mobile

The Rise of Digital Fracture

Posted by Mike McLaughlin on Mar 05, 2013, in Thoughts , tagged with , , , ,

Florida in February, 100+ attendees, and a series of truly interesting sessions – needless to say, we were fortunate to be part of the MFEA’s Distribution Technology Summit last week.

Our opening presentation introduced the concept of Digital Fracture. What is that? We’ll go into more detail in posts over the course of March, but for now we’ll let this quick synopsis we delivered after our session set the table:

DTS – Mike McLaughlin from FundchatS.

For a complete summary of the day’s events and perspectives on everything from predictive analytics to mobile-supported wholesaling, check out the MFEA site.

 

A Reminder of What Technology Can Do

Posted by Mike McLaughlin on Mar 22, 2012, in Thoughts , tagged with , , ,

A few weeks back, we presented at the MFEA Distribution Technology Summit in Tampa. Much of the discussion focused on the impact of mobile – Web sites, apps, CRM, advertising – on both asset managers and financial advisors. We’re biased, but it was a good day.

The last session was a panel of sales executives. Among the many issues the panel touched on was the idea of adoption – how much are advisors and wholesalers actively using mobile technology?

The sales executives provided a valuable reminder – there is a non-trivial subset of  advisors and wholesalers who will NOT embrace mobile. While technology can bolster execution and add a positive dynamic to relationships with advisors, it is not essential for everyone.

The reality is:

  • Many wholesalers and advisors have been successful for a very long time before mobile became important
  • Some wholesalers and advisors will always be inclined to avoid new technology

Image via Kevin Knight

It reminded me of a project we did a few years ago. We spent 20 days in the field with some of the most successful insurance producers in the country. As it turned out, two of these producers were complete technophobes. When I say complete, I mean they:

  • Did not have a computer or laptop in their offices
  • Did not carry a smartphone
  • Spent exactly zero minutes per day surfing the Web and using e-mail

And yet, both were HUGELY successful by any measure. In fact, these guys are in the top 0.2% of producers in terms of overall production. Similarly, some of the best wholesalers in the industry rely on zero cutting-edge technology. The MFEA panel discussion reminded me of this.

Technology in and of itself is not a solution, but part of a suite of resources that can make doing business easier. We need to avoid thinking that technology is universally transformational, that more of it is always going to help everyone.

Our collective excitement at the opportunities presented by technology needs to be coupled with an equal dose of pragmatism.

Why Don’t More Firms Care About Mobile Sites?

Posted by Mike McLaughlin on Nov 03, 2011, in Thoughts , tagged with , ,

Last week we presented at the MFEA Council meetings in Chicago. The topic: mobile strategies.

We covered a lot of ground in our presentation – device and mobile Web usage trends, sites vs. apps, client-facing tools, mobile efforts to support field personnel – which we’re more than happy to share if you drop us a line.

The subsequent roundtable conversation covered a lot of ground as well. To my surprise, though, one topic got very little airtime as firms shared strategies with one another: mobile Web sites.

A fund profile on American Century's mobile site.

Back in 2010, Dalbar noted that 24% of asset managers have a mobile Web site. Current estimates lie in the 25-35% range, so there hasn’t been a big move. Why the lack of interest? I see three themes:

  • Mobile Sites are Boring: iPads and apps are sexy. A mobile site, on the other hand is purposefully designed to be a simplified, streamlined experience (single column, limited graphics/multimedia) that delivers the basics (product info, commentary, etc.). There’s not as much room to innovate, so firms see the sites as a snoozer.
  • There are Bigger Fish to Fry: Right now mobile-generated Web usage comprises 7% of all Web traffic. Some firms see that as a big number, some see it as small (especially intermediary/institutional managers). So, when it comes to budgeting, a mobile-optimized site simply misses the cut.
  • There’s Hope for Convergence: 6,500 different mobile devices exist. The Android, Apple, and BlackBerry operating systems all maintain significant market share (20%+). The marketplace is fragmented. But as more people get smartphones and tablets with ever-faster connections, some firms hope that, eventually, most bases will be covered with a single site.

But each of these lines of thinking is flawed. While less sexy than apps, mobile sites currently have the greater potential to reach clients and prospects (no buying a tablet and then searching the app store). The mobile share of Web traffic is only going to increase. And the hoped-for convergence of operating systems and devices is not going to come nearly fast enough.

Bottom line: more firms are simply going to have to bite the bullet here and implement an effective mobile site.

A StarTAC revival for the ultra-connected set…

Posted by Anu Heda on Sep 27, 2011, in Thoughts , tagged with

Do you remember the great cellular phone of 1996 – the Motorola StarTAC?  I remember the easy user interface and durability (flights of subway stairs were no match for the StarTAC).

Anyhow, during a massive flight delay, I got to chatting with two seasoned sales people from the enterprise software industry.  Each had a laptop, iPad, & BlackBerry.  And as they bestowed knowledge upon me, I got to ask them how they use the different devices (note: all devices provided by their employer), what they like/dislike about the tools, and how the tools changed sales.  Significant opinions and knowledge provided!

Afterwards, it became clear to me that with the ubiquitous (albeit slow) Verizon iPad, they had relegated the BlackBerry to be, well, just a phone.  They didn’t like the tiny screen and the massive scrolling to look through all their emails.  And both commented on the lightness of the iPad – they proclaimed to take it everywhere.

So perhaps the next evolutionary step is to make the tablet more robust and the phone less so.  Perhaps Motorola can revive the StarTAC for the ultra-connected employee.

Discussing Mobile … soon

Posted by Anu Heda on Sep 22, 2011, in Thoughts , tagged with , ,

Next month, we’ll be presenting at the MFEA eCommerce conference in Chicago.  It’s a privilege and we’re looking forward to the event overall.

We’ve been reaching out to our e-Business network in order to understand if there are common struggles.  From those conversations, two topics we’ll definitely cover include:

  • Mobile sites versus apps for devices
  • Just product information? product PLUS thought leadership? Maybe something else?

Interestingly, there’s not much concern on building for Android.  Many firms with (or pending) iPad/iPhone apps plan on migrating to Android in quick fashion.   Seems like firms are starting with the Apple platform and then adding Google afterwards.

Mike will make this an engaging 45 minutes.  If you’re on the fence about attending, let us know and perhaps a cocktail or beer with Mike could sway you to make the one-day trip.