145 Results
Brett King CEO & Founder at Moven
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
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
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
The US is enamored with outdated and costly modality that is costing Billions in lost revenue and fraud.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
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 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
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
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
There’s a philosophy I characterize as “Lucky to be a customer” within banking today. A customer comes to the bank, we make him jump through hoops we often call risk assessment, customer profiling or KYC, and then maybe, if they are not too risky a proposition, we might let them be our customer. This philosophy comes not from a monopoly play as a ...
05 July 2011 /payments Finance 2.0
Today I’ve been in Beetsterzwaag, Opsterland, Netherlands, about 150 kilometers from Amsterdam at an offsite strategic retreat with the ICS (International Card Services) team. Initially part of Bank of America’s presence in the Netherlands, ICS today is an independent subsidiary of ABN Amro NV, but works in the provision of a range of card service...
29 June 2011 /payments Innovation in Financial Services
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