Category: Open Source Banking

Open Source Banking, Social Lending, Social networks5 Comments

Social Investing – stockpickr.com

Colin Henderson

Continuing with the theme of social financial services, here is a new one, picked up from tehcmeme tonight.  Its a unique approach to investing sites, and is more akin to wesabe (personal finances social site), than any other investing site.  Stockpickr lets you input your portfolio, then points out others who have similar portfolios, and the degree of similarity. But that’s where it stops …  after reading the early promise from the usual press release the result is disappointing: the forum is quite disjointed from the portfolio’s – the forum is just that – another forum functionality- there is an … Continue reading Social Investing – stockpickr.com

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 Source Banking

OpenID login strawman

Colin Henderson

 Chris posted this strawman login that toggles between OpenID and old style username password.  Seeing this was very useful for me, and really illustrates the power of OpenId.  Consider ….  selecting OpenId would mean your personal preferences would follow you, no matter which site you are logging in to. Link to Flickr Photo Download: OpenID login strawpeople   Technorati tags: OpenId, authentication Continue reading OpenID login strawman

Business Models, Open Source Banking, Social networks3 Comments

Open Source Banking – why Wesabe is the best example of the new breed

Colin Henderson

Wesabe continue to build on their strength, with two feature additions.  This follows the addition of Kathy Sierra to their advisory board.  I think she might have some advice on explaining the multiple tag thing 🙂 But I want to lay out a view on Wesabe and how they might fit in the larger picture, because they are breaking new ground. When you create a tip, you can say what area that tip applies to, by adding the postal code for it. I use this to give tips about the auto shop I use, the grocery store that I think … Continue reading Open Source Banking – why Wesabe is the best example of the new breed

Open Source Banking, Social networks1 Comment

Book review: “Banker to the Poor” – Yunus

Colin Henderson

This book is remarkable on two levels. Its remarkable because of the personal association with the history of Bangladesh and Pakistan which is quite fascinating, and leads into the abject poverty experienced in Bangladesh and Pakistan as a result, and how Yunus observations and astuteness led him to develop a billion dollar bank, with a genuine sense of social purpose, going where no other bank has gone. There are some real learning’s here that can be applied in the social lending arena. Grameen Bank has made $ 3.4 billion dollars in loans to 2.4 million people. Yes … that’s an … Continue reading Book review: “Banker to the Poor” – Yunus

Open Source Banking, Social networks2 Comments

ballpark.ch | use secondary data and re-shape an industry

Colin Henderson

Consider if Wesabe did this, and shared the ongoing market share of banks based on their participation? Flickr whose main business is photo sharing, are displaying the trends in camera types their users have.  How do the camera companys feel about this? This would provide the ultimate power in the hands of the customers – and it or something like it will happen. leveraging the metadata it gathers when its users upload images to build camera usage trends Source: ballpark.ch / blog || interactive thinking Recall, Wesabe is a social banking application, where participants upload their financial data, and share advice, hints … Continue reading ballpark.ch | use secondary data and re-shape an industry

Open Source Banking, Social networks1 Comment

Wesabe – social banking

Colin Henderson

Thanks to Trey at OpenSourceCU, here is a real example I have seen of a real social banking site, but of course its not a provided by a bank. Wesabe is … here is an extract from their about us page: Who is Wesabe? We’re not a team of financial planners or number crunchers. We’re real people dealing with real money issues. We want to get rid of our credit card debt, are starting to think about college savings for our kids, have a sneaking suspicion that everyone else’s cell phone plan has more minutes for less money, are tired … Continue reading Wesabe – social banking

Innovation, Open Source Banking, Web/Tech4 Comments

"Techcrunch » Blog Archive » Google Makes Its Move: Office 2.0 – time for Banks to rethink Office Suite strategy?"

Colin Henderson

 Google have release their first burst after a series of beta’s. “This is a bold move by Google. They are striking hard at a nearly $12 billion/year Microsoft revenue stream. And they are clearly trying to get this out the door fast, in anticipation of Microsoft Office 2007, which will include collaboration features for businesses (as does Office Live, announced last year).” Source: “Techcrunch » Blog Archive » Google Makes Its Move: Office 2.0 – Mozilla Firefox” This is significant, and I believe its time for Banks to re-consider their Office suite strategy.  I noted in July that the plethora of … Continue reading "Techcrunch » Blog Archive » Google Makes Its Move: Office 2.0 – time for Banks to rethink Office Suite strategy?"

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

Open Source Banking

Update on Zopa

Colin Henderson

Michael Clarke, “This is Money” provides an informative update on Zopa.

Create your own bank | This is Money

Zopa is the world’s first online lending and borrowing exchange for individuals, where the banks are shut out. Launched in March last year, the service now boasts 80,000 members, many with strange usernames such as Milkmongoose and Cowgirljo.

The concept behind Zopa – Zone Of Possible Agreement – is simple. It matches individuals that want to borrow money with those that are prepared to lend money at a rate which both parties are happy to accept. The service gives borrowers the opportunity to obtain money at much lower rates than what they would secure from the High Street.

For example, loans can be below 5%, compared to the lowest rate of 5.6% available on the commercial market.

They make money by charging borrowers.

Zopa makes money charging borrowers a one off 0.5% fee which is added to their loan. Lenders pay an annual fee of 0.5% of the amount they are lending.

Continue reading “Update on Zopa”