Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Retired Member 

Interactive Contactless Payments

Usage of credit cards are mostly seen at department stores, more over card campaings and loyalty programs surround consumers to supersede cash payments and the competition between merchants and credit card companies encourages consumers to use credit cards more. In this situation what will be the advantages of contactless cards. Speed? No, the ave...

01 October 2008 /retail

Retired Member 

Mark To Market Becomes Mark to Mulch - new rules announced.

The revised securities valuation rules are now officially a joke. US executives can now value according to 'their own models and judgement'. So what happened to mark-to-market if the market is no longer liquid, rather than recognise that the assets may be worthless the US regulators are saying 'feel free to make it up as you go'. This may be well ...

01 October 2008

Retired Member 

Payments are heading out the door of a bank near you.

I think that the biggest threat banks face is lack of trust and ethics. Payments are based on trust. Consumers will be looking hard for alternatives. There will be plenty. Payments is only part of it. Consumer credit is next. There's more...

30 September 2008 /payments /retail

Retired Member 

Cards are dead - is even Visa ditching cards?

I have to question the ROI on Visa's investment into an Android application, although I suppose now it's do everything or die for them. There have been some questions asked as to whether banks should really be investing in NFC and effectively strengthening the card brands, albeit temporarily. I would tend to advise that they should not. Cards are ...

27 September 2008 /payments

Retired Member 

Does NFC required for the Banks?

Mobile payments, mobile marketing, mobile trust services, mobile couponing, etc... Several business cases had been accomplished by several banks! SMSs, WAPs, Java Apps, Barcodes had been used and tried at banking sector. Mobile banking, making the financial transactions over mobile was the hottest business at 2007 and several banks had invested mi...

24 September 2008 /retail

Retired Member 

Credit Cardholders' Bill of Rights over 1st hurdle?

Americans will carry about $1 trillion in credit card debt by the end of Christmas. Congress has just passed The Credit Cardholders’ Bill of Rights Act of 2008, known as H.R. 5244. Some of the reforms: - give account holders 45 days notice of any increases in interest rates. - Monthly bills mailed at least 25 days before the due date, up from ...

24 September 2008 /retail

Retired Member 

Why Mobile Transactions Will Rule On The Internet

Did you know that about 50% of online shopping carts are abandoned at checkout?* Research has shown 41% of online shoppers think that the check-out process is too long.** Even those shoppers who are willing to spend the time and take the risks providing personal financial information to every internet shopping site would probably like payment to ...

23 September 2008 /payments

Retired Member 

Card schemes reach orbit through perpetual spin

The marketing spin by the card payment industry espousing (misrepresenting?) the virtues of yet another security initiative to add to the great list - here remember another password for the internet (or better yet, use one you already use somewhere else...) use this special secret code we printed on the back of your card (which won't be able to...

23 September 2008

Amit Sharma CEO & Prepaid Consultant at Emotion Associates

Banks need to do more about Fraud internally

I agree with Marite Ferrero's comments but I also think this is a tough one simply because fraudsters - being fraudsters - will find a way anyway. However, that is not to say nothing should be done. A lot of prepaid card companies already have a block/unblock option which allows cardholders to block/unblock their card using a secure code/PIN and ...

12 September 2008 /security

Retired Member 

Transliteration in finance - the elusive babel fish is here

One of the more intriguing developments this year to hit the front line is dynamic language conversion. Welcome. Wilkommen. Bienvenue. That is just the beginning, try doing it for dozens of langauges including chinese, japanese, korean, arabic, thai. No small task. Imagine your local global mega bank sets up a discussion forum for small businesses ...

09 September 2008 /retail