Payments in the Web 2.0 Paradigm Chicago Fed Payments Conference - - PowerPoint PPT Presentation

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Payments in the Web 2.0 Paradigm Chicago Fed Payments Conference - - PowerPoint PPT Presentation

Feb 21, 2024 244 likes •435 views

Payments in the Web 2.0 Paradigm Chicago Fed Payments Conference 14 May 2009 Chicago, IL Steve MottPrincipal, BetterBuyDesign 1 Key Messages 1. Changing consumer demographics weighs heavily toward social networks as ultimate venue for

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Payments in the Web 2.0 Paradigm

Chicago Fed Payments Conference 14 May 2009 Chicago, IL Steve Mott—Principal, BetterBuyDesign

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Key Messages

  • 1. Changing consumer demographics weighs heavily

toward social networks as ultimate venue for transacting

  • 2. Social networks are the next stage of technology

upheaval of markets; payments will become embedded, transparent and integrated with other consumer utilities; conventional payment brands will begin to dissolve

  • 3. Example: How newspapers hope to re-invent their

business model and economics via social networking

  • 4. Mobile connecting will drive behavior with respect to

financial services and payments

  • 5. Financial institutions appear to be missing the boat in

mobile banking—a linchpin for GenY transacting in the future

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  • 1. Changing Consumer Demographics

Mobile Bankers by Demographic Cohort

64% 26% 9% 1%

Online Bankers by Demographic Cohort

9% 24% 58% 11% GenY GenX Boomer Veterans Source: BBD Client Analysis, 2008

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Consumer interest in mobile purchases

  • Q. Would you consider making purchases with your cell phone?

Source: Aite Group

40% 19% 19% 9%

Gen Y Gen X Boomer Senior

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Marketing Related Services Infrastructure-Based Services Marketing-oriented Services Web 2.0 Applications Merchant Services Infrastructure Services

  • 2. Social Networks = Market Upheaval
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PayPal: The New 800-pound Gorilla in Payments

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Facebook: Where People Spend Their Time

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Payments on Facebook: Just Getting Started

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  • 4. Mobile Connections Drive Transacting
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BlackBerry Apps Store: PayPal Only

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Top Paid Finance Apps: DDA Management

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Top Free Finance Apps: Mobile Self- Servicing

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  • 5. Banks Missing Out on Mobile Banking
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Smaller FIs Remain Slow to Field mBanking

Wells Fargo’s Commercial mBanking

  • 128-bit 3DES

encryption download

  • 1st transaction; $7

million wire transfers

  • $2 Billion in transfers

in first 6 months

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Will Banks Miss the Mobile Payments Upside?

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Steve Mott’s Contact Coordinates

dba CSI Management Services, Inc. dba CSI Management Services, Inc. 1386 Long 1386 Long Ridge Ridge Road Road Stamford, CT Stamford, CT 06903 06903 (o) 203.968.1967 (o) 203.968.1967 (f) 203.322.1012 (f) 203.322.1012 (c) 203-536.0588 (c) 203-536.0588 email: email: stevemottusa@yahoo.com stevemottusa@yahoo.com website:www.betterbuydesign.com website:www.betterbuydesign.com

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Steve Mott BetterBuyDesign