Amazing that figures are still so low. In Finland 4,9m out of a total population of 5,4m have an e-banking contract (and pay for it once over 25). Virtually all sorts of banking can be done online (including signing loan agreements with the log-in codes) and the same codes can also be used when strong e-id (onetime code) is needed for logging in th other services - especially in the public sector.
19 Oct 2010 15:59 Read comment
I am - as a user of the Nordea mobile two-way messaging - "Your e-bill - press "a" for payment on due date".. a big believer in notifications becoming the way into mobile banking
17 Aug 2010 10:55 Read comment
Thanks John,
Banks in the Nordics have learned some lessons in the past and quite systematically stress-tested lenders capability to pay higher interest rates - which invariably will come. I do hope this goes for most regions - but occasionally the fierce competition may lead to too much erosion both of margins and quality.
If the developing countries are allowed to continue to eliminate inflation with more cheap labour there will of course be less need for higher interest rates.
But then there is this other side - how much manufacturing should we really export. The quarterly capitalism is such turbo here - and short term gains can often be long term damage. At least Andy Grove thinks so:
http://www.bloomberg.com/news/2010-07-01/how-to-make-an-american-job-before-it-s-too-late-andy-grove.html
07 Aug 2010 09:38 Read comment
Thank you Mathew,
Comments:
Mathew: "Some small steps are already being taken towards this vision. For years, proprietary fuel card networks have been stripping out VAT and providing a monthly consolidated statement for end-customers (some businesses conduct 1000s of fuel purchases each month). The savings, through reduced admin and fraud prevention, are significant." The step to automate the VAT payment (assuming that the card payment picks up the VAT-info) should be short.
Mathew: "What is the next step? Perhaps general acceptance commercial payment cards (e.g. procurement cards, T&E and small business cards) will begin to allow businesses to buy other products (besides fuel) in the same way. The technical challenges have been identified and are being addressed." We have started a discussion to get card transactions integrated into accounting and VAT paid in the same way in real time as soon should be the case with e-invoicing.
Mathew: "In the short term, card-based solutions are quick to launch and scale internationally, and perhaps we should get commercial cards to do more to help with VAT." I agree - but it should be done in a unified way with other payments.
05 Jul 2010 13:58 Read comment
John,
I agree.
Banks bring in a mega class trust contribution also into this business. The Economy of Trust created by a combination of (i) anti-money- laundering legislation banks in particular have to live up to anyway, (ii) strong e-id tools, (iii) strong procedures when these tools are attached to citizens in private and enterprise roles, (iv) strong privacy requirements, (v) strong security, (vi) e-id as a services, (vii) PKI-usage in payment network etc etc
This all serves to make it clear that it certainly is in the interest of society at large that banks do join in more widely than presently and that all bankers should realise that it is not only a question of increasing revenue by creating new customer value - but also to take responsibility for more competitive national and single market economies.
But then it is important to proceed with work on a network that all service providers can join - subject to living up to sufficient trust when identifying customers and storing necessary material and logs. Banks have the unfortunate role of always be blamed - collectively - when a couple of them fail and in this network it would again be a piece of cake for media to put the blame on banks when a weak link fails - be it a bank or a non-bank service provider.
23 May 2010 08:10 Read comment
All in favour:
http://www.causes.com/causes/60512
25 Apr 2010 11:09 Read comment
That fact is a good reason to move more towards longer term and more-in-line with other industries incentives.
But it is even more important to take the innovation leap on offer soonest.
16 Feb 2010 13:24 Read comment
What is the real damage?
31 Dec 2009 17:16 Read comment
Media so wish it would be true..
31 Dec 2009 17:15 Read comment
internet banking will increasingly happen in mobile devices as devices become more of computers - even if the e-banking-on-PC-habit prison in the developed world is difficult to escape from.
One day the mobile devices will replace plastic cards of all sorts and that is naturally an important part of banks' customer service. Even before that my prediction is that notifications to the omnipresent mobile (for e-invoices, balances, transactions etc) will be major development.
23 Dec 2009 05:49 Read comment
Electronic invoicing
Whatever...
Transaction Banking
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