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 

Telly-Teller ATM from IBM or a mobile in your pocket?

I think the telly-teller is a great initiative to cope with unexpected in-branch demand, but if banks misuse it there could be repercussions. I don't want sensory overload from an honour guard of beseeching screens flanking the path to the human at the branch. I had to think about how I feel during the branch experience and how I feel afterward...

15 May 2008 /retail

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Bank of Mars announce 'Wally the Robot' valet purchasing

Mars News 2015 Citi read first Due to a total failure of trust in financial instruments, HomoDuoCerebrus Inc, makers of military grade humanoid warrior robot 'Wally the Robot' has teamed up with the Bank of Mars to provide a valet buying service. Simply use your anonymous Bank of Mars card and make any purchase from any merchant anywhere and gi...

14 May 2008

Retired Member 

Advanced Thinking in Action with RIM RBC, Thomson Reuters

When I first saw this announcement on finextra I wondered a moment about a previous blog where I mentioned a letter telling me I'd won an award of a million dollars. I'm sure a few mobile technology developers will be feeling the real thing soon because unlike the scam letter in my email, this public announcement heralds some confident and advance...

13 May 2008

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Bank of America's heroic decision to blog with customers

I applaud BofA in their bold move into the bloggosphere. I also think that here should be an industry code of conduct for blogging with customers on financial sites, don't cringe - it'll be good for everyone. Let's start it here: Financial Services Customer Blogs Code of Conduct We will listen to/read issues raised by our customers.We have the r...

10 May 2008 /retail

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Poor credit card security bites the bank debit market?

Is there irony in this? Maybe it's only a nibble at the moment. There seem to be a lot of pre-paid products coming onto the market being promoted as a safer alternative to credit cards on the internet. In view of the fact that these are often marketed by credit card companies who might be seen as being to blame for the card security problem anywa...

05 May 2008 /payments

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Australian banks consider radical payments scheme

Australian financial institutions are considering a radical initiative that could see BPAY codes trump bank account numbers. Codenamed MAMBO (Me and My Bank Online), the top-secret BPAY proposal could deliver the bank account portability that Australian Treasurer Wayne Swan so desperately wants Australian consumers to enjoy. Instead of a bank accou...

05 May 2008 /payments

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Ditch the cards and the card fraud is gone...

The obvious solution would be to look for a substitute, rather than try and do the same old card thing. I think everyone is pretty convinced that we'd like to lose the cards, especially if it means losing the fraud, and it can. I don't know about you but I think the future is with mobiles and the card is in the past and I don't even see how anyone ...

29 April 2008 /security

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A Review of Corporate Actions Automation

Congratulations must go to Gary Wright who chaired the corporate actions automation conference in London week before last week. The conference did two things that are pretty rare these days. It actually did have dialogue between the panelists and the audience, due in no small part to Gary's forthright style of chairmanship. It also did an excel...

28 April 2008 /wholesale

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How can Banks explore WEB 3.0 or whatever it's called?

The questions a bank needs to ask include: Do our customers know enough about our products and services? The answer to this is always no. Can we handle some (possibly negative) feedback? The answer to this used to be no, and that has to change to 'yes'. Do we have a mechanism in place to translate good or bad feedback into bette...

28 April 2008 /retail

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Confusion in the Mobile Payments Market

I don't know whether to be concerned or pleased that 100 million of us may be paying by mobile by 2011. The Gartner report suggests that: wireless application protocol (WAP), - requiring software and expensive data connections, unstructured supplementary service data (USSD) - text based and potentially insecure even with extra software, and ...

24 April 2008 /payments /retail