It started with a tweet

This week National Australia Bank (NAB) launched a campaign that looked particularly unbanky. Choosing Valentine’s Day as their launch date @NAB tweeted this rather cryptic teaser (on 11th February):



They followed this with a tweet on Valentine’s Day linking to a video of the bank writing their break up letter





The bank is trying to separate itself forcefully in both proposition and use of these social platforms to create complete differentiation. The campaign is also supported by a Facebook page and they are curating all the content relating to the bank on their dedicated site. On both their Twitter stream and their Facebook page they have transformed the environment to field customer enquiries and certainly it would appear that they are being managed by Bank employees rather than an agency to fulfil that remit.

This launch has resulted in 78% of all online conversations around banking in Australia containing reference to NAB which is undeniably huge. Interestingly the launch came in the same week that Ovum released research suggesting retail banks are still resisting social media and with some banks still viewing online activity as highly dangerous NAB's move is certainly bold. There is little peer comparison possible in the UK where the closest we have currently is probably First Direct, which interestingly has recently stopped running live sentiment on their First Direct Live site, but is now using both Twitter and Facebook more effectively.

I take my hat off to @NAB for this fresh approach. I'll be watching the campaign follow-up with interest . When the budget's there to support a strong campaign theme using social platforms the momentum can be fantastic. The proof comes in what those social platforms are used for beyond that initial burst.

Contactless mobile payments closer to a reality

Over the last few weeks there have been a flurry of much firmer announcements suggesting there will be a significant roll out of Near Field Communications (NFC) services across the UK, but with a real focus on scaling up for the Olympics in 2012.

Google's Nexus S has been making a lot of headlines for a few months. Built as a mass market smartphone its integral NFC chip has got tongues wagging. However, two recent announcements have meant the NFC subject's exploded into life.

First was Orange's partnership announcement with Barclaycard that will mean Everything Everywhere customers will be able to take advantage of what is claimed to be the UK's first mobile payments service. NFC hasn’t been embraced by lots of brands yet, but is already installed in Pret a Manger, Little Chef and National Trust, however the roll out gathered pace with McDonalds announcing they would be implementing the technology and Everything Everywhere stated that the proposition could definitely extend to T-Mobile customers. With O2 having already tested mobile contactless transport payments as a replacement for Oyster Cards it's a fair assumption that they may well be next up as it would be a comfortable fit with their O2 Money product.

The second big announcement was from Apple who would appear to be shaping up to make mobile payments a key launch message for both the iPad 2 and the iPhone 5. The firm states that both devices are being built with NFC chips installed. It is more than likely the payment system would integrate with iTunes which already holds users' card details and while it's probably going to launch first in the states, pressure from payment service providers in the UK as terminals grow in number will see the move to the UK quickly.

This move to the UK will undoubtedly be galvanised by the 2012 Olympics which seems to be shaping up to be the 'mobile Games' with many of the food outlets and transport hubs aiming to be fully contactless enabled and also BlackBerry announcing their intentions to join the game.

Will Money Dashboard change the way people save in the UK?

This week saw the launch of a new UK based personal finance (PF) site. Money Dashboard moves squarely in to the territory, not quite conquered by Wesabe and definitely vacated by Kublax after its demise in early 2010.

Operating in the same way and utilising the same backend technology as the hugely successful US PF solution, Mint.com, Money Dashboard's CEO, Gavin Littlejohn is hoping that providing customers with the ability to aggregate their current, savings, credit card, loan and other accounts into one place, and displaying it through an easy to understand online dashboard, will allow them to analyse their financial health holistically and make the appropriate investment decisions for themselves. “Here in the UK, there is very little access to financial advice. Most people don’t know their bank managers, and few people have access to a financial adviser,” says Littlejohn.

Thisismoney.co.uk has been quick to point out some of the potential security risks of the site, but as a read only environment, the risk of fraud is minimal. In fact Thisismoney.co.uk went on to state 'In five or ten years, this could be so common that all today's security whines and gripes look like childish folly'. They then make the bold claim that this could be a glimpse of the future of UK banking. Certainly account aggregation services recently launched by First Direct and Egg suggest that there are some very real concerns about the impact of online PF sites. If the US and Canada based Mint.com's 4m customers are anything to go by the concerns would appear valid.

Money Dashboard is in an interesting space. Solutions similar to the service have either come and gone, or not quite taken off yet in the UK, however with solid angel investment backing totalling $3m, there is plenty of scope to have a good pitch at success. When it comes down to it though, success could all rest on Mint's future global expansion plans. If those plans are imminent and the UK is a target, Money Dashboard could struggle.

How financial services brands are using Quora

Something happened over Christmas. A hitherto quiet little start-up social network, that had gained a little traction in H2 2010, suddenly exploded into life. In the first week of 2011 every second tweet and all the headline technology articles seemed to be about Quora.

