Interview with Leverage Software (San Francisco - April 08)

While I was in San Francisco to cover FinovateStartup live on NetBanker, I managed to meet with one of the leading providers of social media platforms, Leverage Software.

Interview with Mike Walsh, Founder & CEO of Leverage Software

Related articles on Visible-Banking.com
* Coverage FinovateStartup 08 (San Francisco)
* Coverage Finovate 07 (NYC) 

Banking 2.0 V-News: Focus on Wells Fargo

From my opinion, Wells Fargo is "The" perfect example of how a bank should leverage the web 2.0. Tim Collins, SVP Experiential Marketing, and Ed Terpening, VP Social Media, surely have two of the most exciting jobs in the banking industry!

Back in 2005, Wells Fargo became one of the most innovative banks online when they became the first major bank to have a presence on Second Life.

vSafe: online storage facility
Last week, Wells Fargo announced the launch of v-Safe, another innovative service available online.
 
The service will allow customers to securely store documents such as financial statements, loan and tax documents, wills, passports and birth, marriage and death certificates in an electronically secure centralised location.

In the UK, BT successfully launched its BT Digital Vault service. And O2 is currently extensively promoting its O2 Bluebook service.
WF's goal is surely to increase stickiness, customer retention. Will they also manage to somehow increase the share of wallet of their users?

According to you, is it the role of telcos or banks to help us store our valuable documents?

I welcome another innovative initiative from Wells Fargo, but shouldn't banks focus first on increasing the level of security of online banking? Many customers are still not comfortable with banking online... Are they ready to trust their bank and store non-financial documents online? Won't they see that as another way for banks to profile them?
 
Related articles on Visible Banking
* Wells Fargo 2.0
* Wells Fargo co-Founds "the Blog Council"
* Interview Erik Hauser, Creative Director @ Swivel Media
* CenterStage: Wells Fargo First Consumer-Generated Marketing Program

News on finextra: Wells Fargo's online initiatives
Please note that the list is not exhaustive.

* Wells Fargo unveils online storage service - 20/03/08
* The Blog Council is born with Wells Fargo as co-founder - 10/12/07
* Wells Fargo introduces online workstation for commercial customers - 18/10/07
* Why Wells Fargo left Second Life - 13/06/07
* Wells' Web makeover woos punters and analysts- 25/05/07
* Wells Fargo introduces Webcast series for small businesses - 26/04/07
* Wells Fargo: Adventures in the blogosphere - 30/03/07

Banking 2.0 V-News: the 4 kinds of social media projects

According to me there are 4 kinds of social media projects at a bank. Please find them, sorted from the lowest to the highest risk level:

1. Behind The Firewall (BTF)
Intranet 2.0/Enterprise 2.0 projects: internal wikis, blogs, social network and search.
2. Internet Banking
Accessible from your clients only, in the secure internet banking or via a platform provided by a third party (best time-to-market).
3. B-to-B
Your target: any SME or Entrepreneur. Time is money, those members need to be convinced. It is not in their interest to trash your brand. And they also want to be visible.
4. B-to-C
Your target: anybody / mass market. This is the most challenging kind of projects of all. It is more tricky to reward your members. You may have to deal with malicious activities. But you can always address those challenges with the right moderation process.

Related articles on Visible-Banking.com
Please note that the list is not exhaustive.

1. BTF
* Interview Allon Mason, co-Founder of YouFig
3. B-to-B
* Join2Grow.biz (Fortis)
* small business online community (Bank Of America)
* Interview Catherine Ossemerct, Head of Media-Channels at Fortis
4. B-to-C
* Wells Fargo 2.0
* PickURAdvisor.com (ING)
* YourPointOfView.com (HSBC)
* Interview William Azaroff, Interactive Marketing and Channel Manager at Vancity
* Interview Craig Hepburn, Global Webmaster at STA Travel
* Interview Fergus Hampton, CEO of Millward Brown Precis

Visible Banking launches the "Banking 2.0 V-News" series

I launched Visible Banking back in March 2007... already a year ago. 

In the last 12 months, I have been invited to speak at many conferences in the US and in Europe, I have interviewed many passionate entrepreneurs, I have met with the hottest startups. I have met great people all over the world. What a rewarding experience!

Thanks everybody for your comments and your support.

I am pleased to launch today a new series of video news, "Banking 2.0 V-News" (V for Visible). As you know, I am a huge fan of video interviews and videocasts.

I invite you to give me your feedback. Please do not hesitate to leave your comments!

