The Impact of the iPhone 5 on Bank Marketing
According to Rachel Pasqua, vice president of mobile at digital agency iCrossing, “the enlarged iPhone is enough to make mobile creative a little more eye catching and get more users more deeply engaged.” She mentioned that there will also be less potential for mis-clicks leading to better potential interaction. The potential for greater speed through the LTE and the new iOS6 also will help.
Charles Golvin from Forrester Research noted in a recent post that while other competitors already offer a larger canvas in some cases, “Apple still outpaces the competition when it comes to the entire package — the new iPhone unites significant improvements in industrial design, imaging, audio and connectivity, along with the wealth of new capabilities that iOS6 enables.”
The key for bank marketers is that iPhone 5 users, and smartphone users overall, will be spending more time with content on their phone. It is therefore important to provide the level of content that optimizes both the customer experience and marketing potential of the new devices. Consumers are no longer content with static web pages and difficult to use links and landing pages. Content (web pages, banners, ads, landing pages, etc.) will need to be easier to interact with and be more dynamic.
There is no way of knowing how popular the new iPhone 5 will be in the marketplace, but if the past is any indication of the future, not only will many current iPhone users upgrade to the new model, but the overall iPhone penetration will increase as well. As shown below, nearly 2 in 5 of the 38.2 million Americans using iPhones are on the iPhone 4, which was released just 2 years ago. More impressive than that is the fact that 35% of iPhone users today are on the iPhone 4S, which was introduced less than 12 months ago.
Just as with the tablet, bank marketers should realize that simply ‘super sizing’ a current app or website is no longer enough from the customer’s perspective. It is important to leverage the tools and advancements that are available with the newest generation of phones.
And even though our industry does not have products that are as visually appealing as in retail and other industries, the challenge to differentiate our offerings may be greater, but the opportunity is still significant.
Special note: Thank you to the dozens of people who were supportive and involved in the transition of my career from Harland Clarke to my position at New Control. The future is very promising and I look forward to continuing my sharing of insights and perspectives on changes in financial services marketing.
