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I thought I would just try my FD mobile App again, in case I was a little harsh in my previous comment.

Unfortunately my mobile phone (Galaxy S3) had recently reset itself, and the only way to get back into the FD app was to spend 20 minutes on the phone to the FD call centre to re-autenticate the phone.

Come on guys - get with the programme!

Also as a First Direct customer, I am a great fan of their overall proposition and customer service, but their On-line and Mobile apps now look dated, and the black and white design does not help.

But where is Paym?

Why do they not fix the 3D Secure popup to work even in a vaguely intuative way (I dread using my debit card online)

They are starting to falling behind in the mobile/online space.

Is it time for Leonardo DiCaprio to make the sequel to "Catch Me If You Can"?

If  Frank Abagnale Jr. was around today would he target such cheque imaging systems. Would they be any less secure than the current system?

Perhaps it is time to use some smart logic on the image to authorise the cheque payment in real time. But maybe we are straying too far into the realms of fantasy. 

PS. I think cheques will be around for a while, but I note that cheque books are not issued automatically for many bank accounts.

Is it time for Leonardo DiCaprio to make the sequel to "Catch Me if You Can"?

If  Frank Abagnale Jr. was around today would he target such cheque imaging sustems. Would they be any less secure than the current system?

Perhaps it is time to use some smart logic on the image to authorise the cheque payment in real time. But maybe we are straying too far into the realms of fantasy. 

PS. I think cheques will be around for a while, but I note that checquebooks are not issued automatically for many "young peoples" bank accounts.

Great article and some powerful reasons why banks/FIs should be more customer centric.

I agree that getting at the data to provide a clear view of the customer is vital, but unless such insight can be actioned it merely serves as commentary as to why customers are leaving.

Legacy and siloed platforms not only stop access to the data, which your article very well describes, but also prevent an FI taking any action to improve their products and offers that the customer insight would hopefully identify.

For the incumbent banks to become more customer centric and responsive they need to be able to both analyse the data and deliver improved service.

Great aticle and analysis Bret,

I think the success that Starbucks are seeing is because they have not invested in a new payment method, but they have invested in their relationship with their loyal customers.

A meaningful relationship (by enriching, experience, etc.) not only drives short term usage, but also longer term loyalty. 

For Starbucks their business is selling coffee to customers, the Mobile App is now another valuable weapon in their armoury.

Ketharaman

I too had heard of RuPay, but thank you for filling in the gaps in the PR and showing where the offerings differ.

Is there any cost incentive for banks to issue RuPay rather than V/MC cards? Will V/MC permit RuPay co-branding?

Looks like it is now happening in India too with RuPay.

http://www.paymentscardsandmobile.com/india-launches-rupay-national-card-payment-network/

Stepehen,

While security and trust are vital key factors in mobile payments, the "perceived" issues can often be overcome by pricing pressure from operators to drive adoption and peer pressure. 

Many reports say people were worried by contactless payments, but they were not worried enough to forgo the price differntial of using an Oyster card over a normal ticket, and now I see contacless cards in use daily.

You said "The complexity of the mobile supply chain and its ecosystem presents major challenges" I believe this complex model, and the numerous parties trying to exract value from their part in the chain is what is holding back mobile payments.

mPesa (and shortly Paym) shows that it can be done.

It may be that the British would also like the French approach to branch banking, but sadly this is no longer available here as the branch staff are now mostly just cogs in the bank machine, with human judgement replaced by scripts, targets and workflow. So the British would rather now go online than visit what the typical UK bank branch has become.

I always value the personal touch - people like dealing with people.

It is not a chooice between investing in services or buildings - I believe banks invest in their relationship with their customers.