Latest opinions that Derek Garriock has shared on Finextra

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Derek Garriock

Innovation Director

Experian

Member since

04 Nov 2013

Location

Edinburgh

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Derek's opinions

Navigating the best path through the fire hose of data

We’re all living in a data-rich world with a non-stop fire hose of personal information. The challenge faced now relates to the accurate and critical analysis of the constant flow of data we’re presented with. Understanding it delivers key insights into how to effectively reach, prospect, win, retain and appropriately serve legitimate customers. ...

17 December 2015

Money is an important issue for the majority. Consequently, where a person banks is too.

With new entrants joining the banking world, individuals have more choice, and there is increased competition for the sector. However, for new entrants, encouraging people to switch to them from the established providers will be no easy task. Our recent research found that 70 per cent of UK adults still ‘trust’ a traditional bank or a building soc...

14 May 2015 /payments /retail

Will smartphone payments outpace credit and debit cards by 2020?

Recent research has suggested that by 2020, credit and debit card payments will no longer be the preferred method of payment, with paying by smartphone taking over. If this expectation becomes reality it will signal a remarkable milestone in the meteoric rise of the smartphone. While cash and card payments still currently dominate, there is a la...

30 April 2015 /payments

Branch vs Digital - The account opening battleground

Recent research on account opening from McKinsey looked at the sales conversion rates for branch versus digital and found what looks like a huge gulf in success. The research suggested that in-branch sales converted at a rate of 85% whilst digital channels averaged a 15% conversion rate. At first glance these figures suggest that branch is king wh...

09 March 2015 /retail

SEPA and 2015 - 3 Predictions For Corporates

This time last year adoption rates for The Single Euro Payments Area (SEPA), particularly for direct debits, were still woefully low. For those who are unaware, SEPA is a payment-integration initiative from the European Union for the simplification of bank transfers denominated in euro. Its aim is to improve the efficiency of cross-border payments...

20 January 2015 /payments

Device fraud - a serious threat to mobile banking?

Current predictions show there will be five billion connected devices on planet earth this year, including smartphones and tablets, serving a billion online bank accounts and contributing to US $13trillion in global ecommerce sales and related transactions. The potential opportunities presented to fraudsters are therefore huge. Evidenced of this ha...

30 July 2014 /security

Forget your wallet; it’s all about virtual cash

Mobile banking is no longer about the banks - it’s about the payments market. As a result, it’s set to be the sector’s new consumer battleground. The traditional bank-client relationship is set to be subverted for good by mobile technology that delivers a service direct to smart phones and tablets, as the payments’ markets steals a march with a...

01 July 2014

Back to the future for cheques

The UK is in the midst of a tech-led banking revolution as Brits move away from branches in favour of their mobile phones. We have now downloaded more than 12.4 million banking apps, while the number of transactions made using them has nearly doubled in a year, hitting 18.6 million a week during 2013. The Royal Bank of Scotland app has clocked u...

16 June 2014