Innovation in Financial Services

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

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The 10 Inventions That Most Changed Retail Banking

Here are some of the influential technologies and inventions which have each in their own way revolutionised the retail banking business in the last 1000 years. Money, guarantees and loans have been around for the millennium. I looked for something new, and didn't really see any change between the Crusades and and the 19th century. The first entry...

20 April 2008 /retail

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Rival to Visa and Mastercard without cards? - Mobilisation

Any new rival to Visa and Mastercard should seriously consider ditching the card concept altogether and utilising customer's mobile phones. A solution which didn't require the current EFTPOS system might save a few costs as well. I would be thinking about an transaction system which sits above using the mobile network and internet to process the t...

17 April 2008 /payments

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The Proof of Age Card is an improvement but...

A great idea to have the proof of age card. At least you won't be able to use someone else's will you? I do think it's an good attempt at improvement, but it's a bit too much for status sensitive young people and I would be surprised to see much uptake apart from parents foisting it upon unwilling children. That is the flaw in the plan - peer statu...

16 April 2008 /regulation

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Why we need to use mobile phones for ID

It's pretty obvious really. The main reason is 'because we can'. Next comes 'because more people choose or aspire to carry one than other any item in history'. Mobile phones are becoming ubiquitous and will become the universal communicator. By the end of 2010 more than half the world's people will be carrying one. Unlike other ideas being promoted...

16 April 2008 /retail

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I know I need 50 quid, do I need Paypal to buy a Vasco?

Vasco selling readers on Ebay*? Last week they were giving them away to corporates, this week it's ebay. I suppose they'll find their market somewhere. Perhaps in the Collectibles category. I'm sorry but I remain unconvinced about the practicality of this approach and see no long term future. I am sure they dream of selling every household, interne...

16 April 2008 /retail

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Credit customers want to use the online channel but..

It's great news for FI's s that many customers want to use the online channel to manage their credit card account, apply for cards and we can assume generally do more business with their FI's. This provides FI's with an opportunity we already knew was there, and with some risks we can't quite measure. In the street theft of a customer's card is a d...

12 April 2008

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'Kraken' - and opening the email channel for Financials

Botnets Enlarging, Again There must still be a few idiots opening those unsolicited emails. Apart from the facts that my wife would leave me if I took up all those 'enlarging' offers and I'm too honest to steal money from 'dead' African bank accounts, I just don't have the time to read them [I've just been 'told' what they're like]. On a personal ...

08 April 2008 /retail

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The flaw in some mobile commerce - what's your number?

It seems everyone is getting 'into' mobile transactions, mostly without thinking. Paymate India have introduced SMS based payments:; "Once you choose to pay via PayMate at any of the accredited merchants, all you have to share is your mobile number" [with everyone you are paying.....great idea NOT!]. It might seem funky giving your pho...

07 April 2008 /payments /retail

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We don't want to 'bank' we just want 'easy money'

More about 'Mobilisation and The Art of War in Transaction Space'. Whether online or in a branch - people DON'T WANT TO 'BANK' - it's just a necessary evil. The main reason that banks don't feature in the brand love game is because people don't like to bank. People like easy money. Easy to keep safe, ie. 'The burglar can find it under my mattress...

06 April 2008 /payments /retail

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Ouch that hurts - the real cost of TJX's data loss?

Things aren't getting any better. Metaphorically though: "A patient in pain, facing death, will pay more for the cure than they would have before they believed they had the disease" - Dr Procter. "What disease, what pain?" you ask. "It still cost them less than replacing the cards." He's still going to get sick again,...

04 April 2008 /payments