PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
Do you remember the Domino’s Pizza commercial series from the late 1980’s – “Avoid The Noid”. Clad in a red, skin-tight, rabbit-eared body suit with a black N inscribed in a white circle, The Noid was a physical manifestation of all the challenges (becoming annoyed – “a – noid”) inherent in getting a pizza delivered in under 30 minutes.
If you are a fan of those commercials or of Domino’s, you might be surprised to learn that today the fastest growing domestic pizza company is not Domino’s but Papa John’s. Why? Simple, mobile. Thirteen years ago Papa John’s built digital infrastructure that has led to their being the market leader in mobile pizza orders. Today, mobile orders at Papa John’s represent 50% of total sales and 60% of all delivery sales. Second place in digital ordering goes to…. Domino’s, do you think they are a little “a – noid”?
What does this have to do with your financial institution? Everything. Papa John’s saw something 13 years ago that Domino’s didn’t and it wasn’t a new pizza recipe or faster delivery cars. It was the simplicity of allowing their customers to order a pizza anytime, from anywhere. Just like ordering a pizza, your members want the ability to connect to their accounts at a moment’s notice. Mobile banking provides on-demand account access to your members and can include a simple history inquiry, account transfers or bill payments. Provide your members with remote control cards (on/off controls for debit and credit cards), mobile lending and enhanced fraud management for remote check deposits. Mobile is no longer a product differentiator for your financial institution, it’s a technology facilitator. Something I’m positive your members will not find “a – noying”.