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A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.
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If I give you £10 pounds, how difficult will it be for you to use it? Silly question. If I send you £10 via PingIt, would it be even simpler to use, considering how "revolutionary and easy" Barclays promises that service to be? Not quite. When I make a payment to someone who is not currently registered with PingIt, that person must sign u...
31 August 2012 /payments
Google Wallet's business model "bleeds" less than I originally estimated. Google's card issuing partner is not Citi, but Bancorp (thank you for the correction, Frank). The latter is exempt from the interchange fee cap, hence Google would receive around $0.80-1.20 for every $100 spent on its card, depending on whether it was an online or ...
30 August 2012 /payments
Pat Carroll Founder/Executive Chairman at ValidSoft
The recent findings of the British Retail Consortium’s first e-crime study which estimates that UK retailers lost over £205 million in 2011-2012 due to e-crime caught my eye recently – particularly the estimate that £77.3 million came from actual fraud losses. The most costly form of e-crime for retailers was personal identification-related fraud,...
29 August 2012 /security /retail
At launch, Google Wallet (GW) was based on Trusted Service Manager (TSM) business model, similar to the one still favoured by the mobile network operators (MNOs), e.g. ISIS. Under that scenario, GW offered access to its embedded Secure Element for storing card details and authentication credentials. Unlike MNOs, GW was not greedy and offered reaso...
29 August 2012 /payments
Google is trying to inject new life into its mobile wallet platform by launching a cloud-based version of the app that can be linked to Visa, American Express and Discover cards. Will it be enough? When it was launched in 2011, Google Wallet was presented as the ultimate service that would take the NFC mobile payments revolution by surprise but ...
22 August 2012 /payments /retail
I wrote my last blog about the Future of Mobile Banking Conference more than two months ago, before a busy June, summer holidays, and the Olympics. It’s now time to meet my promise to highlight some of the key points of discussion. One topic which came up several times was the on-going debate between HTML5 and native apps. It’s an interesting debat...
21 August 2012
Nick Ogden Chairman at Ogden Research
Earlier this month, the Bank of England launched the Funding for Lending scheme, to lend money at below market rates to financial institutions. It is designed to prompt banks and lenders to make more money available to homeowners and businesses. This renewed focus on bank lending to British businesses has intensified since Project Merlin, the attem...
14 August 2012 /retail
Brett King CEO & Founder at Moven
Square and Starbucks just announced their intent to form a partnership for the purpose of improving or 'revolutionizing' in-store payments around the approximately 1,700 retail stores and 5,000 points of presence in the USA. Square has had phenomenal success growing their merchant base to 2 million users in just over 2 years, which when taken in t...
08 August 2012 /payments
I was listening to some music from my youth - Little Fluffy Clouds - The Orb - whilst watching the thunder clouds gather outside of my office. We all know that clouds live in the sky, these amorphous collections of water droplets high above our heads, drifting from location to location, with no intervention from us on the ground. To a great extent...
07 August 2012 /security /regulation
In the Olympics, after years of training and dedication it seems that in the eyes of the media and the public, it all comes down to winning or losing. An individual may have achieved an outstanding personal best and even won silver or bronze (why else would anyone swim against Michael Phelps?) but this seems to be viewed almost as a consolation pri...
03 August 2012
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