According to an AVG Digital Skills Study in 2010 presented at the ABA Marketing Conference, 30% of U.S. toddlers can operate a smartphone or tablet app. This may or may not surprise you. It does not surprise me as my daughter, by age two, knew how to “slide to unlock” on the iTouch, go to the Entertainment folder, select Peek-A-Boo Barn, play her game until she was board and then go back to the folder to select a new game. Now this doesn’t mean that I’m a bad parent (I hope) or allow technology to babysit my child, it’s just an example of how “times, they are a changing” and technology is something the next generation is born with not being able to live without.
Because we as a society demand information at our fingertips and have the expectation of immediate gratification with our smartphones, banks are readying themselves for market capture. Mobile banking isn’t something new but it is something that many of our community banks are just getting into.
Launched two years ago, mobile banking was invested primarily by the large, national banks. In one of the many sessions on mobile banking at this year’s ABA Marketing Conference, it was cited that many of the larger banks may have launched this added feature to compensate for the areas where they were lacking (i.e. customer service, personalized attention, service fees, etc.). In terms of technology in the financial industry, mobile banking was more quickly adopted than any other technology launch. ATMs and Online Banking technologies took anywhere from four to ten years or more to acquire more than 50 percent adoption per household. Since its launch, mobile banking has seen a market penetration of 10 percent within the first two years and it is expected to eclipse Online Banking (in terms of usage) by 2014. With consumer desired features including mobile deposits (scanning an image of a check and depositing it via your smartphone app), as well as balance inquiries, transfers, etc., customers desire the accessibility to manage their funds while they’re on the go.
Additionally, with the growth of couponing companies like Groupon and Living Social, banks are also adopting personalized service features based on a customer’s spending preferences and offering discounts that relate. How would you like your bank to offer you a coupon for the GAP the next time you log in to online banking, simply because they noticed you purchased something there before? Or offer you access to determine the cheapest gas based on your location simply because they noticed you bought gas with your bank card? Approximately 76 percent of customers said they would like discounts based on spending habits, and that they would switch banks for one that offered these personalized services.
While these conveniences are steadily on the rise and becoming more and more desired, 55 percent of consumers still primarily say they select a bank based on the convenience of location more than anything. The traditional bricks and mortar bank branches will not be a thing of the past.
National banks continue to primarily be the first to test out new product and service features, but community banks will soon follow to meet the growing demand by customers. While customers may need to wait a bit longer for these benefits at their community bank, when they do come they’ll be packaged with all the benefits of local, personalized service we value from our neighborhood banks.
The AutoCorrect feature, originally developed by Microsoft, gained additional popularity when introduced by Apple for the iPhone in 2007. It’s designed to automatically detect and correct typos, misspelled words and incorrect capitalization. Considered a feature of smartphones now, the AutoCorrect function has been known to produce strange (and sometimes inappropriate) results leaving it to users to “correct the auto-correct” changes made.
With the intention of making our lives easier and communicating faster, faster communications are not necessarily better, especially when a machine is doing the interpreting. In an article on CNN.com, AutoCorrect was the source of panic when a retired couple decided to go on a month-long trek through Nepal, keeping their daughter and son-in-law up to date by checking in at local Internet cafés. The first message their daughter received read: “Help. Visa bad. Can you send money to water? Autopsy not working.”
Needless to say their daughter panicked and a 16-hour effort ensued to clarify the situation. What the couple meant was that they couldn’t use their VISA credit card to pay the water bill and AutoCorrect had changed the intended word “auto pay” to “autopsy.”
With more and more communications being conducted via text-based sources, technology has offered tools to make these interactions happen better, faster and more accurate – but nothing’s perfect. According to CNN, the United Nations International Telecommunication Union cited that approximately 200,000 text messages were sent every second in 2010, and more than 107 trillion emails are sent every year, which no doubt produced countless instances of miscommunication – many of which were human error, but also a good many prompted by technology.
According to a social strategist at Mashable.com, these kinds of mistakes are a natural part of learning a new communication technology. When you think about it, it’s true. We still encounter people not understanding the appropriate use of “Reply All” in email, which was highlighted in this 2011 Bridgestone Super Bowl commercial, and when Facebook first launched there were plenty of misdirected posts on users walls that were intended for a private message string. Now we are on to the horror stories of bad texts and emails due to AutoCorrect.
Reply All advertisement for Superbowl XLV
Because we reach more and more people via text-based communications and because they’re permanent (in writing) there’s more reason to ensure our language, words and phrases are accurate when communicating.
AutoCorrect has been the topic of several humor websites that allow users to upload images of funny text messages based on the inaccuracies of the spell check and AutoCorrect on the iPhone, iPod Touch, via email, Android and other smartphones. Taking a peek as some of these interactions may give you a chuckle, but it should also remind you to slow down the pace for a minute – or be ready, and hope the recipient of your message has a good sense of humor.
“OK, at 9:00 tonight we have to stop what we’re doing and talk about the wedding,” I said to my fiancée last night, who was studying the muscles of the shoulder online, in between refreshing the Oriole’s game to check the score, while he played with the cat. Meanwhile, I was breading a pork chop according to the healthy recipe I had pulled up on my laptop, holding a highlighter in one hand, ready for the proposal I was reading, all the while taking breaks to listen to the evening news and keep up on email. As the clock approached 11 p.m., I said we’re going to have to reschedule wedding planning to tomorrow night – he grunted his acknowledgement.
According to a recent article in the Chicago Tribune “Researchers studied 1,100 workers at a British company and found that multitasking with electronic media caused a greater decrease in IQ than smoking pot or losing a night’s sleep.”
Maybe that explains why I have completely expunged the process of long division from my brain?
In today’s media world, you have to multitask. There is no getting around it. According to a recent study by Ball State University, “The average American spends more time using media devices —television, radio, iPods and cell phones — than any other activity while awake.”
I have found myself very annoyed lately by people who insist on vigorously thumbing through their Blackberry or iPhone while we wade through a lengthy conversation, peppered with “What was that you said?” or “Huh?”
Sometimes, we can be our own worst enemy in our quest for constant information. Although the workload won’t change, our approach can. I felt refreshed today putting an actual pen to real paper to capture my “to do” list and stopped skimming my email to focus on a live conversation with a colleague and noticed not one “huh?” kept the conversation to a few minutes instead of several.
Although the mantra “one thing at a time” may be dead in today’s society, perhaps we can all at least try just two things at a time.
Now I’m going to go practice a few long division problems.