Tech Tour 07: Interview with Mark Zaleski, Chairman of Dailymotion

I met Mark Zaleski at the European Tech Tour Web and Communities Summit in November 07. Dailymotion, was one of the 25 finalists.

Dailymotion is the number one independent video sharing site in the world. Dailymotion is very popular in France and all the French speaking countries. They have 38 million unique users per month, and 600 million videos viewed every month.

According to one journalist who met the executive team a few months ago, Dailymotion is "the largest company you have never heard of". Indeed, even though Dailymotion is not as famous as YouTube in the US it ranks 34 in the Alexa rankings.

Dailymotion has a few key differentiators:
* localization strategy: with a presence (to date) in France, the US, the UK, Germany and in Spain.
* motion maker program: 20,000 creative content creators approved (to date) with no limitation in terms of length or size of the videos.
* respect of the copyright owners: recently signed the disney principles.

Interview with Mark Zaleski

CenterStage: Wells Fargo First Consumer-Generated Marketing Program

Today I have received an email from Ed Terpening, VP Social Media at Wells Fargo, to let me know that Wells Fargo are launching "Be Center Stage in the Rose Parade", their first Consumer-Generated marketing campaign.

Wells Fargo innovate again: they are the first large financial institution to join that type of contest. I have already expressed my admiration for Wells Fargo (cf my post Wells Fargo 2.0), but again well done to Ed and his team!

Buzz and WOM
Tim Collins, SVP Experiential Marketing at Wells Fargo, and his teams are not only good at launching innovative services or marketing campaigns, but they also know how to generate buzz online.

Earlier today, Ed contacted the key bloggers in the industry: I invite you to check the posts from William Azaroff, Jim Bruene (I look forward to meeting Jim at Finovate 2007 in NYC next week) and Colin Henderson (just to name a few)

Sample video

Wesabe makes the web into a banking platform

If you are not familiar with the trendy Personal Finance space, Wesabe is its most innovative and high profile startup.

A couple of months ago, I wrote an article on Personal Finance: Personal finance: the internet banking 2.0 killer app? I haven't changed my mind, and I still believe Wesabe is one of the best examples of web 2.0, "social networking"/online community and user generated content.

I agree with my colleague, and fellow blogger, James Gardner who said in his excellent post A challenge to Wesabe that he was impressed with the way Wesabe innovate and communicate: "Wesabe are marvellous at letting everyone know when they are doing something new, so hat-tip to them".

I am passionate about online visibility, buzz marketing and word-and-mouth. I would like to congratulate Debbie Pfeifer for her enthusiasm, her videos and her emails.
Debbie, thanks for contacting me prior every new press release!

The title of my post comes from an interesting article by Marc Hedlund, published yesterday on O'Reilly Radar: Making the web into a banking platform (whether they like it or not).

New features
Wesabe recently launched a couple of innovative features:
* a REST API that allows anyone to get their bank or credit card data in XML, Excel, CSV, or a bunch of standard financial formats.
* an OPEN SOURCE FIREFOX EXTENSION that allows anyone to automatically extract data from their bank every night, and upload it to Wesabe, regardless of whether their bank provides automatic download or not.
* IMAGE CAPTURE that allows anyone to easily capture screen images of ecommerce transactions and file them for later reference

Well done Marc and Jason. Keep up the good work!

Other articles of interest
* Wesabe, Billeo Add Image Capture: Is it the Next Must-Have Online Banking Feature? - 25 July 07
* The Wesabe Firefox Uploader - 25 July 07
* One more thing…. Browser Snapshot and file attachments - 25 July 07
* Your bank has a REST API now (shhh! — don’t tell them) - 12 July 07
 
Firefox Uploader: Introduction Screencast
Excellent screencast Debbie. You posted it on YouTube two days ago (24 July 07), and 2,589 people watched it already.

Please check all the Wesabe videos available on YouTube.

first direct interactive

firstdirect interactive: video review on Visible Banking
In February/March 2007, fd launched their fd interactive platform which goal is to enhance the way they communicate with their clients; they want to create a community.

It is an excellent initiative, but even though they use some web 2.0 features such as video & audio podcasts and a RSS feed, the content of the site is still not user generated.

Please find below my video review of the platform.



first direct launched in 1989. It rapidly became the most recommended bank in the uk. It is a direct bank which belongs to the HSBC Group. It was the very first bank in the uk "to open" 24/7.
 
first direct's history of innovations
first direct (fd) is one of the most innovative banks in the UK. They were the first bank to launch a text banking service and they even tried a 3G/UMTS video banking service back in October 2006.

