what leading vendors have accomplished over the last 12 months and where they see the market going Pinpoint key trends and provide forward looking insights This report will feed into internal planning processes by providing strategical understanding of what is happening in the marketplace. Furthermore innovative examples and approaches can be used to gain inspiration as well as strengthening existing business cases. Methodology Mapa conducts regular exercises in analysing mobile banking functionality and as a result have developed a deep knowledge of mobile PFM develpoments. We have used this knowledge in addition to our portfolio of around 200 live bank accounts and top level research across additional providers including both traditional and non-bank players. All our findings have been summarised in this report to provide in-depth insight into the current state of the market and our insights into what is to come. We would also like to thank three vendors, Strands, MX and Figlo for their time and inputs, which are highlighted in the Vendor Insights section and throughout the report. Objectives & Methodology Chapters covered We start with an introduction and insights into mobile PFM developments by Jim Marous. The executive summary provides you with a quick digest of the key findings from the report. In Chapter 1 insight from three market leading vendors highlighting what they have been busy working on and where they see the market going. In Chapter 2 we take a look at some of the stand out PFM features and platforms that were launched by banks over the past 12 months. In Chapter 3 we take a deep dove look at a selection of non- bank mobile PFM offerings. Finally we summarise and report our conclusions. Whats next? Please make sure to look at the list of coming reports for the 2015 Mapa Insight Series (see end of this report). Next we focus on sales mobile banking. Stay tuned! A
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Page 4 息 Mapa Research July 2015 Ikano Bank (SE): Launched the savings app Spara ihop in January. It is a stand alone app and allow users to save towards a joint savings goal by inviting friends. Creating a savings goal is quick and easy where users name the savings goal, add a picture, and set final date and amount. Customers must login with their own account number, and can choose to share their personal account details with connections or friends can all save individually towards a common goal. 2 Startpage Set up savings goal including set up of standing order See friends who contribute towards the savings goal Savings goal achieved A unique app that fosters engagement between social groups and the bank to encourage individuals to take action in order to achieve a shared goal. Banks: Standalone App
Page 5 息 Mapa Research July 2015 Disruptor: Tink3 Tink (SE) launched an ID-check in mid May - a free monitoring service aimed at helping customers detect ID and card fraud. In order to activate the service, the user agrees for Tink to collect data from public registers, as well as third party companies such as credit providers. If anything unusual occurs, the user receives information of the registered activity, and they can then decide themselves whether it is something they would like to follow up with or not. If a new activity occur, the user gets a notification under each respective category. Identity and Ownership, Remarks, Credit- checks, Account events If a notification occur, the user can verify the data as Incorrect or Correct ID check is now activated. Verify the data. We will message you if anything unusual occurs. Tink featured as a case study in our 2014 report. This is their newest update from June 2015. While the app was only launched in 2013 as a pure PFM concept app, this tool takes it to the next level for customer engagement and trust. It shows the possibilities of leading with a PFM-centric strategy ;and that money management should be at the heart of the customer mobile proposition.
Page 6 息 Mapa Research July 2015 Disruptor: Moven3 Moven (US) recently announced at Finovate that upcoming features in the mobile app will help customers save through gamification and behavioural design both on mobile and on wearables. Below are some of the new features: Lock Away Savings prompts to encourage users to save extra money when they are below their usual spending patterns. Users can set up a visual wish list of items to save, with the option to link it directly to their Pinterest Board. When a user wants to spend from their savings account they tap the app interface three times to simulate breaking the glass. An example of gamification of user experience to differentiate an ordinary task such as withdrawing money, as well as encouraging good savings behaviour. The Lock away savings feature is also available on the Apple Watch. More information can be found here: http://bit.ly/1FCVhZu Break the Glass to Unlock Savings Users have to tap on the app three times to access their money Lock Away Savings prompts available on the Apple Watch Customers are notified when they have enough money in the green to start saving
Page 7 息 Mapa Research July 2015 MXs (US) MoneyMobile app was developed for personal financial management. The app is a standout example of visualising financial data via patent pending Bubble Budgets which allow users to easily determine each budgets significance relative to other budgets (according to its size), its health (according to its colour), and spending progress (internal meter). Vendors: MX3 Key Highlights Users need to have the MX MoneyDesktop account to use MoneyMobile app The app was launched in late 2012 with the initial version of Bubble Budgets After multiple updates, the Version 2 of the app was released in February 2015 with brand new look and layout, left in budget, spending vs. income features
4. Mapa Insight Series: Report Schedule 2015 Page 8
