It's Halloween. You've stocked up on the best candy and your house is decked out in ghoulish decorations as you prepare to handle the rush of excited children. Unfortunately, despite all of the preparation, nobody is knocking at your door.For many financial institutions, this is the same feeling they have had as they have introduced personal financial management (PFM) tools to a less than overwhelming consumer response.  

Arguments across the industry continue over the potential impact and adoption of PFM tools. Despite topping the charts in hype and media coverage over the past several years, some believe that PFM may always fail to deliver in terms of usage rates.

A 2012 survey by the Federal Reserve shows that 21 percent of consumers currently use a PFM tool (this includes any program or website used to track household finances). Aite Group shows that the percentage may be closer to 27 percent when all PFM options are taken into account. However, there is still potential for growth in this area, with an additional 14 percent of consumers indicating a desire to use PFM tools.

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Bank Marketing Strategy was just recognized as one of the Best Banking Blogs by The Financial Brand, the foremost online publication for bank and credit union marketers. In addition to receiving the Editor's Choice Award, Bank Marketing Strategy was also a Top 5 recipient of the prestigious Reader's Choice Award.

While not a new tactic in the online world, retargeting is gaining momentum from more than just e-commerce players. 

Due to the ability to target interested consumers as they proceed through the purchase funnel, financial marketers are increasingly leveraging ad-tech advancements to influence financial service buying behavior.

Over the weekend, my son and I were looking at new car options on Edmunds.com. After about 45 minutes on the site, I decided to leave the virtual showroom only to be 'stalked' by car ads for the next two days as I visited totally unrelated locations on the web (I am sure the retargeting won't end soon). Even my entry into the Edmonds.com site was a bit unnerving since the front page of the site was promoting the newest version of the car currently sitting in my garage. 


A coincidence? . . . Not a chance. In fact, illustrating the digital geotargeting prowess of the team at Edmunds.com, the first search I did for the category of car I might be interested in highlighted a sponsored ad from the brand of the other car in our garage . . . from a local dealer. 

It comes as no surprise to today's consumer that the internet knows almost everything about us due to the tagging, tracking and monitoring that is done on an amazing amount of 'big data' flowing in the digital universe. Technology and digital tools have the ability to process our digital footprints almost as fast as we surf the web, predicting what we might do next and what we may be interested in purchasing.

While becoming almost Orwellian in it's omniscience, and a very powerful tool for digital marketers, the process is not always perfect. For instance, because of my profession and my search habits, I am often targeted for financial services I don't need, a new brand of smartphone I don't want and a candidate I would never vote for. Worse yet, I am sometimes targeted for something I already bought (an example of marketing without sufficient channel integration).

Despite the occasional mistargeting, the 2012 Display Advertising Study  from Bizrate Insights  found that the majority of consumers (60 percent) were neutral on the tactic of retargeting, 25 percent appreciate the ads because they "remind [them] of what [they were] looking at previously, and only 15% do not like the process." Also noted was the convenience of being able to visit a web site users already were intending to visit (28 percent), and the proactive offering of more information on a desired product or service (21 percent).

From a marketers perspective, retargeting allows an organization to customize the overall prospect or customer experience and maintain consistency across all customer touch points. In other words, the retargeting does not need to stop with online ads, but could extend to email and even direct mail as part of an overarching cross-channel strategy.

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In an exclusive interview about his newest book, Bank 3.0, Brett King discusses how change occurring in the banking industry is inevitable, speeding up and disruptive. 

From the mobile wallet wars to the impact of social media, tablets and the 'de-banked' and digital consumer, Bank 3.0 shows why banking is no longer a place you go to, but something you do.

A great deal has happened since Brett King wrote Bank 2.0 in 2010. Two years ago, banks were under siege as the foundation of the banking system was close to collapse and the image of the industry as a safe and secure environment was being challenged. The impact of social media was just beginning to be understood by the financial services industry and mobile technology as we know it today was in its infancy. Heck, King even referenced his (now long gone) Blackberry in the first chapter of Bank 2.0.

With Bank 3.0, King discusses how consumers are less likely to view their retail banking provider in terms of capital adequacy, branch network, products and rates. Instead, customers are more likely to determine their banking partners by how easily they can access their accounts when they need to, and how much they trust their provider to execute business on their behalf. For those who read Bank 2.0, King's new book retains some of the foundation and case studies, but updates several areas based on what has occurred (and will be occurring) relative to digital delivery, payments, social media, and the power of 'big data'.

On the eve of the introduction of Bank 3.0 in the U.K. (introduction in the U.S. is scheduled for early November), I interviewed Brett King about his new book and about how he views the banking industry today.

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A new survey by the American Bankers Association (ABA) found that for the fourth year in a row, consumers named the Internet as their favorite way of conducting banking business, with 39 percent of respondents saying it is the method they 'use most often to manage (their) bank account(s).'  The second most popular way to bank – visiting a branch – continued its downward trend to 18 percent from 30 percent in 2008.

In addition, this year’s survey showed a sharp increase in the popularity of mobile banking, driven mainly by customers in the 18 to 34-year-old age group. Use of the mobile channel by millennials escalated from 4 percent in 2010 to 15 percent this year. Conversely, the use of branches by this age group during the four-year period dropped from 20 percent to 11 percent, with ATM use also dropping from 32 percent to 14 percent. Overall, mobile banking is now preferred by six percent of customers, a 100 percent increase from 2010.

The distribution of primary channel use this year was as follows:

• Internet Banking (laptop or PC) – 39% (36% in 2010)
• Branches – 18% (25% in 2010)
• ATMs – 12% (15% in 2010)
• Mail – 8% (8% in 2010)
• Telephone - 9% (6% in 2010)
• Mobile (cell phone, Blackberry, PDA, I-Pad, etc.) – 6% (3% in 2010)

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