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 

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

Retired Member 

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

Retired Member 

'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

Retired Member 

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

Retired Member 

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

Retired Member 

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

Andrew Fear Advisor / Consultant at Independent

Let Bankers choose their own core-banking systems

(Core systems replacement – evaluating your options) Ownership is the thing. Whose systems are they after all? Putting the ownership of the core-banking systems back where it belongs, with the bankers, is just part of being attuned. Forward-thinking bankers know that only the right technology, the right core banking systems can drive the busine...

18 March 2008 /retail /wholesale

Retired Member 

Mobile payments: burning down the house?

I can’t fault her for trying. I guess it seemed like a good idea and a bold step towards freedom from the bonds of 20th century banking. “She” is a member of my staff based in the USA; let’s call her Alice, ok so I changed the name to protect to innocent! After reading that the Harris Interactive study released last week and the subsequent fea...

17 March 2008 /payments /retail

Retired Member 

Bank Positioning - Custodian of Customer Trust

With internet spreading its net across the markets, financial products are being invented and developed by companies – read as independent innovators. The selling points for all such innovators mostly revolve around three common spokes – Speed, Secure & Service. With multiplicity of products and innovators in the financial intermediary space, ...

12 February 2008 /payments /retail

Retired Member 

Payments - Bank's breadwinner

The primary objective of any payment system is to enable the circulation of funds. Without a robust infrastructure enabling smooth flow of funds, none of the financial institutions can assume the role of a financial intermediary in the economy. Payment systems have encountered many challenges and are constantly adapting to the rapidly changing pay...

07 February 2008 /payments