* October 1989 - launched as UK's first telephone bank
* May 1999 - launched the UK's first text banking service
* November 1999 - launched internet banking
* July 2001 - launched its offset mortgage
* April 2004 - launched internet banking plus, aggregation service
* August 2006 - launched webchat service
* October 2006 - tested video banking service with 3
* February 2007 - launched their fd interactive plaftorm


first direct interactive: 7 main categories
There are 7 main sections, from fd podcasts to fd decide.
Some sections cross reference each other such as fd energy & fd virtual forest which both direct to fd podcasts.


I was surprised by how much exposure fd give to their interactive service on their homepage. Based on my experience in online sales at Lloyds TSB, product visibility is critical. Indeed, the homepage, the logon and the logoff pages are the most valuable non-restricted areas of the website to drive sales. first direct allocate up to two tiles to promote its interactive service.

fd podcasts
To date (July 2007), they uploaded 12 podcasts between 28/08/06 and 04/06/07.


* 4 audio podcasts were produced by the Financial Times
* 2 video podcasts

* It is an average of only 1 podcast per month. Unfortunately, you can't leave a comment nor rate the podcasts. You can't see how many people listened or downloaded them.
* Like on YouTube, I would love to be able to recommend the podcasts to a friend. It lacks of "community features".

fd ask
This is a regular FAQ service. There are 4 sections:
* changes to internet banking
* charging information
* mortgages
* behind the scenes

* I don't see the need for flash here. It is simply a list of FAQ with answers. There is usually no call to action, it is simply informative.
* Please note that mortgages is the only product with a dedicated category (and check fd decide!).
* It is just an anecdote, but it is not up-to-date. In the "changes to internet banking" section, there is still a question entitled "why can't I access internet banking with Safari". Whereas fd are proud to advertise on the homepage their new compatibility with Safari...

fd clarity
Providing a few video interviews of satisfied customers is a good idea. I would rather listen to someone I can trust (someone like me or a wellknown expert) than visit a purely "brochureware" website.

 
But how am I supposed to choose from all the friendly faces? The most good looking man or woman?... They should at least add a title or give more information when your cursor is on the pictures: profile, product holding, customer since X years, switcher, credit cards customer?
I selected Jennifer, a first direct customer for 8 years...

* In the text only version of fd interactive, you have access to the list of testimonials per topic (personal loans, credit cards, mortgages, high interest, credit cards, account service, mortgages, firstdirectory, customer services and current account)
* I doubt there is no script: if you listen closely to Jennifer, you will hear "in terms of them not being a high street bank, that's not an issue"...

fd virtual forest
cf my video review.
It is a clever way to communicate a positive image of the company and urge their customers to register to internet banking and their e-statements service.
Online, most sales are coming from the internet banking customers...

fd magic bus
cf my video review.




fd energy
cf my video review.



 
fd decide
One of the most interesting services on fd interactive. It is a kind of "deep dive" approach.

Mortgages are traditionally products which are complex, it is a lot of money and a significant commitment for customers. They usually want to talk to a professional. But more and more banks are providing at least a partial online application process. In their search for value, and as part of their integrated channels strategy, banks want to convert more and more customers online.

Qo is a kind of virtual assistant/advisor or advanced product selector which guides the customers: it identifies the 2 most suitable products, it guides you to the right pages on the website and it provides the right telephone numbers.

After the first question (remortgaging or new mortgage), it is a 6 step process. Qo asks you a set of fairly generic questions. During the process, it gives you some info and advice.
 
Well done first direct. It is another very interesting experiment, even tough I didn't find it that useful. It merely lists the allegedly two most suitable products, and it directs you to the mortgages category page.
You still need to better understand the products, and I wouldn't start the online application process before speaking with an expert.

I can only assume what first direct goal was with this service. I would love to find out:
* How many people start the fd decide process?
* Of those, how many answer all the questions?
* What was the uplift in terms of start of online application or volume of calls to a dedicated number?
* What is the next level for fd decide?

Key stats about first direct (July 2007)
* first direct has 1.2 million customers
* 885,000 of them use internet banking
* 390,000 customers use SMS text message banking.
* 43% of first direct's sales are via e-channels
* 80% of customer contact with first direct is electronic
 
Find more about firstdirect.

TV ad for BBL eBanking in Belgium

Please find below a TV ad for BBL eBanking service in Belgium (in French).

They promote the availability of the service (24/7/365), the security and the comfort of internet banking as well as the benefits of e-statements.

Visible Banking News #11

On regular basis (ideally weekly), I will post a list of key news on web 2.0 & Banking.
As usual, please do not hesitate to get back to me with you remarks, or with any article I missed!

