photo by Michael Miller

Micronotes to Generate Revenue For Financial Institutions and Consumers through Online Banking Channel

(Source: Business Wire) FINOVATE FALL 2010 - istockanalysist.com


October 5, 2010 - Micronotes, a Cambridge, Mass.-based direct marketing company, is on a mission to change the online banking and marketing industries. By connecting marketing dollars directly to consumers through the online banking channel, Micronotes will drive revenue to online banking customers and financial institutions while improving the return on third party marketing campaigns through "micro-conversations" leading to highly customized offers. The company emerged today from stealth mode through its partnership with Yodlee, a leader in online personal financial management and revenue-generating payments solutions and services.

"Online financial management services are adding more than 30,000 new users every day, as people recognize the value of these rich interactive tools," said Joseph Polverari, chief marketing & strategy officer at Yodlee. "The Yodlee 10 Platform, which will feature the Micronotes KulaMula FinApp alongside other personalized applications, will deliver a personalized experience that puts cash and savings in customer accounts while giving financial institutions another great way to engage customers online."

Using the free Micronotes KulaMula financial application or "FinApp" consumers participate in 30-second micro-interviews, which are comprised of three questions directed by the brands of their choice. Upon completion of the micro-interview, consumers receive either a cash payment for their time and/or a customized offer for products and services they are likely to purchase. Additionally, participants are assured privacy and security in Micronotes' zero-spam environment. Moreover, since the FinApp is self-contained, core banking functions such as reading online statements remain uncluttered. KulaMula generates cash flow through a revenue share with participating financial institutions while also gaining a powerful cross-sell engine. Consumer brands achieve reach and relevance through direct conversations with customers in this stable and data-rich channel.

"Using the Micronotes technology to develop a series of questions for the consumer, we were able to customize offers to a select market segment resulting in an overall conversion-to-sales rate of 19 percent," said Miguel Suarez from Barnes & Noble, general manager of the MIT Cooperative (COOP) bookstore. "Micronotes enables us to more effectively compete and increase sales through targeted campaigns while also boosting the sales of additional products that result from in-store foot traffic.