Payments

European Commision to create an expert group on customer mobility in relation to bank accounts

Colin Henderson

Interesting view from a government group on something we Banks consider private space. Group looks at obstacles to switching bank accounts | info-europa The European Commission* is to create an expert group on customer mobility in relation to bank accounts. In particular, the group will identify any legal, administrative or other obstacles that customers encounter when opening, closing or switching bank accounts at both domestic and cross-border level."A bank account is often a prerequisite to accessing a whole array of other financial products, such as loans and investments. Most customers get these services from the bank where they have their … Continue reading European Commision to create an expert group on customer mobility in relation to bank accounts

Payments

Banks can learn from Apple retail store approach

Colin Henderson

Good background data on Apple retail stores.  They make the retail experience compelling focussing on simplicity, and interactivity, supported by the Genius bar, hosted by experts.  Their sales per foot confirm the success of their approach. The Daily News Online The stores’ growth rate in revenue per store — an increase of 44 percent from 2004 to 2005 — eclipses industry norms. By comparison, major retailers like Target Corp., Wal-Mart Stores Inc., and Best Buy Co. Inc. saw growth rates of 3 percent to 6 percent in 2005. Apple’s stores also reap more revenue per square foot than others: Its … Continue reading Banks can learn from Apple retail store approach

Payments

ATM 2.0 is serving a burgeoning Hispanic community need in the US

Colin Henderson

There is an evolving space in the US financial services space for the "unbanked". These are different ethnic groups, with less trust in typical banks, or simply poor people who don't feel there needs are represented by banks. globeandmail.com : The name of the game The full-service financial service machines that TIO makes (think ATMs 2.0) are placed convenience stores or other high-traffic areas. They allow users to replenish credits on pre-paid store cards, dispense cash, send money orders, transfer money, pay bills and cash cheques.The TIO machines have found a ready clientele among many Americans, particularly those who Mr. … Continue reading ATM 2.0 is serving a burgeoning Hispanic community need in the US

Security

Banks Get Wise to Phishing Fraud

Colin Henderson

 Much debate about the costs and benefits is taking place today in every bank. Senior management are often seeking the silver bullet, but the reality is that fraud has to be managed, and won't be eliminated.  There are too many variables, including the customer and their own behaviours.  This article covers it well. Banks Get Wise to Phishing Fraud – Enterprise Security – NewsFactor Network "No legitimate bank or e-commerce company is going to send its customers e-mails requesting security information," said Amanda Pires, a spokesperson for PayPal. "Nor is a bank going to send out an e-mail warning that … Continue reading Banks Get Wise to Phishing Fraud

Web/Tech

“Java is the Internet,” Schwartz says in S.F.

Colin Henderson

Considering how much Sun have been part of the growth of internet, they remain able to make incomprehensibly stupid comments, like this one. It used to be Scott, who had a certain initimable quality, but this …. Sun CEO defends business value of Java | CNET News.com “Java is the Internet,” Schwartz says in S.F. We all have many Sun boxes running in our banks, and whether we know that or not, we have been reliant on this company.  But I do not think we like, need or want Java to be the core of running things on our systems.  … Continue reading “Java is the Internet,” Schwartz says in S.F.

AI

Skype: free calls anywhere in North America

Colin Henderson

I saw this the other day, but when my wife mentioned it just now, what really struck me is the disruption effect this will cause to telecommunications forever.  The Bell’s, AT&T’s, Verizon’s etc must be absolutely scared right now. Skype – The whole world can talk for free. Calling people on Skype is totally free. It’s also free to call landlines and mobiles within the US and Canada until the end of the year. So what would it take for banks to get that kind of scare.  Arguably its already started with Zopa, & ING, but there is no big … Continue reading Skype: free calls anywhere in North America

AI1 Comment

Two-thirds of US households pay bills online – Checkfree

Colin Henderson

New stats from Checkfree indicate the pervasiveness of bill pay. Finextra: Two-thirds of US households pay bills online – Checkfree The survey, which tracks bill payment behavior, revealed that 69 percent of U.S. online households say they are paying at least one bill online, up from 56 percent in March 2005. This includes consumers who pay any bill from a single “consolidated” website, such as a bank, and those who pay individual bills at a “biller direct” website, such as a telecommunications or credit card company. Online payments are steadily replacing check writing as the way to pay bills among … Continue reading Two-thirds of US households pay bills online – Checkfree

AI

Source Technologies Hosts Financial Self-Service eForum to Educate Financial Institutions, Billers, and Retailers

Colin Henderson

I have met these folks from Source Technologies, and I believe they are on to something, with the teller assisted concept.  In the US there is also the explosion of self service in convenience stores, supporting the “unbanked”.

Source Technologies Hosts Financial Self-Service eForum to Educate Financial Institutions, Billers, and Retailers; Online Event Discusses Next-Generation Financial Kiosk Technology and Applications

In June 2006, Source Technologies, a leading provider of integrated solutions for managing financial transactions and other secure business processes, will host a series of four consecutive online forums for companies exploring financial self-service kiosk applications.

The teller assisted concept says that people will still come into branches for the foreseeable future to conduct transactions, so in order to manage them cost effectively, have the customer perform part of the activity on a machine (kiosk/ hybrid ATM containing specialised functions), and have the teller in effect manage multiple customers simultaneously.

I have seen the demo, but that was over a year ago, so I am curious to see what progress has been made, and in particular, which functions have successfully been managed via these devices.  The theory is that the device is an extension of the branch transaction platform, and so commercial deposits is one obvious one, but which others?  I am curious about wires for example, or stop payments – those slightly more complex transactions that would benefit from teller assistance.

Anyhow this online forum is free, and may be worth your attention to listen in.  I will be there.

Continue reading “Source Technologies Hosts Financial Self-Service eForum to Educate Financial Institutions, Billers, and Retailers”

Web/Tech

Final reflections on MESH 06

Colin Henderson

The reactions to the conference are quite interesting in their polarisation.  Seems everyone got something, generally characterised as something that fitted with their own paradigms, and of course the tendency is to discount the rest. Personally I told myself to have an open mind before I got there, and that paid off.  I even learned from the “web is free” thing, listening to some some very smart people, from Amnesty, and GiveMeaning. Observations: bloggers are amateurs – most didn’t exist 2 years ago.  Their presentation skills for large scale conferences will be mixed;  and thats ok. Steve Rubel looked like … Continue reading Final reflections on MESH 06

Web/Tech

New thinking about online banking

Colin Henderson

The conversation finished on software as a service relative to online banking of all things. Chris is speaking about how Banks can facilitate the financial aspects of peoples lives. One he mentioned is the enablement of the secondary relationships between people.  He and his girlfriend use a web service that reminds them who last purchased dinner.  What if a bank did it, and enabled payment between them to settle, when they chose.  These are new ways to think about online banking. Relevance to Bankwatch: There are ways for banks to provide services, that we haven’t even thought of yet! Technorati … Continue reading New thinking about online banking