A panel of marketing technology experts from various industries discussed the convergence of marketing and technology at the CUNA Marketing & Business Development Council Conference Tuesday.
The panel, moderated by John Best, president of Best Innovation Group, included:
In response to audience questions submitted via tweets, the group discussed:
Mobile payments. Usage of services such as Apple Pay and Samsung Pay haven’t exploded like some expected because swiping plastic at the checkout isn’t much of a pain point, according to the panelists.
“It’ll grow, it’ll just take a lot longer than we thought,” Hudson said.
People don’t want to feel stupid using mobile payments because they’re not sure it will work. For mobile payments to really get rolling, consumers need to find an extra value, Resendiz said.
Tech adoption. How do credit unions get tech-averse members to adopt new tech-based products and services? “Keep it simple,” Hudson advised. Rethink the consumer interaction all the way through and focus on getting rid of the “tedious” stuff, he said.
Lean on your early adopters to share their stories with using the service and build buzz, Resendiz said. This will attract enough curiosity that others will try it.
And provide concierge service to transition members to the new way of doing business, Luthy noted. You can even go high tech with the concierge service, modeling yourself after Amazon’s “Mayday” button, which instantly allows consumers to get help via video using an Amazon device.
Data creepiness. With a plethora of devices gathering data all around consumers, the use of location-based beacon technology will be used to create specific experiences when people enter the branch, Resendiz said.
Will members find beacon technology and other uses of their data creepy?
Not if you use it to help them, Hudson said. “You do have permission within a certain realm.” Your members trust you. You have a relationship with them. If you are acting in their best interest with the data--by saving them money or giving them better their service--they will see that, he said.
The next cool things. Virtual reality, augmented reality, headless software, and block-chain innovations are among the next cool technologies, according to the panelists.
It might be too soon to jump into major investments in virtual reality, but the technology is buzzing in the tech world at conferences such as SXSW. Initially, virtual reality will be leveraged for education, Resendiz said.
Augmented reality has a lot of promise, Hudson noted. The technology, which overlaps information onto to the real world through a phone’s camera or other devices, has the capability to allow consumers to make smarter spending decisions.
In the future, members will bank via a virtual computer assistant--like Iron Man’s Jarvis for your account. Current examples include Microsoft’s Cortana, Apple’s Siri, and Amazon’s Alexa. These headless software--software capable of working on a device without a graphical user interface--will get better and better, Best said.
Block chain technology will be transformative, Hudson said. Block chain is the infrastructure in which digital currency, such as bitcoin, is exchanged, but you can use it to exchange anything on that infrastructure. During the next 10 to 15 years, block chain will lead to a fundamental transformation of the back office and the transaction of data on the Internet, Hudson noted.