Widgets - What is the Appropriate Unit of Production?

Ed Kountz | May 23, 2008, 11:28 AM

A few thoughts this morning.

I’ve had several inquiries recently regarding the appropriate role for widgets in financial services applications. JR will be publishing a report on the topic a bit later in the year…and in the interim, looked at consumers’ interest in what we believe will serve a similar purpose--watching financial videos online.

LINK

Most we see still tend to be horizontal (focused on networking applications like adding videos or other content to a social networking site). Still, some have made a marketing and information-delivery appearance elsewhere, including in financial services. Beyond the downloadable American Express account-update applet piloted about a year ago, the PayPal payments plug-in is now on the market. And in terms of web widgets, leading institutions are exploring use of interactive web tutorials for card selection (Citi) and DDA account choices (Wachovia) which meet the strict definition of web widgets.

--By way of definition, we define “widgets as both the “web widget” variety (small self-activating applications accessed online) and the “downloadable widget” type (applets that must be downloaded to a user’s computer, and updated via the Internet, to be usable).

It’s still difficult to get a bead on what constitutes a positive campaign result, in terms of Click-Through Rates. We’ve spoken with firms who considered CTRs of 5% as quite respectable, and a few (such as the pre-ATT Cingular Sounds campaign) which was quoted with a CTRs of greater than 10% on its “Show Your Movies” widget. But the ball is very much in play, as is the search for a definition of what IS the appropriate measurement metric (Momentum vs. CTRs...you know the story).

Tell us what you’re seeing. If you’ve experienced similar, or different, results with your financial industry widget, update me – ekountz@jupiterresearch.com

What is clear is that both widgets and online video can fill an interactivity gap quite effectively, and should be used in tandem. Appropriate targeting of consumer segments, and topics, is essential.

Topics centering on security/ trust on the one hand, and interactive primers on / strategies to succeed with retirement, savings, mortgage and other products on the other, are essential. Banks have an opportunity to assist consumers with understanding the changes in today’s market, and to become their point of contact when reallocating assets to do so.

Monday is the Memorial Day holiday. Reflect.