This is a great post and Banks would do well to listen to this. Kudo’s to Heather the manager for correcting it right away, but this story should define how a bank can improve.  The core point here is that the Bank  needs to know each customer real time.  It is no surprise the customer used the the ATM,to make their deposit. 85% of all transactions are handled electronically nowadays.  So the focus of development should not be on the branch anymore;  it needs to be on the place the customer spends their time … the electronic channels. So its … Continue reading Why does this customer have to have their deposit held!

User communities will drive incremental improvement, but the big moves are probably up to us.  Good article on inovation, and the role of users/ user testing/ user input. Creating Passionate Users: We can’t leave innovation up to our users Our users will tell us where the pain is. Our users will drive incremental improvements. But the user community can’t do the revolutionary innovation for us. That’s up to us. Technorati Tags: user+community, online+banking Continue reading We can’t leave innovation up to our users

Seattle PI does a nice summary of the workings of prosper.com. Web site offers real personal loans Prosper brings together lenders and borrowers. Lenders can make loans as small as $50, togain deiversification, while borrowers get what they need. The interest rates are attractive, and the piece makes the point that many view Propser as part of their investment portfolio diversification. Payment News point out that recently Online Banking Report predicted this market could reach $1Bn within 5 years. At that level the impact on tradtional banks is small in the near term. But I wonder if that assessment is … Continue reading Summary of prosper.com

Great post from Javelin, with a simple message.  Javelin Strategy and Research » Here’s a lousy idea: banks offering a “shred day” Bankers, don’t undermine your safety and marketing efforts. …… why in the world should my customers be advised to destroy what they can eliminate? Apparently a couple of Bankshad a “shred day” where they invited customers to bring in paper documents, statements etc, to have them shredded in the interests of security.  Relevance to Bankwatch:Online banking is having to be continually defended for security reasons, yet its much simpler for criminals to steal identity using things in your … Continue reading Misguided messsage – Banks “shred day”

Courtesy of Customer World, here is a great interview with Kamath, CEO of ICICI Bank.  It is now India’s 2nd largest bank. This first quote is fabulous. Customer World: ICICI Leadership Secrets So our challenge is to invent a new business model where we can create a distribution base effectively in 600,000 villages in India, and to learn to do that at one-tenth the cost of urban India. Just to put that into a scale that someone could understand, we believe that to succeed in urban India, we need to do be able to do business at one-tenth the cost … Continue reading ICICI Leadership Secrets