AI2 Comments

Banks Behaving Badly! – The Motley Fool UK

Colin Henderson

 This from the “Fool” requires no further explanation.  The opportunities for Banks to differentiate, and become customer centric are exponential!  This is not restricted to UK Banks. Banking is bad for businesses Although the Competition Commission ruled in 2002 that banks were massively overcharging small businesses for everyday banking … 2. Blinding us with brands As I explained in Do You Know Who You’re Dealing With?,.. For example, credit cards from Abbey, Alliance & Leicester and Virgin Money are all, in fact, issued by giant US bank MBNA… Delayed cheques and slow payments Other countries have same-day cheque clearing, so why … Continue reading Banks Behaving Badly! – The Motley Fool UK

Innovation

Bank Systems & Technology| Texting Service Locates ATM’s

Colin Henderson

 This is a very cool application, and great use of texting/ mobile technology in a useful way.  We need to build this at the Bank! Need to find an ATM machine?  A new cell phone service from MasterCard provides cardholders with a mobile, location-based search and directory service so they can request to have the location of the nearest ATM sent to their cellular phone via an SMS text message.  …. The voice-activated ATM Locator application is provided by Convergys Corporation, which built the application for MasterCard. Hosted on Convergys’ SpeechPort ‘platform, incoming calls are received and processed. … It … Continue reading Bank Systems & Technology| Texting Service Locates ATM’s

Pinkomarketing

P&G| A New Way of Thinking: People Versus Consumers

Colin Henderson

A final note from the ANA conference which I have been slagging pretty badly.  This comment is a positive one, from Jim Stengel, P&G Global CMO, and thought provoking about how marketers need to give up control to gain traction in the evolving marketspace that is dominated by online.  And as a number of speakers at our annual Masters of Marketing conference said, being in touch means giving up control. Engagement is the act of listening, sharing, creating a dialogue. It is not a one way conversation which we control. Source: ANA Marketing Maestros: A New Way of Thinking: People Versus Consumers   Technorati … Continue reading P&G| A New Way of Thinking: People Versus Consumers

Innovation

Bank of America’s New Free Trading Will Change the Industry| why online brokerage is akin to bill payment

Colin Henderson

Slightly off topic for me, but this is a significant move my Bank of America.  They led the way in the US with free online banking (hard to imagine anyone actually charged for it!), and this precedent setting move probably forestalls the end of banking affiliated brokerages. Matt Hougan (IndexUniverse.com) submits: In a move with huge ramifications for the exchange-traded fund [ETF] industry, Bank of America (BAC) is eliminating brokerage-trading fees for customers with $25,000 or more in assets. The free trades will roll out in selected markets like New York and Boston this month, and across the nation by … Continue reading Bank of America’s New Free Trading Will Change the Industry| why online brokerage is akin to bill payment

Social networks

The Marketing Consortium : Capturing Customer Feedback

Colin Henderson

Here is a highly useful test for every Bank.  In this post Don speaks of a Gartner presentation, that talks about the ineffectiveness of most CRM systems implementation in not collecting, analysing and forming conclusions on customer feedback.  He makes the additional point that the time to start is now, and that it will never get easier.  Thompson’s message was that what we should be doing, to get hold of this monster now, is inventorying all the possible sources of customer feedback at our firm. He said that a Fortune 500 company might have as many as 200 different sources of … Continue reading The Marketing Consortium : Capturing Customer Feedback

Web/Tech

CTO Blog | SOA & Web 2.0: Cage Match

Colin Henderson

Long but well written and thought through discussion on SOA (Service Oriented Architecture) and Web 2.0 (simple, user centric)  Rather than focus on the differences, I think it’s more productive to focus on where the two are similar. What SOA and Web 2.0 have in common is that they both represent a similar shift in approach – a break with the technology and application centric practices that we’ve live with for so long, to focus on how technology is used. Both enable a user centric approach to IT. Source: CTO Blog | SOA & Web 2.0: Cage Match The thrust … Continue reading CTO Blog | SOA & Web 2.0: Cage Match

Security

Banks wary of two-factor model using tokens

Colin Henderson

 Here is a follow up to an opinion we voiced about the adequacy of two factor here, here, Citi tokens defeated here, and we questioned Barclays use of tokens here. Just to be clear.  The issue is not two factor authentication;  the model that adds additional customer verification questions.  Two factor using tokens is the debate, and I am on the side of Alliance and Leicester and Egg, here. More UK banks have expressed concerns over industry plans for a standard card reader to be used for authenticating online banking transactions. Industry body Apacs is leading development of a standard model … Continue reading Banks wary of two-factor model using tokens

Web/Tech

IBM, Oracle & i-flex to collaborate on banking solutions for infrastructure, services, core banking

Colin Henderson

 IBM and Oracle along with i-flex collaborating on banking applications.  Oracle includes Siebel now, so this could be an interesting combination. The banking collaboration will combine the business and IT architectural leadership of IBM in banks, banking-specific application solutions from Oracle®, and core banking and risk solutions from i-flex. This combination can help banks today, using proven, market-leading solutions in CRM, Core Transaction Processing, Risk, Analytics and Corporate Operations to translate a bank’s business strategies into execution in a timely and effective manner. Source: Moneycontrol India > News > IBM, Oracle & i-flex to collaborate on banking solutions > > … Continue reading IBM, Oracle & i-flex to collaborate on banking solutions for infrastructure, services, core banking

AI

ITP.net {News: Emirates Bank readies latest e-banking solutions}

Colin Henderson

As Gulf Banks gear up for Gitex 2006 Emirates Bank is signalling it will highlight leading functionality. The banking group has built a reputation of excellence as regards its wide range of online services for its customers, from consumer banking all the way to large corporate customers. Its solutions are not limited to the internet, but allow customers to receive SMS text alerts of major transactions – all offered through Emirates Bank’s advanced online infrastructure systems. Source: ITP.net {News: Emirates Bank readies latest e-banking solutions}   Technorati tags: gitex+2006, emirates+bank, online+banking, account+alerts Continue reading ITP.net {News: Emirates Bank readies latest e-banking solutions}

online+banking

Elimination of paper statements

Colin Henderson

A trend in Canadian Banks has arisen over the last 18 months with the latest being CIBC this week. The basics are to provide at least 6 months, but usually 12+ months of account history within online banking. In return the customer can turn off paper statements being mailed out. Advantages go to both customer and Bank. The Bank saves $2 ++ per statement per month, which adds up to 10’s of millions in potential savings. The customer benefits from elimination of one more source of identity theft, and one less item to shred at home. Technorati tags: account+alerts Continue reading Elimination of paper statements