Page 9 息 Mapa Research July 2015 Mapa Insight Series: Report Schedule 2015 1. Tablet Banking Series 7th edition: A deep dive into five standout initiatives Published: February 2. SME Banking: How to win share through successful differentiation Published: March 3. Mobile Banking Series: How to successfully implement increased app functionality Published: April 4. Bank Disruption: Assessing the Disruptive Threat in Retail Banking Published: May 5. PFM Insight Series: Building PFM With Mass Market Appeal Published: July 6. Mobile Banking Series: State Of The Market 2015 Part 2 Due: July 7. The Digitization Of The Branch Due: August 8. The Promise Of Wearables: An Internet Of Things In Banking Due: September 9. An Engagement Banking Master Class Due: October 10. Digital Banking Security Insight Series, 4th Edition Due: November 11. Ten Things Digital Teams Should Do In 2016 Due: December
息 Mapa Research July 2015Page 10 Contact Details Author Katrina Elliott Consultant katrina@maparesearch.com Katie Nachshon Research Manager katie.nachshon@maparesearch.com Management Mark Pavan Managing Director mark@maparesearch.com Gregor McKelvie Managing Director gregor@maparesearch.com Ross Methven Director of Client Services ross.methven@maparesearch.com Mapa Research HQ 4th floor 101-102 Turnmill street London EC1M 5QP Tel: +44 207 566 3940 www.maparesearch.com Subscription and Consultancy Enquiries Ross Methven Director of Client Services ross.methven@maparesearch.com Meaghan Johnson Associate Director, Consultancy meaghan@maparesearch.com International Offices Asia Pacific Ross Methven Director of Client Services ross.methven@maparesearch.com Nordic Gustavslundsv辰gen 143 5tr 167 51 Stockholm Sweden Tel: +46 (0)8 509 074 05 nordics@maparesearch.com UK Offices The Watchtower St Cuthbert's Churchyard 7A Lothian Road Edinburgh EH1 2EP Tel: +44 (0)7710 305 112 ross.methven@maparesearch.com
息 Mapa Research July 2015Page 11 OUR CLIENTS About Mapa Use our social media resources to keep ahead of the game Subscribe to our RSS feed www.maparesearch.com/news/rss Follow what we are saying on Twitter www.twitter.com/maparesearch Join our LinkedIn Group: Digital Banking Innovation Subscribe to our free e-newsletter Mapa Market Monitor http://www.maparesearch.com/news Like us on Facebook! Or just see what is new in Mapa Research @

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Mapa insightseries buildingpfm-brochure-jul15

  • 1. Mapa Insight Series Find out more about our research: www.maparesearch.com/research PFM Insight Series: Building Mobile PFM with Mass Market Appeal
  • 2. 息 Mapa Research July 2015Page 2 Objectives The key objectives of the research was to: Highlight key developments implemented by banks in the mobile PFM space over the last twelve months Summarise what leading vendors have accomplished over the last 12 months and where they see the market going Pinpoint key trends and provide forward looking insights This report will feed into internal planning processes by providing strategical understanding of what is happening in the marketplace. Furthermore innovative examples and approaches can be used to gain inspiration as well as strengthening existing business cases. Methodology Mapa conducts regular exercises in analysing mobile banking functionality and as a result have developed a deep knowledge of mobile PFM develpoments. We have used this knowledge in addition to our portfolio of around 200 live bank accounts and top level research across additional providers including both traditional and non-bank players. All our findings have been summarised in this report to provide in-depth insight into the current state of the market and our insights into what is to come. We would also like to thank three vendors, Strands, MX and Figlo for their time and inputs, which are highlighted in the Vendor Insights section and throughout the report. Objectives & Methodology Chapters covered We start with an introduction and insights into mobile PFM developments by Jim Marous. The executive summary provides you with a quick digest of the key findings from the report. In Chapter 1 insight from three market leading vendors highlighting what they have been busy working on and where they see the market going. In Chapter 2 we take a look at some of the stand out PFM features and platforms that were launched by banks over the past 12 months. In Chapter 3 we take a deep dove look at a selection of non- bank mobile PFM offerings. Finally we summarise and report our conclusions. Whats next? Please make sure to look at the list of coming reports for the 2015 Mapa Insight Series (see end of this report). Next we focus on sales mobile banking. Stay tuned! A
  • 4. Page 4 息 Mapa Research July 2015 Ikano Bank (SE): Launched the savings app Spara ihop in January. It is a stand alone app and allow users to save towards a joint savings goal by inviting friends. Creating a savings goal is quick and easy where users name the savings goal, add a picture, and set final date and amount. Customers must login with their own account number, and can choose to share their personal account details with connections or friends can all save individually towards a common goal. 2 Startpage Set up savings goal including set up of standing order See friends who contribute towards the savings goal Savings goal achieved A unique app that fosters engagement between social groups and the bank to encourage individuals to take action in order to achieve a shared goal. Banks: Standalone App
  • 5. Page 5 息 Mapa Research July 2015 Disruptor: Tink3 Tink (SE) launched an ID-check in mid May - a free monitoring service aimed at helping customers detect ID and card fraud. In order to activate the service, the user agrees for Tink to collect data from public registers, as well as third party companies such as credit providers. If anything unusual occurs, the user receives information of the registered activity, and they can then decide themselves whether it is something they would like to follow up with or not. If a new activity occur, the user gets a notification under each respective category. Identity and Ownership, Remarks, Credit- checks, Account events If a notification occur, the user can verify the data as Incorrect or Correct ID check is now activated. Verify the data. We will message you if anything unusual occurs. Tink featured as a case study in our 2014 report. This is their newest update from June 2015. While the app was only launched in 2013 as a pure PFM concept app, this tool takes it to the next level for customer engagement and trust. It shows the possibilities of leading with a PFM-centric strategy ;and that money management should be at the heart of the customer mobile proposition.
