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Citi Mobile Update March 24, 2010

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Citi Mobile Update March 24, 2010 CITI MOBILE UPDATE MARCH 24, 2010 Dion F. Lisle Executive Vice President Citi Growth Ventures Full Disclosure • I work in Citi Growth Ventures • I am not a real banker – I just work at a bank • I worked for Obopay – a mobile payments startup • I belong to 12 different mobile groups on LinkedIn • I have worked in technology as a non-technologist for 20 years and the past 10 in startups. • I love gadgets (my iPad is already on order) 2 Time Flies I will There is Google Elapsed Time = 1 Year an app that for that Mobile Background Phone Interaction SMS 160 Character limit APPLICATION Download to Phone Not guaranteed delivery Simple Requires Discoverability No download to phone High level of functionality Brand able App Stores changed WAP everything Wireless Internet Covers 60% of phones Not easy to use Doesn’t require Phone Carrier Cooperation 5 Phone OS Wars This is NOT the PC Wars – Eventually you will wish it was 6 What Makes a Smartphone Smart ? Smartphone Vendors Good Business for Apple Apple’s iPhone is 6% of the market but 32% of profit Unabashed Commercial for the Greatest Mobile Device Ever No I am not a Paid Spokesperson – just a fan Thoughts Before Apple Launched the iPhone “We’ve learned and struggled for a few “$500? Fully subsidized, years here figuring out how to make a with a plan? It is the decent phone. PC guys are not going most expensive phone to just figure this out. They’re not in the world and it going to just walk in.” doesn’t appeal to business customers because it doesn’t have a keyboard…….So, I kinda look at that and I say, well, I like our “”The iPhone is nothing more than a strategy, I like it a lot.” luxury bauble that will appeal to a few gadget freaks.” “Apple is slated to come out with a new phone….And it will largely fail.” 1 2 3 Fly to NYC Kill Time on Flight Video Check Weather Check email for Game and for NYC UAL Alerts Music Find Train from Take Pictures JFK to Mid- and email to 7 4 Town Family 5 Text Look Up Kids Restaurant on and go LocalEats Recharge Check Into to Bed Hotel 6 iPhone and 8 Listen to Music 12 iTunes as an App Delivery Mechanism Total Active Apps (currently available for download): 159,611 Number of Active Publishers in the US App Store: 32,183 App Submissions This Month (Games): 2,009 ( 84 / day ) This Month (Non-Games): 14,387 ( 599 / day ) This Month (Total): 16,396 ( 683 / day ) Current Average Overall Price: $2.85 Most Popular Categories 1 - Books (28705 active) 2 - Games (24551 active) 3 - Entertainment (20656 active) 4 - Education (11056 active) 5 - Utilities (9788 active) 13 iPhone Drives Mobile Web Usage Activity iPhone Smartphone Market Any news or info via browser 84.8% 58.2% 13.1% Accessed web search 58.6% 37.0% 6.1% Watched mobile TV and/or video 30.9% 14.2% 4.6% Watched on-demand video or TV programming 20.9% 7.0% 1.4% Accessed Social Networking Site or Blog 49.7% 19.4% 4.2% Listened to music on mobile phone 74.1% 27.9% 6.7% Source: M:Metrics 14 AT&T Investment Pays Off • 30% of US consumers who purchased Apple iPhone 3G in the summer of 2008 switched from other mobile carriers to join AT&T, – 47% switched from Verizon Wireless – 24% switched from T-Mobile – 19% switched from Sprint. • 3G iPhone Impact on the SmartPhone Market – Pre-3G iPhone – Apple’s share was 11% – Post-3G iPhone – Apple’s share was 17% 15 Not just in the USA Japan has enjoyed the most advanced mobile phones for years – with the exception of Apple – every phone in their top 10 list is made in Japan What Apple Taught Us A Great User Experience is Key Build a Complete Ecosystem Partner with the Carriers The Network 2G 2nd Generation GSM or TDMA/CDMA 3G Digitally Encrypted 3rd Generation Digital NOT Analog GSM / EDGE / UMTS and CDMA2000 1G Signal could decay slowly Capable of Data and 4G Voice Simultaneously 100% IP Packet Enabled Being rolled out now Smoother roaming and transitions between networks Still mostly being developed by standards bodies The Downside to Success • AT&T has taken a great deal of grief for their network speed • Verizon took advantage of the opening with an ad that plays up the weakness of AT&T 3G • Note: The iPhone accounts for most of the traffic usage on AT&T Global SMS v 3G - Disparity 120 Singapore Philippines 100 United States Hong Kong 80 U.K. India 60 – SMS Sentper– SMS Canada Spain 40 Mexico SMS Usage Subscriber per Month 20 Czech Brazil 0 0% 5% 10% 15% 20% 25% 3G Penetration – As a % of All Subscribers 20 Mobile Sensitivities SensitivitiesPERFORMANCE for Each AttributeSECURITY FUNCTIONALITY • Caching • Encryption • Business Rules • Concurrency • Intrusion Detection • Expectations • System Throughput • Code Security • User Experience • Thin Client: Avg,. Web • Role Based Security page size • Authentication • Thick Client: Data refresh • URL Spoofing rate • Audit Trail VARIABILITY MODIFIABILITY PORTABILITY • Product Scalability • 3rd Party Integration • Hardware Compatibility • Hardware Scalability • Change Configuration • OS Compatibility • Application Compatibility 21 Carriers Want…… New Revenue Sources Avoid being a big dumb pipe Less churn – more customer loyalty Less Regulation Reduction in CapEx – big investment in networks New customers – often at the expense of current customers Mobile Money Mobile Money Taxonomy Mobile Commerce Mobile Banking Mobile Mobile Bank Account BillPay By M-Coupons Advertising Payments Services Phone Proximity Remote Payments Payments NFC or Contactless Transit P2M P2P P2M Money Transfers A Three Level Basis to Offer Mobile Financial Services Platform Progression Technology Enablers Handset Network Capability III. Development Advanced: location-based Handset Modification services (LBS), Most networks not 5-10% of Phones contactless capability, yet enabled for Equipped to handle full-featured browser, Advanced Services Advanced Services mobile social networking 50-60% coverage II. of wireless data 40-60% of Phones Thick/ Progressive: connections already equipped to Thin Peer-to-peer payments, sufficient to support handle Progressive investments/trading, richer Progressive Services rewards management services Most networks I. ~95% of Phones support Basic Basic Consumer Mobile Financial Services: Equipped to handle SMS Services; SMS is a Basic Services Account balances, bill presentment/payment, standard feature marketing response, basic rewards Service Progression Mobile today is a cluttered arena with multiple stakeholders Regulators Technology Drivers Finance Mobile Ecosystem Ecosystem Geographies Pvt GTS Cards Retail Bank Mobile Money Ecosystem Payment Networks Chipset Handset Card Maker Maker Associations Processor Card Issuer SIM Mobile Merchant Card Card Carrier Acquirer Software Consumer POS Developer Mobile Vendor Applications Around the World Across the Globe – Mobile Financial Services are Growing The number of consumers using Mobile Financial Services across the world is forecast to grow to nearly 1 Billion by 2014 Market Leader Market Leader 15 Million Market Leader U.S. consumers use mobile banking services each month 100% Growth In number of customers using mobile to access Barclays’ banking services in the U.K. in the first 6 months of 2009 3.5 Million Bank of America customers are active users of BofA’s 35 Million mobile banking services Mobile handsets with Osaifu-Keitai NFC payments and eWallet capabilities in Japan $61 Million Market Leader Was deposited by USAA Federal Savings Bank customers via mobile $200 Million check capture in only 6 weeks $140 Million Handled per month by GCash and Smart Value of transactions handled Money in the Philippines by the end of 2008 3 Years by M-Pesa in Q3 2008 Before mobile banking is Market Leader predicted to surpass Internet banking for Banco do Brasil Market Leader Kenya • Kenya has a population of 40 million people • Kenya has 300,000 landlines • Kenya has nearly 4 million internet subscribers • Kenya has nearly 20 million mobile phone subscribers • Kenya has a Per Capita income of $1,400 • Kenya has nearly 9 million mobile money users – It is estimated that 40% of Kenyan Adults use the MPESA service. • MPESA has changed the financial lives of millions of Kenyans. The Secret to MPESA’s success in Kenya • Nearly 14,000 Agents – By the time you read this it has probably grown by 5% • A Human ATM Network across Kenya – Rural and Urban Reality – Mom goes Brochure – Send Mom to an agent to pick up Money Anywhere the Money Be an MPESA Agent Research by: Mark Pickens, Sarah Rotman, Ignacio Mas, Olga Morawczynski Mobile Payments in ME and Africa to Rise to $5 + Billion in 2013 The Philippines • The Philippines has 2 successful mobile money systems – Gcash – offered by Globe Communications – Smart Money – offered by SMART Communications • Like MPESA in Kenya – the Philippines relies on a network of incented and trained agents • Unlike Kenya – the central bank was very involved in the design and rollout of Mobile Payments in the Philippines. – In accordance with BSP Circular 471, which was issued in January 2005, non-bank agents must first attain a Remittance Agent license to perform cash in/out. • The Philippines has been a Texting country since the advent of their mobile phones – this Texting literacy made the transition much easier. India – The RBI Weighs In • Mobile Payment in India - Operative Guidelines for Banks • 2.1 Only such banks which are licensed and supervised in India and have a physical presence in India will be permitted to offer mobile payment services to residents of India. • 2.2 The services should be restricted to only to bank accounts/ credit card accounts in India which are KYC/AML compliant.
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