1988
Why cannot all service be in e-banking?
Equity trading added to Home-banking. Later a long range range of services - for private and corporate customers.
1992
- Why can the Solo e-bank not have a back door – where customers step out strongly identified into third party services?
Doable as KYC was in law already and log-on tool used two factor and one time code (OTC). E-id services introduced. 2017 used 100,9 million times. Estimate for 2019 - 150 million. Public sector services big user.
- Why are payment receipts needed when account statements have the same data?
Account-statement-as-receipt for automated accounting introduced (no receipts needed).
1993
Why not Mobile?
Payments with voice synteziser and SMS balance reporting introduced.
1996
Why is it not possible to pay real time from account in online-shopping?
E-commerce real time e-payment introduced – based on invoice payment solution. Dominating payment method in Finnish e-commerce.
1998
- Why does loan agreements have to be signed on paper?
E-Signing (with login-OTC) introduced.
- If you can sign a loan with bank codes – why not a telephone contract?
E-signing service introduced. Naturally legal and binding – also in employee role.
- Is it fair to load customers down with having to key in payment details- especially very long creditor reference number series?
Consumer one-click-to-pay e-Invoicing introduced. Direct debit-like standing order added later. No need to use much more expensive and complicated SEPA direct debit. Available of course.
1999
- If you can make domestic payments from your home computer – why not foreign payments?
Foreign payments introduced (10 times lower fees – and free of charge with SEPA).
- Internet in your pocket?
E-banking went WAP.
28 Dec 2022 18:40 Read comment
Questions on the long journey
Summarizing milestones - my own experience mostly based on Fintech in Finland and the other Nordics. (Union Bank of Finland>Merita Bank>MeritaNordbanken>Nordea Bank, Mobey Forum, Visa Advisory board, EU Expert Groups, Real Time Economy Program, Tieto, MyData etc):
1950s -
Strong emphasis on payment standardization and four corner models > competition instead of hub with monopoly. Real time payments between accounts in same bank early feature. Creditor Reference was introduced in the 70s (ISO20022 in 2016).
1978
Online real time ATM (MiniUBF). Later bank-common network. Domestic Debit cards introduced – leading to lowest cash in circulation/GDP.
1979
Why should enterprises have to transport punch cards and magnetic tapes to the bank?
TeleUBF launched (customer terminal for file transfer).
1982
Can push-button telephones be used for payments?
Home-banking with onetime passwords introduced.
1984
Why not PC?
Home- and SME PC-banking introduced (HomeUBF later branded Solo)
Could a credit to an corporate account at the Union Bank of Finland London branch automatically launch a real time SWIFT message to the head office TeleUBF netbank in Finland?
First answers were no - then yes - and the UBF Instant Cash service was launched. The head office could also use the account in London.
1985
All homes do not have PCs and modems. Why not allow employees to use workplace computers for e-banking?
Work-place banking introduced. Key for taking e-banking usage to 500 000 users ( 20% of eligible) online before Internet.
27 Dec 2022 17:50 Read comment
Strong support for eIDAS2 https://www.youtube.com/watch?v=l8pHUdjKfes
08 Feb 2022 18:27 Read comment
https://trustoverip.org/why-toip/benefits/
08 Feb 2022 18:25 Read comment
Picture by Evernym. Relates to previous blog - huge numbers of steps to the ladder
08 Feb 2022 18:23 Read comment
Must happen on an even wider scale. Too expensive and needed by very few - even if all customers pay the cost.
08 Oct 2021 14:57 Read comment
The Why: New dimensions of customer value and Good for Society at Large...
21 Sep 2020 07:28 Read comment
The Why is customer value and good for customers at large. Huge levers for customers: economy of repetition with familiar tools, economy of scope by getting complete service packages (process in stead of isolated "products"), economy of trust (banks have to be trusted and are legislated into this ID role). Huge levers for banks to build on economy of reuse, economy of scale and scope. And massive benefits for society at large - faster progress to data driven economy and intelligent decisioning.
21 Sep 2020 07:23 Read comment
Great!
19 Sep 2019 15:34 Read comment
Have not progressed very far - but feel a little worried about her very angry cons-only approach. In one page only expressions like "a new breed of menace", "plundered for behavioral data", "all for the sake of other's gain", "perverse amalgam of empowerment", poignant harms" and so it goes....
26 Jul 2019 11:21 Read comment
Electronic invoicing
Whatever...
Transaction Banking
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