Tag Archive | "That’s"

Bank of America CEO: Digitalization Is Not Something That’s Coming, It Already Exists

Digitalization is not something that’s coming, this is something that already exists, says Bank of America CEO Brian Moynihan. He says that 25 percent of their sales are done on digital. Moynihan says his goal is to bring the whole banking system to the digital age to make it more efficient for customers.

Brian Moynihan, Bank of America CEO, discussed the digitalization of banking and much more during an interview on CNBC:

Digitalization is a Big Boon for Everybody

Digitalization is a big boon for everybody in a sense in that you can continue to provide better service for the customer and take the cost structure down which then can pass through to the customer. The way to think of all this work on a consumer side is that we have 26 million mobile customers, 25 million digital customers, about 1.5 billion logins last quarter. This is not something that’s coming, this is something that already exists. About 25 percent of our sales are done on digital.

Digitalization Improves Service and Reduces Costs

All this is extremely important in how we run our franchise. What that has done for the customer is give them better services on their time, the way they want to do it, 24/7. At the same time, it reduced our operating costs so we can take out overdraft fees on point of sale debit, ten years ago now almost. What allowed us to afford that was to change the operating structure. That makes this very good.

Small banks and larger banks are participating in digitalization. We helped small banks to drive digital payments. The volumes are growing 100 percent per year for us with that and across the board.

Bringing the Whole Banking System to the Digital Age

The goal is to bring the whole banking system more and more to the digital age and make it more efficient for the customers. The key is that on the commercial side it also goes on. Everyone talks about consumers, but on the commercial side, the same impacts going. CashPro Mobile, a product we have, is up and operating very efficiently. When you think that a treasurer of a company would sit down at their desk to do an interface to send it, they want their mobile interface because that’s their daily life. It’s all good for all of the companies.

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Most Things in Business and Life Fail (and Why That’s Okay)

business-life-failure

Today’s guest on Hack the Entrepreneur is one of host Jon Nastor’s all-time favorite writers, and Jon rarely goes more than a few months without rereading his book Choose Yourself.

He is a hedge fund manager, entrepreneur, bestselling author, blogger, and podcaster.

He has founded (or cofounded) more than 20 companies, and 17 have failed. He sold one for $ 15 million and spent all of the money — all of it. Then he built and sold another within its first year for $ 10 million.

He fails quickly. He fails frequently. He claims Entrepreneurship is a sentence of failures punctuated by brief success.

He is invested in 28 private companies. He advises nearly another 50 private companies — companies ranging from $ 0 in revenues to a billion in revenues.

This conversation is longer than usual, but you will not even notice, because not a second is wasted.

Now, let’s hack …

James Altucher.

In this 48-minute episode of Hack the Entrepreneur, host Jon Nastor and James Altucher discuss:

  • How James improves his sound during a podcast
  • Exactly how to make a living in six months, a great living within two years, and become rich within three to four years
  • How success can be measured today or in decades
  • The importance of always thinking about giving to others
  • Why most ideas that people have are bad (and why that’s okay)

Click Here to Listen to

Hack the Entrepreneur on iTunes

Click Here to Listen on Rainmaker.FM

About the author

Rainmaker.FM

Rainmaker.FM is the premier digital marketing podcast network. Get on-demand business advice from experts, whenever and wherever you want it.

The post Most Things in Business and Life Fail (and Why That’s Okay) appeared first on Copyblogger.


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Email Is Still Huge, And That’s Where People Want To Be Marketed To

Email is thirty years old, and it’s arguably bigger than ever, despite other technological advancements in computing and communication. The number of emails sent per day continues to increase, and there are way more accounts than even Facebook has.

What has been more successful for you in your marketing efforts? Email or social media? Let us know in the comments.

This week, ReadWriteWeb interviewed “father of email,” Ray Tomlinson, who implemented an email system in 1971 on the ARPANET (Advanced Research Projects Agency Network). The piece cites some stats from the Radicati Group, saying that 144.8 billion emails are sent per day, and the number projected to hit 192.2 billion in 2016. Another stat from the same source: there are currently 3.4 billion email accounts worldwide, and somewhere around 75% of them are actually individual people.

That works out to be over 2.5 billion accounts of individual users. Facebook recently announced that it had hit the 955 million active user milestone, with just 552 million of them accessing it daily.

In the interview, Tomlinson is quoted as saying, “Email has the time difference – that is, you send it now, you read it later – you don’t have to have someone sitting there and ready to respond like you do with instant messaging to make it work and make it effective. You can use instant messaging that way, but if they’re not there, nothing happens, and you gotta remember that there may be a message coming back to you and go back to the IM client and look for the response.”

He also said he expects email to be around for “a good long time,” adding that “We may find that these other forms of communication may be merged with email.”

We are indeed still seeing the merge of other online communication channels with email. For example, earlier this summer, Facebook started listing Facebook email addresses as the default email address for users, as even the world’s largest social network recognizes email’s importance to the communication landscape. Google+ and Twitter have both recently made moves indicating that they are relying more on email for user engagement.

Email is even making its way to Google searches. Last month, Google introduced a new way for you to search your Gmail account right from the Google search box, perhaps enabling users to access old emails when they’re at their most relevant. It’s only in limited trial mode right now, but this could become an important Google feature sometime soon.

In this article, I talked about why this could make email marketing even better for conversions. The point I was trying to make is that it can make marketing messages available perhaps when they’re more relevant to the audience, when they’re actually searching for something that you’re selling. Basically, it adds some search marketing advantage to your email marketing efforts, though perhaps not in a way that’s as visible as straight paid search. But hey, it’s free.

ExactTarget’s Jeff Rohrs said in a piece about email’s 30th anniversary, “In fact, an overwhelming 77 percent of all consumers surveyed prefer to receive promotional messages from companies via email compared to five percent who prefer text messages and four percent who prefer Facebook. Email is also one of the most utilized apps on every smartphone — right up there with the phone, text messaging and the browser itself.”

Emphasis is mine, because those numbers are quite interesting, given how much we see about Facebook marketing these days.

According to a recent study from Experian, email volume rose 10% in the second quarter, compared to the second quarter of last year. This is only a continuation in a trend the firm says it has seen each quarter for the past three years. Open rates were similar to those in Q2 2011. While click rates declined from last year, the pace of that decline slowed. Revenue per email fro multi-channel retailers increased from $ 0.13 to $ 0.14.

According to that study, the average click rate rose for business products and services in Q2.

Business Products and Services

42% of brands, the firm says, enjoyed a “statistically significant” increase.

Is email as effective as it used to be? More? Less? Let us know what you think.


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