In a keynote presentation entitled "Thinking Beyond Tomorrow" at TAWPI's Payments Automation: Beyond Capture & Clearing Conference last week in Florida, Sanjiv Sanghvi, president and CEO of Wells Fargo HSBC Trade Bank, noted that megatrends such as electronic payments are accelerating, and provided several examples of shifting online behaviors and interests:
- 158 billion text messages were sent in 2006
- 8.4 percent of U.S. households are wireless-only
- 74 percent of single Internet users in the U.S. have taken part in at least one online dating-related activity
- More than 100,000 marriages a year result from people meeting on an online dating service
- 10 percent of cell phone users age 18 to 34 have "texted" someone out of their romantic lives
- MySpace is second only to Yahoo! in the U.S. market in terms of page views
Against this backdrop, Sanghvi told the audience that in order for financial services providers to survive in the emerging electronic payments environment (where more payment choices are coming), they must listen to their customers, and keep new product offerings simple ("adopt then adapt"). He also advised financial services providers to remember that technology is the enabler, not the end state (just like financial services). What do you think? E-mail me at m_brousseau@msn.com.
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