NEWS - 18 June 2007 to 01 July 2007

BLOGGING
* Comparasites - 28 June 07
* Can banks ever be cool - 27 June 07
* Entertainment Access Spotlight | American Express blog - 25 June 07
* Particpating in online blog conversations is not useful #@ - 25 June 07
* My Fave Five Banking Industry Blogs (B2B) - 25 June 07
* In blogs we trust - 22 June 07

CUSTOMER EXPERIENCE
* Lack of a clear customer experience strategy forms largest obstacle! - 25 June 07
* Turning Customer Experience Into A Competitive Weapon - 25 June 07
* “Don’t Let Someone Else Take the Chance to Educate Your Customers” - 22 June 07

EVENTS
* Conference Notebook: SourceMedia's Mobile Commerce Summit - 20 June 07

FRAUD
* Banks should have their own secure domain - 01 July 07
* Unparalleled onslaught against online banking taking place - 01 July 07
* First National Bank of South Africa goes two-factor with Vanguard - 26 June 07
* China UnionPay and Arcot form Internet fraud prevention partnership - 27 June 07
* First National Bank of South Africa goes two-factor with Vanguard - 26 June 07
* Mobile Identity Theft Protection from Intersections - 21 June 07
* The sign of the Black Horse - 15 June 07

INTERNATIONAL
* Holland | 54 % of the customers do not visit their bank branch - 20 June 07

LAUNCHES
* Northwest Airlines Lets Customers Pay With PayPal - 29 June 07
* New Direct Bank: Element Financial from Irwin Union Bank - 28 June 07
* Top Banks Plan to Introduce Expedited Bill Payments - 21 June 07

MARKETING
* US adult opinions about advertising methods - 28 June 07
* Brand matters |Sapient - 26 June 07

MOBILE BANKING
* CNBC Explores the Growing Mobile Banking Space - 29 June 07
* Wells Fargo, Visa Test Pay-by-Phone - 28 June 07
* Upwardly Mobile in Vietnam - 28 June 07
* Citi Goes Mass Market With Its Mobile Banking Application - 22 June 07
* Verizon Rolls Out Obopay's Mobile Payment System to 60 Million Subscribers - 20 June 07
* Do You Know the Mobey Forum? - 18 June 07

NEWS
* Financial Web Site Considering $2 Bllion IPO - 29 June 07

PERSONAL FINANCE
* Wesabe closes $4m financing - 20 June 07
* Why Union Square picked Wesabe - 21 June 07
* Venture Funding Flows to Wesabe and Prosper; Wesabe Launches on Facebook - 20 June 07
* Wesabe announces that the company closed a $4 million Series A round - 20 June 07

REPORTS
* Understanding the real impact of online financial services - 26 June 07
* US financial firms failing online customers - study - 26 June 07
* Forrester | ‘Experience Based Differentiation’ - 25 June 07
* Online account opening is difficult to automate - 23 June 07

RESOURCES
* Direct Banks born from retail part 1 - 28 June 07

SECOND LIFE
* BNP Paribas recruit staff in Second Life - 18 June 07

SOCIAL LENDING
* FaceBooks Lendingclub surpasses $100K loans in first two weeks - 20 June 07
* Prosper raises another $20 million - 20 June 07

SOCIAL NETWORKING
* Why Banks are vulnerable in the long run, to social networking - 28 June 07
* Friends Reunited adds Paypal - 27 June 07
* Thoughts on Social Network evolution - 22 june 07
* PayPal Launches on Facebook: Who Wants to be the First Bank? - 22 June 07

SURVEYS
* Benchmark globally, diferentiate locally - 26 June 07
* 71% in the UK saying they do not trust their banks (Unisys) - 21 June 07

VENDORS
* MFoundry adds support for Apple's iPhone - 28 June 07
* Tyfone Launches Harmony, a Secure Mobile Financial Services Communications Platform - 27 June 07
* A&L looks to Verticalnet for procurement savings - 27 June 07
* TriCipher enhances online protection package - 27 June 07
* ViVOtech and mFoundry team on mobile banking - 25 June 07
* Proformance unveils e-signature technology - 25 June 07
* Tyfone releases mobile financial services communications platform - 26 June 07
* KeyBank to Deploy Web Analytics Software - 20 June 07
* Fifth Third implements Fiserv Imagesoft Nautilus for mortgage processing - 20 June 07

VIDEOS
* ING Direct's Man on a Mission - 26 June 07
* Technology Credit Union's YouTube Page - 20 June 07
* Citi Mobile on National Television - 20 June 07

WEB 2.0
* China embracing the web and 2.0 - 19 June 07