Community

Thanks Oak.. Security has been a big concern for the community.. specially the nature of the attack is changing from just being shutting down the servers or disruption in services TO completely altering the transaction records and even wiping out the data. This requires a very collaborative approach to fight this nemesis.

thanks Brett..

When I checked last week,I also found the site was up.

Is it? In that case, it is you and Moven team :) take the lead for Personal Finance advising.

Thanks Charmaine. I meant natural language processing :)

Laurence, I agree. Banks must go beyond its core product and services, and create or participate in large ecosystem to tap revenues upstream and attract potential customers. that requires robust business, operation, IT (Mobile, API, Architecture roadmap planning).

@ketharaman - i think both of us want banks to succeed and be the institution we all respect. banks are better of being more respective to the threats coming from outside, rather than assuming everything is fine and be happy. I will be happy to be proven wrong, because we share the same end goal.

I think,every transition or major shift goes through Hype cycle before it gets streamlined. Telcom or retailers are taking their time to streamline things. But, point is not what is the current state of affairs but what could happen in a blink of eye (1-2 years).
The winners in this emerging arena will be those who “own” the consumer. This includes both access to customer information (e.g., daily contacts for gaming, shopping or chatting), as well as the ability to provide a compelling value proposition to activate and engage the consumer over time. Financial services providers are in a prime position to capture the mobile payments and marketing value pools given their broad scale, connectivity assets and privileged role as the guardians of consumers’ financial information. However, if financial services providers move slowly or resist disruption of their core business, nimble non-bank technology companies are likely to develop workaround solutions in the medium term, exposing banks to full disintermediation.

Pls refer: Mckinsey research articles
“The role of data analytics
companies in mobile commerce,”
"The 2013 McKinsey Mobile Payments Consumer Survey"
"The road to mobile payments services"
"Payments wave, commerce ocean: The arrival of the mobile wallet"

Gartner-> mobile payments transactions will break the $235 billion mark by the end of 2015. That would be an increase of 44 percent over the figure from 2011"

Business Insider -> "United States there were already approximately 7.9 million consumers who had adopted a system compatible with NFC technology (near field communications) or QR codes.

thanks Emma..

Spot on Prosenjit. conversion is still at 25-30% for most of the banks. increasing that will definitely help.