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Ok this seems like a good step. What do you use for KYC and can this be rolled out to help the poorest of the poor? What are the busness ethics behind??

Is this being or going to be expanded into normal leverage or credit facilities because there would seem to be huge potential in dealing with over-collateralisation within our asset portfolios? An article was published on this in ALRIM Luxembourg many months ago.

Whilst it is clear that the world economy needs to be better aware of and to understand the bitcoin community as weel as other, similar, non regulated economies, is it essential that these have to be taxed and does this not then convert them into the same thing as our existing, potentially corrupt economies?

My understanding is that they should remain personal, yet open to everyone. In this way they are available to be shared by everyone without the need to tax those involved in order to distribute the benefits to the wider community. In fact, it seems to me that taxing and regulating such initiatives destroys their 'raison d'être'. Of course any corrupt practice needs to be regulated but in my view we have to ensure that barter and sharing amongst each other is encouraged rather than punished if we are to develop a better society beyond the bad and greedy side of capitalism! 

I look forward to your responses

Clive Munn

Hi All,

I have to say that from the title of this article 'What is the Future of Mobile Payments?' I was hoping to find more / something about market research. In particular I think about those people who choose not to have a mobile phone permanently with them, at the dinner table, even in the toilet!! Seriously there is also a part of the older generation that does not own a mobile phone.

Perhaps part of the answer could be the mobile watch; at least this would not make uncomfortable bulges in the pockets! It would not however get over the fact that some people do not want internet permanently with them. After all have you not been annoyed by that person you invited to dinner and as soon as you posed a question he went delving into his mobile to find the answer or even to make you an immediate payment!! Whatever happened to the human mind and memory?? What about those of us who like the physical exchange of money, the feel of notes etc., etc? I understand this is a sizable chunk of the population and growing (the retired people).

All this is not to undermine the technology but to more carefully think and plan the future so that we are not disappointed / frustrated when all this has gone too far too quickly at enormous expense.

Hope I have not been too boring,

Sincere Regards

Clive Munn

Bank Clients are really disillusioned and frustrated with banks that still have heavy, inefficient paper processes. Actually this starts with the opening and closing of accounts, even before funds transfers and cash management. Here the eBAM initiatives have already started to become available by various banks. These systems:

• Enable corporate clients to open, maintain and close accounts electronically
• Streamline workflows and create efficiencies by reducing manual, paper-based account processes, freeing up resources for more strategic, value-added functions
• Increase visibility into banking processes thereby enhancing predictability and enabling business planning
• Enable faster processing and accelerated response time

I believe that corporate customers will willingly be more innovative and open to exposing their data, using self-service capabilities and embodying electronic banking provided the technology contributes to, rapidly improves and enhances their existing relationships.

Trust is the key factor that influences the adoption of electronic banking. Perceived customer satisfaction with the bank only has indirect impact. The cumulative effects of customer satisfaction however have a positive impact on trust directed towards the bank, and this greatly impacts the propensity to use electronic banking. Moreover, customer satisfaction, trust (with mutually open relationships), and the use of electronic banking clearly follow through with a positive impact on the corporate clients’ commitment towards their bank.

I agree this is starting to look like a 21st century branch where a client can go in, grab a cup of coffee, check out some advice on the computers and then approach an individual for more detail / questions or to scan in some documents to reach the head office by portal. Bring it on! Remember the blog / discussions about the future of branch banking?

To provide an alternative answer to Alan's plea: 'But for the sake of all of us in the industry, will the next financial services institution please check the market more thoroughly and do better due diligence before reinventing the wheel'

In my opinion, vendor risk is hardly likely to be the decision driver and, rather than a wish to achieve 'competitive advantage', perhaps it is simply a desire to be in better control of ones destiny.

Could it not, in fact, be more a question of job preservation & simply helping one and other? The provision of some common source code, perhaps through 'open source' might be a way forward in the new, less commercial (only a question of money) world. Rather than the next 'deal' should we not be thinking more about co-operation, how IT can help our institutions improve theirs and our world, not purely for the next big financial gain or personal bonus. After all, like it or not, many of the banks are now owned more by the people generally than just a few greedy rich individuals!!

Let’s not go back to the old ways already!

I just thought I would add that I in fact saw something similar in my web-mail on Sunday. I think it was for RBS, owners of Nat West of course. Fortunately it did not pass my firewall / virus software and I deleted it straight away. I have also seen other suspicious mails purporting to be from Abbey so clearly we need to ensure the younger and inexperienced are aware of and are reminded of the reality of these attacks. It also shows the worth of additional software like outlook as another layer in the structure of our protection.  

I am pleased to have joined this network and to be in touch also Alan. Thanks for the link to the different ‘youtube’ videos - you see ‘Playmate’ there are always ways of attracting people down to the branch to discuss investments or whatever!! 

Seriously though, we know that many retail banks already have travel agent, estate agent & insurance broker arms but have so far (to their own admission) not been too great at integrating and selling such products. We must not forget that the first remit of a Retail Bank is to provide essential services to the masses so we should not try to turn them all into “wealth management centres” in my view.  

Clearly we are all in business for a profit but don’t let’s fall into the trap of the investment bankers in that other 'youtube' clip. Know your market and talk to your customers. Help them to fairly manage and grow their assets even from small and modest beginnings. Remember also that the money in this market is in the aggregate number of clients not the size of each individual’s wealth which is where Chris Skinners argument comes again to the forefront.  

We could never improve services, products and financial savvy for the masses without IT (specifically IP). The perpetual argument about who is running the show, who understands what or who should be up there first simply hinders progress. Openness, yes frankness but also diplomacy and compromise are the ways forward. It seems that many in IT have understood this and are improving programs through sharing and open architecture as well a general appreciation that the big bang is not necessarily the best method but more natural progression through SOA (specific Service Orientated Architecture).  

After all, whilst recognising that a little stress gets us all moving; does the human race always have to be in such a rush? Although it may frustrate some, a well considered evolving approach has always been the natural way ahead. 

Seasons Greetings to all.

As an ex branch & retail banker but also a colleague of Alan Goodrich in a previous life, I hate to say it but I, once again, find myself agreeing with an American, Michael regarding the future of branches!

Banks are notoriously slow at being innovative but the message regarding the change from Retail Banking to Bank Retailing is starting to get through with the branch definitely still being the corner stone as Michael says or even maybe the centre. We have seen innovate products such as Richard Branson’s ‘one account’ , internet mortgages and deposits as well as, perhaps, securities and investment management facilitation but there is still a long way to go to bring these services and products to the masses in the same way that they are currently available and cherished by private banking or wealth management clients.

One of the major functions of the branch will indeed be to educate and advise the masses as this cannot only be done online or within the confines of one’s home office. Those of us that are financially savvy forget what a strange world it can be to those who may not even be really interested or, for example, only know the bad side of being involved with a credit card as opposed to cash. I am thinking of the students in my family or my wife who prefers financial business to be handled by others!