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Chris, I agree with your overall points in this article. However, when you say the following: Yes, because “they are very good at reducing the ‘pain points’ in that they can make loans in minutes, which might take banks weeks.” I have slightly different thoughts. If a bank chooses to do small business loans in weeks that is their choice. It is not a technical hurdle. They have had the technology for at least a decade to do real time or near real time. Start-ups could have chosen weeks to. They didn't. Why more banks have not gone near real time is unknown to me.
Chris, what is this: "So I guess that the Android guys will just need to download the Apple Pay app too." There is no such product called Apple Pay in the US Google Play Store. If Facebook truly wants to remove the friction with payments they will have to support multiple wallets across the planet. A global company like Facebook is not only going to do this for only for the Apple iOS segment in countries where Apple Pay is allowed. BTW, Google Wallet is available in the US iTunes app store.
This debate goes back to the late 1980's for me. My degree program was Marketing Research and Information Systems. The Inforamtion Systems portion was MKIS internlly at school. MKIS stood for Marketing Information Systems. This half of my Marketing degree was focused on the marketing disipline as it related to databases and database systems for marketing analysis. WHhen I got into the real world I was thwarted with IT departments saying they owned everything computer related. There were many times throughout my career when I had to put the stop on certain projects becuase IT got something wrong. IT got things wrong becuase they were not Marketing and did not have the approrpriate skill set. No matter how hard they tried they were simply out of their league as data analysts and marketers in general. Over the years the IT discipline has gotten stronger but at the end of the day, it is always better for the subject matter experts to be fully involved. This is not a new concept. I am glad to see articles like these expressing the view that Marketing needs to own their own technology stack. Not outright on their own but with a tight partnership with IT and any other interested party. Some industries have already learned this lesson. Now it is time for all industries to adopt the Marketing Technology role.
I enjoyed your commentary. Did you ever consider the virus threats associated with cash? I'm not aware of any computer or mobile viruses that can become deadly. What if your cash had the influenza virus. I know that virus can be deadly :-)
Yes! I totally agree. I even think those same reasons apply to those businesses who are still cash only ;-)
This is great information. In the United States of America, there are still over 10,000 banks and credit unions. There are a handful of core providers who support most of these FI's. If they act quickly, they can still provide an online banking platform (Web, app, mobile, tablet, SMS, MMS) that rivals the top 20 banks. Many are close but are missing the mark. It is up the banks too push their vendors to deliver and the vendors to deliver better products than the major banks. Two cents provided by David Gerbino, an American Community Banker
Robert, this does not only happen at agencies, it happens at clients too. At several of my past jobs when I started I reviewed the last few years of tests to get familiar with what the company was testing. I found several tests that were encoded incorrectly. For example an A/B test: the analysis was labeled Test A - New Creative, Test B - Old Creative, and Control C. When I matched the actual printed samples to the test grid, the New creative was labeled B and the old creative was labeled A. So the analysis was backwards and had to be corrected by me. In all analysis the devil is in the details and everyone involved, agency, client, etc., should be checking the details. Please Note: This example is a proxy for what I found. Most of the old tests I reviewed were corrected with revised analysis. Those that were not fixable were labeled as blown tests and this group was very small.