Category: Open Finance

Business Models, Innovation, Open Finance, Open Source Banking, Pinkomarketing, Profitability12 Comments

How can a Bank go online, and set itself apart?

Colin Henderson

 The problem with working in a Bank is that everything looks like a Bank.  You can always tell a Banker because your hear a ton of acronyms, and words like channel, multi channel, integration, etc.  In fairness Bankers are not alone in their industry view of the world.  Anyhow, in preparation for LIFT07, I got to thinking about why Banks are having such trouble breaking out into the internet space, and with something that’s probably obvious to everyone else, I compared to others in different industries. The well known, and two not so well known, (but will be well known), online names that … Continue reading How can a Bank go online, and set itself apart?

Innovation, Open Finance, Open Source Banking

23C3 – Lawrence Lessig – On Free, and the Differences between Culture and Code

Colin Henderson

This speech by Lawrence Lessig is quite brilliant. He is speaking about the shifts and strains caused by democratisation of technologies that allow anyone with a $1,500 computer to take media, and create. He relates these tools to the pen and typewriter, and makes the argument that trying to remain with the status quo in terms or rules and regulation will fail. The Q&A is particularly insightful, talking about the diferences between US and Europe … how the US in promoting freedom does quite the opposite. Overall, the 1 hour 16 mins is well worthwhile. Grab coffee or New Year … Continue reading 23C3 – Lawrence Lessig – On Free, and the Differences between Culture and Code

Open Finance16 Comments

Bankwatch predictions – Banking 2007

Colin Henderson

Christmas and New Year are always a good time to take stock, and reflect on the year past, and what we might expect next year, so here are my thoughts in the Banking space, based on what I have seen, and expect. This is largely a North American view. statement and cheque presentment will be table stakes. If you don’t have that capability it will be noticed by your customers, and you will lose customers. Banks will start to worry about internet evolution, and some tangential attempts will be made by baby boomer executives who genuinely want to make a … Continue reading Bankwatch predictions – Banking 2007

Open Finance

Javelin Strategy and Research » Online Trading: Banks or Brokerage?

Colin Henderson

I am looking forward to seeing the results of this survey.  Since 1996 and the beginning of online banking & brokerage, I have believed they ought not to be separate.    While bundling stock trading activities with personal finances may be generally viewed as more convenient than using online brokerage services, Javelin Strategy’s comprehensive, ongoing survey regarding online banking and stock trading revealed rather interesting responses to this issue. Source: Javelin Strategy and Research » Online Trading: Banks or Brokerage? I see three levels of customer requirement: bill payment, online trading, customer service, basic advice financial planning, and direct link to a … Continue reading Javelin Strategy and Research » Online Trading: Banks or Brokerage?

Business Models, Open Finance9 Comments

Blog Business Summit | Search & the future of media;Battele – (Why not a Bank based on Search?)

Colin Henderson

 We keep hearing this that search is growing in terms of how people navigate the internet. Command line is how we navigated the 1970’s. The Find command is how we navigated the 1980’s. Now search is the way that we navigate Web 2.0. The command line is natural language. We are starting to use computers the way we talk to other people. If search is an interface, then it’s our navigational device. It’s our steering wheel. Source: Blog Business Summit I find this fascinating.  I get the logic, that search is akin to asking a question, and that’s what we … Continue reading Blog Business Summit | Search & the future of media;Battele – (Why not a Bank based on Search?)

Open Finance

Forrester Research: Creating Good Online Content Experiences | Usability Beats Unique Content, Hands Down

Colin Henderson

As recently as 5 years ago, it was not unusual for site redesigns to begin or at least share 50/50 with the product group, whose content, and customer experiences dominated the project. Today its not unusual to do a site redesign without product involvement beyond validation of rewritten and re-purposed content contained within a  navigation, and presentation focussed on a customer segments needs and expectations. Here Charlene at Forrester summarises her new report on that topic. What do users want from their content sites? Unique content does matter, but the basics – such as clear navigation, easy-to-use search, and ads that … Continue reading Forrester Research: Creating Good Online Content Experiences | Usability Beats Unique Content, Hands Down

Open Finance, Open Source Banking

Open Finance v2.0

Colin Henderson

I think this is a key point that James makes here. BankerVision: The long tail of banking I can’t help wondering if the long tail opportunity for banks is rather more substantial than manufacturing product for niche customer segments. 8 +/- years ago someone at Forrester coined the phrase “Open Finance” to denote the idea of selling others’ products. The idea was that distribution through internet was so disruptive, that unless you could offer various alernatives to customers, your offer would be immediately discounted. This also intrduced the separation of distribution from product. The Net creates a new financial services … Continue reading Open Finance v2.0