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 

Telcos and banks delivering ubiquitous mobile transactions?

Is this fitting in with the GSMA - Western Union alliance? The telco's will get into bed with anyone for a slice of those transactions. I wonder if we'll see some trust between telco's come out of this? Will the lure of fast transaction money lead to mobile roaming rather than mobile reaming? I remind readers that your telco does not trust it's o...

01 July 2008 /payments

Retired Member 

Spare a thought for the waiters with mobile money

I'd just like to let the waiters and waitresses of the world know that we have thought of them with our mobile solution for transactions. Hospitality staff are all very important to both commerce and personal business, and we'd like to show our appreciation. We have designed a payment system which allows for tips and gratuities and they can go stra...

18 June 2008 /payments

Retired Member 

The future of financial services?

I digress and had to get back to my own blog and have posted a response to Jean-Philippe. We obviously look at things from different viewpoints, and you make a good point, yes, nothing is 'free', however the cost of mobile transactions have the potential to be significantly lower than present credit or debit card networks currently levied on mer...

17 June 2008 /payments /retail

Retired Member 

Consumers may give fingerprints the finger

I know I'm a promoter of mobile payments, but really I'm just a promoter of doing it easier and safer. I am not keen on fingerprint scanners, they are not easier or safer. Fingerprints are not really useful for primary ID. It simply takes too long to get a match on a print. The problem is that comparing pictures of fingerprints with pictures of p...

17 June 2008 /payments /retail

Retired Member 

Fraudsters must love the flawed card system

They aren't even really fraudsters in the old-fashioned sense of the word, more like FLAWDSTERS. Yet another flaw uncovered in the card based transaction system? Why am I not surprised? Here's a deal for you, I'll prevent it all (for all UK banks) and even the card present fraud for the token sum of £145 million and I'll indemnify all users of o...

12 June 2008 /payments

Retired Member 

No surprise on interchange pressure

The recent moves by legislators on both sides of the Atlantic to rein in interchange fees is no surprise though the companies involved may continue to ignore the writing on the wall, those fees and margins will eventually be cut, one way or the other. Look out for some movement in the ranks of legislators on the other side of the Pacific next. A...

07 June 2008 /payments

Uri Rivner CEO and Co-Founder at Refine Intelligence

Web 2.0 Banking Authentication

Web 2.0 and banking seems like an interesting mix. This article (https://www.finextra.com/fullstory.asp?id=18544) actually mentions several loosely coupled items related to this: Providing online banking services through widgets in web 2.0 sites such as Facebook, Myspace and others.Integrating web 2.0 functionalities such as wikis and blogs into ...

04 June 2008 /regulation

Retired Member 

Mobilisation - The Art of War in Transaction Space 2

(C)WAP is a waste of time for mobile banking and too slow for most uses and will just lead to pain and suffering by both consumers and banks, not the least because of security, but by all means try and prove me wrong. - it's only your customers' money after all. "Consumers wishing to enroll in mobile banking should be allowed to sign up for...

02 June 2008

Retired Member 

New transaction systems don't require bank consensus

In response to some questions on the Catalyst Code blog I thought I might make a few things clearer here, such why I see a real change coming faster than many may realise. The thrust of the comments was that it would take longer. The reasons proffered are in italics. These comments could probably be applied to most any new e-transaction system...

25 May 2008 /payments

Retired Member 

Interchange Battle - Superceded by Technology Innovation?

A few minutes in the lab can sometimes change the world. Transactions are going to change. Settlement and interchange will too. I can see how high interchange fees are more likely to encourage competitors in a market dominated by well established brands, and that lower interchange fees could theoretically discourage new entrants considering the inf...

18 May 2008 /retail