How Come Everyone Is Asking the Wrong Questions About Mobile Wallets?
By Lisa Ciangiulli, Optism Team, Mar 23, 2012
Since our inception, everyone at Optism has been focused on providing more value for our customers with a special emphasis on creating a great experience for people through our mobile solutions.
To that end, while other companies have rolled-out mobile marketing solutions which were not opt-in, Optism has been promoting permission-based mobile marketing as the best way to deliver a long-term, deeper level of engagement with people. We achieve this by providing mobile audiences with the opportunity to opt-in into a mobile advertising service and share their interests and preferences, thereby receiving only the content they value. We believe this was a win-win-win as the results speak for themselves.
We see a similar “lack of value” focus on the right questions to ask regarding the mobile wallet. The news for mobile wallet has been mostly focused on the technology, which merchants will sign up, who will be in charge, etc.
What about the mobile wallet user?
What do they want in the mobile wallet?
We believe that one person who is asking the right questions is Omar Green, the Mobile Strategic Initiatives Director at Intuit. Mr. Green gave a talk last week at the SXSW conference, entitled Creating a Mobile Wallet Worth Having and it was reviewed by Mark Henricks from American Express Open in article entitled, A Mobile Wallet That Does More Than Help You Spend Money. We highly recommend reading this article. Mr. Green summed the key mobile wallet question as thus, “The last thing most of us need is something to help us spend money faster. We need something to help us spend money better.”
How can we spend better using a mobile wallet? Mr. Green says that the mobile wallet should be more like your financial advisor rather than your mobile ATM. He said it should alert you when you try to buy something that is not within your financial budget. Or it could connect with all your credit cards and would recommend the best one to use to receive the most points.
While we agree with Mr. Green’s vision for the mobile wallet, we would expand its scope. It should be more about helping you save time, providing convenience and hopefully, simplifying your life rather than just storing your money. It should have everything from your typical take out order at the local restaurant, to facilitating faster hotel room check-ins, to getting m-tickets for the football game that can be read at the point of entry to a stadium. It should help you reach your financial goals as well as your personal, and any other goals.
Let’s change the mobile wallet conversation and keep asking the right questions.