So what is Quora? It's slightly more complex than your average social network, but has been described as a combination of Twitter, Linked In Answers and Yahoo Answers. You can find out a little more here or here. Essentially the promise is, that it will build communities around core specialities, meaning that if you are looking for an opinion or just a straightforward answer to a question - about anything - those questions can be addressed by 'experts' as opposed to an amorphous mass with a passing interest in the subject. So far, so good.

However, as Vikki Chowney pointed out this week the low volume of users and sheer volume of content that is being posted is leaving an awful lot unanswered, or alternatively there can be a similar echo chamber feel that can sometimes come from spending too much time on Twitter, and as a result the service maybe just requires a watching brief at present.

Interestingly though where brands are engaging in this new network the content is becoming very rich and there are a couple of financial services brands that have thrown themselves in to it. Bank Simple has really embraced it with open arms, with a strong presence and engagement in some tough and complex questions around its place in the market and its offering. Similarly Mint.com has engaged with the site tackling challenging questions head on.




Both of these engagements hint at the possibilities of effectively tackling extremely challenging customer issues online in a way that possibly couldn't in some other online forums. The site therefore holds a new potential for more direct online reputation management.

Quora is undoubtedly more transparent than the vast majority of social sites and therefore arguably, quality and consideration of answers is higher than some of the throw away comments that can occur in other online destinations. Whether it's successful or not is the million (actually, probably billion) dollar question, but it certainly seems one of the strongest new social network contenders for some time.

The gamification of Financial Services

In recent months financial services brands have increasingly been turning to gaming experiences as a way of engaging their audiences with fun online brand experiences.

Last October Barclays launched 56 Sage Street a role playing game aimed at educating users about how to make and then safeguard money through hard work and the avoidance of scamming.



Similarly in the US, Bank of America developed the Morris Code specifically aimed at educating college students around managing their finances. Largely video-based it aims to deliver the content in a fun and engaging way and interestingly buries the Bank of America brand as far away as it possibly can.

This week a US start up Payoff launched their personal financial planning service as a game experience. Picking up on some of the features of Facebook and Foursquare, it allows users to set financial goals such as paying off a loan, which in turn can earn them badges which can then be turned into real cash rewards. It has effectively taken some of the classic features of Social Networking and activated them in real terms.

The increase in the use of gaming as well as video as a marketing platform really is a mirror to what consumers actually spend their time doing on the net and how they most enjoy consuming content. Good marketing has always relied on providing an extension of an experience that makes the audience feel good, which is why we should expect to see a lot more gaming-type approaches throughout 2011.

Social Platforms get serious in Europe

In the past couple of weeks social platforms Twitter and Facebook have both announced a serious push into Europe. First Twitter opened a London office. On 25th November they announced “Twitter plans to have a small number of people on the ground in Europe in 2011. We’re currently researching locations and potential candidates.” Then Facebook last week announced they would also be strengthening their presence “to help agencies and developers create more effective ad campaigns on the social network.”

The moves by the big two is recognition the importance of advertising on these platforms for brands in Europe. Facebook in particular was recently voted the ‘most important developing advertising platform’ in the IPA online media owner’s survey. Facebook currently has over 1 million developers worldwide working on content for the site and with over 550,000 branded applications now live, so this move is not unexpected.

Both players have realised that the European markets have become hugely important advertising markets and the move means that Facebook can now work directly with agencies and brands to develop highly innovative campaigns, hopefully that will mean far more relevant and integrated efforts from brands.

Contactless payments by mobile phone could become mainstream in 2011

Something odd happened in the past couple of years. Everyone stopped asking whether it’s the year of the mobile. That’s probably because mobile has now become mainstream and with the mainstream comes the tsunami of innovation, not least in the financial services sector.

This week Nokia announced that they were making a huge move in the mobile payments market to move closer to contactless payments with the launch of their C7 phone in 2011. The rumours are that the Near Field Communications (NFC) technology required are also appearing in patents being filed by Apple for the new generation iPhone and in addition Eric Schmidt, Google’s CEO has also announced that they working with NFC technology for the android platform. So does this mean an era of contactless payments may be just around the corner?

Alex Kwiatkowski - Principal Analyst in Ovum's Financial Services Technology Team voiced some doubts stating that 'While the ecosystem is evolving, old concerns (10+ years) over a viable business model for sustainable/decent revenue remain' he went on to say 'Nokia pulled its 6216 device (using NFC & SWP) in Feb '10, due to current state of NFC ecosystem and poor consumer experience.' So Nokia definitely have some credibility issues when it comes to the technology and with Symbian still performing so poorly, the issue is compounded.

However as always with Google and Apple in the frame the play becomes more serious from a software perspective and with Nokia’s ability to flood the market with low cost hardware, the battle could be fought on two fronts.

Ecosystem and revenue concerns there may be, but with 3 such massive players making a play and a whole host of bit part players around the edges, you get the impression that there must be something in it. Personally, the sooner I can get rid of my wallet the better so I’m hoping we’re not far away.