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4 Amazon Fire Smartphone Features that Should Be Used in Mobile Banking

By Jim Bruene on June 18, 2014 6:33 PM | Comments

imageSeattle was abuzz today with the launch of Amazon's long-rumored smartphone, dubbed Fire. Naturally, I look at everything through a digital banking lens. So here are its innovations that could be leveraged or imitated for mobile banking.

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1. Tilt to scroll
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imageDescription: Fire users can tilt or swivel the phone to navigate through an app. For example, on the Kindle app, users can advance the page by tilting the phone so they don't have touch the screen every time you get to the end of the page.

Mobile banking use: Tilting would make a convenient way to page through transaction records. It could also be used to open additional functions such as tagging transactions or initiating a payment (e.g., Starbucks "shake to pay").

Verdict: Until I get my hands on the phone, it's a little hard to know how useful this feature will be. But it sounds like a nice useful UI improvement (note 1).

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2. Mayday button
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image Description: Like the Kindle Fire, the Fire smartphone has one-button access to 24/7 video customer service with response time measured in seconds. Amazon calls it the "mayday" button. 

image Mobile banking use: Most mobile banking applications include telephone integration for a voice call to the call center. Instant video conferencing could be a good premium feature for high-value and/or fee-paying customers.

Verdict: While video customer support is not a killer feature, it has a nice ring to it when listed on your feature/benefit list. Certainly, banks should work on quicker response times for various types of products and/or customers.

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3. Unlimited cloud storage
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image Description: Amazon raised the bar for photograph storage, promising unlimited storage for all the pictures snapped from your Fire's camera.

Mobile banking use: Unlimited cloud storage for all transactions and statements.

Verdict: I know your compliance team gets queasy when discussing long-term data storage. But it's time to rise above all that and invoke one of the best customer-retention tools imaginable, unlimited secure storage of all banking records (see note 2).

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4. One year of Amazon Prime membership
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image Description: Fire smartphone buyers get one year of Amazon Prime membership free of charge. This savings of $100 covers half the cost of the 32GB phone ($199 with 2-year contract).

Mobile banking use: Premium channel

Verdict: Digital banking channels need an identifiable revenue stream to help pay for needed innovations and specialized services. A $4 to $5/mo "bank prime" membership program would go a long way in making digital a profit center (see previous post, note 2).

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Notes:
1. For more info, see our latest OBR Report on advanced mobile features (published June 2014, subscription). 
2. For info on fee-based financial services, see the Online Banking Report (subscription) on fee-based online services (May 2011); paperless banking and online storage (late 2010); and lifetime statement archives (2005).

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