The Future of Mobile: Mobile 2.0

May 15, 2013 Mobile Wallets

We’re on the brink of a new generation of mobile: Mobile 2.0.

Many mobile banking applications offered today are ‘Mobile 1.0’ products. They do their job, but don’t drive engagement. Consumers use them to check their balances, find an ATM or pay a bill. Since these actions normally take less than a minute, there’s no real reason for a consumer to stay plugged into the app or share their experiences with other consumers. They aren’t doing anything to increase brand awareness, build loyalty or create engagement.

According to a recent article on Credit Union Times, mobile needs to be decoupled from online banking. They are two separate uses, and need to be treated differently. If you want consumers to download your mobile app to engage with your brand, that application should have unique functionality. This is where Mobile 2.0 steps in.

Mobile 2.0 applications will keep consumers engaged through customizable, targeted features that drive loyalty. These applications will leverage big data, data that banks and financial institutions already have access to and are already (or should be!) implementing into their current loyalty programs. Banks that leverage their mobile apps will be able to take their loyalty program to the next level. Mobile 2.0 apps will allow banks to give customers more of what they want: targeted offers, ways to earn rewards, access to mobile wallets and better insight into their account – all through a user-friendly interface.

For all this to happen, banks need flexible tools available to them, giving them access to APIs and other technical functionalities so they can fulfill their mobile visions as they brace for the future. There needs to be a solid foundation they can build off of as they join the Mobile 2.0 evolution.

Everyone knows mobile applications aren’t created overnight, but we’re excited to see how Mobile 2.0 applications will raise the bar for loyalty programs — there’s certainly a lot mobile could bring to the table. Don’t you think?

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Employee Spotlight: Meet Paige M.

April 25, 2013 Employee Spotlight, Marketing

PaigeMWe have smart people working at Cartera Commerce and they’ve contributed greatly to the success of the company. Each month, we plan to feature one team member to offer a behind-the-scenes glimpse into our company culture and the people who power our business.

This month we’d like to introduce you to Paige M., a marketing manager, Emerald City enthusiast, and festival fan.

Meet Paige.

Position:  Marketing Manager

Alma Mater: University of Georgia

How long have you worked for Cartera? I’ve worked for Cartera for about 3 years and 8 months.

Why did join Cartera? I thought it would be a great opportunity to get into the marketing field right out of school. I liked the fact that Cartera was a growing company, giving me an even better opportunity to learn about many different parts of the business.

What do you love about your job? I love learning new things. Our marketing team has the opportunity to test new strategies and really tailor our approach to reach consumers, helping to influence their shopping decisions.

What’s it like living and working the Atlanta or Boston-area? Atlanta is great! I love going to Piedmont Park and trying out all the new restaurants in the area. It is also a good city to be a dog owner.

What are some of your favorite things to do outside of work? I am excited that we’re approaching festival season. I just ran the Sweetwater 420 5K!

What is your all-time favorite movie? The Wizard of Oz

What is your top of wallet payment card? Delta SkyMiles Amex, of course!

What’s currently playing on your iPod? Lumineers

What book are you reading? Neverwhere, by Neil Gaiman

 

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Daily Deal vs. Card-Linked Offers

April 10, 2013 Card-linked Offers, Marketing

The ‘death of the daily deal’ has been a topic of discussion for a while now and while Groupon’s demise seems to be taking place, other players are still trying to step into the playing field. Take Google Offers with Adwords, for instance. Now merchants can offer those same types of daily deals to consumers as they are browsing for products and services online. But, who is really benefiting from this deal model based on deep discounts?

Sure, consumers are driven by deals and offers. They love them, but offering products at a 75% discount isn’t going to help a merchant’s bottom line.

The problem with daily deals is the majority of the time the deal is one and done. They’re like a cheap fling. The merchant entices the consumer to come in with a steep discount but once that transaction happens the magic wears off and the consumer is out the door looking for the next tall, dark and handsome. Where’s the relationship building?

Card-linked offers (CLOs) help merchants build customer loyalty and differentiate their businesses by offering customers rewards in the shape of miles, points or cash back.  The consumer is still incentivized to shop… but in a more sustainable manner that doesn’t hit the merchant so hard or cheapen their brand. So really, CLOs are really a win-win for both customers and merchants. In fact:

  • 55% of small and midsize companies now offer customer rewards programs, and 68% say it has increased business (BIA/Kelsey Local Commerce Monitor Wave 16, 2012)
  • 88% of retailers with rewards programs are more profitable than their competitors without one (2011 Deloitte Study)
  • 54% of consumers would consider increasing the business they do with a company for a loyalty reward (ClickFox, April 2012)
  • 84% of loyalty program members are likely to choose a retailer with a rewards program over a competitor (ACI Worldwide, January 2012)

What do you think are the benefits of card-linked offers versus daily deals?

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