Latest opinions that Brett King has shared on Finextra

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Brett King

CEO & Founder

Moven

Member since

14 Apr 2010

Location

New York

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Brett's opinions

Will the US be the last developed economy to go cashless?

Although it is a long-time off yet, we can now envisage a time when most of the developed world, and indeed most of the developing world will no longer deal in hard currency. There are a number of drivers for this: 1. Impact of mobile payments 2. Tighter money laundering requirements, and 3. Cost of physical handling versus electronic transactions ...

02 September 2011 /payments /regulation Innovation in Financial Services

What Steve Jobs did for... or to Banking?

As the news of Steve Jobs' resignation rocks the world today, it's almost like we're reading his obituary rather than the news that a Fortune 50 CEO has moved on. The impact of Steve's resignation will be felt hard on Apple's share price no doubt, and even potentially hit the very fragile US market at a time of uncertainty. Although Apple's leader...

25 August 2011 /payments Innovation in Financial Services

Facebook isn't the problem - Identity is the problem

At an event in Indianapolis two weeks ago a banker in the audience ardently challenged me over the transparency of social networks and the subsequent risk of identity theft. There are a lot of identity theft specialists who will warn you of the risks of exposing your identity on social networks and the possibility of compromising your personal inf...

22 August 2011 /security /regulation Online Banking

Industrial Disruption - Pirates, TV, Bookstores, Branches...

There's been a great deal of discussion lately about the impact of technology on traditional businesses such as bookstores, media, TV, newspapers and even on banking. We think we understand the impact of technology on books, magazines, CDs, DVDs, and newspapers, but many say that they are skeptical in respect to the impact of this on TV or the hum...

17 August 2011 /retail Innovation in Financial Services

Branch Today, Gone Tomorrow - The Conclusion

The Total Disruption of Retail Banking - The Conclusion As we detach ourselves from physical artifacts associated with traditional businesses, traditional distribution models rapidly fail. The fact that you own or participate in a network or virtual monopoly that supports an outmoded distribution model is of no benefit when that network is surpass...

11 August 2011 /retail Innovation in Financial Services

Lack of US innovation costing Billions in preventable fraud

The US is enamored with outdated and costly modality that is costing Billions in lost revenue and fraud. While many argue the business case for moving to technology like EMV or NFC is hard to justify, the reality is it is incredibly simple to justify based simply on mathematics around today’s massive cost of fraud. The same goes for those that say...

03 August 2011 /payments /regulation Innovation in Financial Services

Transparency Challenges Revenue and Friction

Part 5 - The Total Disruption of Retail Banking In September of 2009 Ann Minch, a customer of Bank of America, posted a video on YouTube called the “Debtor’s Revolt”. Ann detailed her case against BofA who had unilaterally increased her credit card APR (Annual Percentage Rate) to 30% from its historical 12.99% - quite a jump. She argued as a custom...

01 August 2011 /retail Innovation in Financial Services

The Total Disruption of Retail Banking - Part 4

The Widening Gap between Behavior and Capability In 1980 the average bank in the developed world would receive a visit from a customer once or twice a month, making an average of 20-25 times a year. As ATM machines started to emerge, by the end of the 80s average branch visits per customer were already starting to level off as the primary reason f...

26 July 2011 /retail Innovation in Financial Services

The Total Disruption of Retail Banking - Part 3

Massive spend on innovation at the front-end of retail financial services Putting aside conjecture of whether or not we are in a bubble at the moment around tech, social media, and mobile services (which I believe we very well could be), the reality is we are seeing a flurry of massive investment in new distribution models and organizations actin...

12 July 2011 Innovation in Financial Services

The Total Disruption of Retail Banking - Part 2

Rapid Acceleration of Technology Adoption makes change easier The rate of diffusion is the speed at which a new idea spreads from one consumer to the next. Adoption is similar to diffusion except that it also deals with the psychological processes an individual goes through, rather than an aggregate market process. Since the late 1800s the rates o...

07 July 2011 Innovation in Financial Services

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