  • 6. Page 6 息 Mapa Research July 2015 Disruptor: Moven3 Moven (US) recently announced at Finovate that upcoming features in the mobile app will help customers save through gamification and behavioural design both on mobile and on wearables. Below are some of the new features: Lock Away Savings prompts to encourage users to save extra money when they are below their usual spending patterns. Users can set up a visual wish list of items to save, with the option to link it directly to their Pinterest Board. When a user wants to spend from their savings account they tap the app interface three times to simulate breaking the glass. An example of gamification of user experience to differentiate an ordinary task such as withdrawing money, as well as encouraging good savings behaviour. The Lock away savings feature is also available on the Apple Watch. More information can be found here: http://bit.ly/1FCVhZu Break the Glass to Unlock Savings Users have to tap on the app three times to access their money Lock Away Savings prompts available on the Apple Watch Customers are notified when they have enough money in the green to start saving
  • 7. Page 7 息 Mapa Research July 2015 MXs (US) MoneyMobile app was developed for personal financial management. The app is a standout example of visualising financial data via patent pending Bubble Budgets which allow users to easily determine each budgets significance relative to other budgets (according to its size), its health (according to its colour), and spending progress (internal meter). Vendors: MX3 Key Highlights Users need to have the MX MoneyDesktop account to use MoneyMobile app The app was launched in late 2012 with the initial version of Bubble Budgets After multiple updates, the Version 2 of the app was released in February 2015 with brand new look and layout, left in budget, spending vs. income features
  • 8. 4. Mapa Insight Series: Report Schedule 2015 Page 8
  • 9. Page 9 息 Mapa Research July 2015 Mapa Insight Series: Report Schedule 2015 1. Tablet Banking Series 7th edition: A deep dive into five standout initiatives Published: February 2. SME Banking: How to win share through successful differentiation Published: March 3. Mobile Banking Series: How to successfully implement increased app functionality Published: April 4. Bank Disruption: Assessing the Disruptive Threat in Retail Banking Published: May 5. PFM Insight Series: Building PFM With Mass Market Appeal Published: July 6. Mobile Banking Series: State Of The Market 2015 Part 2 Due: July 7. The Digitization Of The Branch Due: August 8. The Promise Of Wearables: An Internet Of Things In Banking Due: September 9. An Engagement Banking Master Class Due: October 10. Digital Banking Security Insight Series, 4th Edition Due: November 11. Ten Things Digital Teams Should Do In 2016 Due: December
  • 10. 息 Mapa Research July 2015Page 10 Contact Details Author Katrina Elliott Consultant katrina@maparesearch.com Katie Nachshon Research Manager katie.nachshon@maparesearch.com Management Mark Pavan Managing Director mark@maparesearch.com Gregor McKelvie Managing Director gregor@maparesearch.com Ross Methven Director of Client Services ross.methven@maparesearch.com Mapa Research HQ 4th floor 101-102 Turnmill street London EC1M 5QP Tel: +44 207 566 3940 www.maparesearch.com Subscription and Consultancy Enquiries Ross Methven Director of Client Services ross.methven@maparesearch.com Meaghan Johnson Associate Director, Consultancy meaghan@maparesearch.com International Offices Asia Pacific Ross Methven Director of Client Services ross.methven@maparesearch.com Nordic Gustavslundsv辰gen 143 5tr 167 51 Stockholm Sweden Tel: +46 (0)8 509 074 05 nordics@maparesearch.com UK Offices The Watchtower St Cuthbert's Churchyard 7A Lothian Road Edinburgh EH1 2EP Tel: +44 (0)7710 305 112 ross.methven@maparesearch.com
  • 11. 息 Mapa Research July 2015Page 11 OUR CLIENTS About Mapa Use our social media resources to keep ahead of the game Subscribe to our RSS feed www.maparesearch.com/news/rss Follow what we are saying on Twitter www.twitter.com/maparesearch Join our LinkedIn Group: Digital Banking Innovation Subscribe to our free e-newsletter Mapa Market Monitor http://www.maparesearch.com/news Like us on Facebook! Or just see what is new in Mapa Research @