Innovation

Account aggregation is dead, long live account aggregation

Colin Henderson

Despite the positive comments here, I believe account aggregation as a stand-alone concept is dead. Customers didn't get it, saw no incremental value, and in fact were scared of it, because of having to share online sign in credentials. However, and perhaps thats where Robert is going with his post, it will be a valid component in development of other services in the future, and it will be bank changing in its significance. WebCPA | Tools and Resources for the Electronic Accountant – An Investcorp and SourceMedia Publication Since a search of the Intuit Web site yields no hits for … Continue reading Account aggregation is dead, long live account aggregation

Payments

Momentum builds towards cashless society (Tower Group)

Colin Henderson

Comments on cashless evolution, suggesting that by 2015 a “substantial share of consumer payments globally will have moved from cash to other payment mechanisms,” said Theodore Iacobuzio, managing director in TowerGroup. CRM Today: Momentum Building Towards a Cashless Society Highlights of the research include: Over time, TowerGroup believes payments will move increasingly toward a “pay-as-you-go” model, where consumers buy what they want wherever they are. But while payments will be made increasingly through clicks and texts rather than cash or even traditional plastic, the majority will still be fueled by traditional bank relationships and run through established payments networks and … Continue reading Momentum builds towards cashless society (Tower Group)

Security3 Comments

Customer description of Bank of America sitekey (Passmark)

Colin Henderson

David describes the customer experience, as Bank of America implements PassMark Security anti-phishing solution. Seems it went smoothly except it wasn't clear to him why he was going through it. Relevance to Bankwatch: The devil is in the details with online banking implementations, and its all about considering the experience at time of click. » Will BofA's SiteKey thwart phishing attempts? | Between the Lines | ZDNet.com The last time I logged into my BoA account, it forced me to do two things.First, I had to pick an image from a large library of images. For example, you can pick … Continue reading Customer description of Bank of America sitekey (Passmark)

AI

Wells missteps with online “agree or else”

Colin Henderson

While Wells intentions are likely valid and part of a larger strategy, to encourage elimination of paper statements this "agree or else" approach is not just un-necessary, its rude. Up to now Wells have generally got it right, with quality implementations, but somehow someone has made a mistake here. Interruption marketing is very old-school.  Orcmid's Lair: Wells Fargo Click-Through Thuggery What I encountered instead were two EULA-like statements and a mandatory click-through before I could access my account on-line.The first statement was a single page E-Sign Consent document. It constituted my consent to receive all information in electronic form. The … Continue reading Wells missteps with online “agree or else”

Uncategorized

DoCoMo dreams big with “cell phone wallet”

Colin Henderson

As NTT DoCoMo looks to increase its revenue stream having saturated the cell phone market in Japan, they are moving heavily into the next level, that impacts financial services. asahi.com：DoCoMo dreams big with low-rent credit – ENGLISH After revolutionizing Internet use with its i-mode service, NTT DoCoMo Inc. aims to create a new way of shopping.The nation's top cellphone carrier today debuts as a credit company, enabling payment by phone. Its DCMX service allows DoCoMo subscribers to buy on credit simply by waving a handset over a reading device. No signature is required. The implication is that the DoCoMo cell … Continue reading DoCoMo dreams big with “cell phone wallet”

Uncategorized

Internet neutrality amendment defeated in US

Colin Henderson

In a move that takes internet closer to being fee based, an amendment that would have barred telcoms from charging extra fees was defeated. One Step Closer to a Fee-Based Internet – – A Republican-controlled House committee yesterday rejected a measure by  U.S. Rep. Edward Markey (D-Malden) that would have barred  telecommunication companies from socking Web sites with extra fees based  on bandwidth usage.Markey's so-called "Internet neutrality" amendment was defeated on a 34-22 vote by members of the House Energy and Commerce Committee. The rationale from the telcoms: "It's (Internet) a solution in search of a problem," said Brian Dietz, … Continue reading Internet neutrality amendment defeated in US

US

Bank of America CEO fuels Visa break-away speculation

Colin Henderson

Bank of America CEO continues the dialogue about the option of independence from Visa.  Analysts point out the scale of the MBNA acquisition adds to the estimated 20% of US Visa business owned by Bank of America. Finextra: Bank of America CEO fuels Visa break-away speculation Some analysts suggest that the bank is just sabre rattling as part of a negotiating tactic to lower charges. Others point out that BofA’s recent $35 billion acqusition of MBNA Corp has given it added scale, making a bolt for independence more plausible. Technorati Tags: visa, bank_of_america, credit_card_branding Continue reading Bank of America CEO fuels Visa break-away speculation

AI

Online bankers are the most likely to feel fully in control of their finances

Colin Henderson

They feel more in control. Alignment of customer and bank goals for turning off paper.

Finextra: Third of UK customers want to pay bills online – Alliance & Leicester

  • Seven in ten internet bankers (70%) say they check their statements online and find it easier than receiving paper statements – and
  • a third of all adults with access to the internet (33%) wish they could deal with all their bills online. This is no surprise, with
  • two thirds of people (67%) receiving between one and five bills through their letter box each month and
  • one in ten (10%) receiving six or more bills on their doormat every month.

Continue reading “Online bankers are the most likely to feel fully in control of their finances”

Innovation, Payments

WAMU challenges traditional bank charges

Colin Henderson

In a brilliant move WAMU eliminates outbound service charges on wires.  This makes eminent sense, since it will encourage people to build up balances in anticipation of sending the money to foreign locations.  This is supported by the free cheques, and free ATM withdrawals. The costs of money transfer to the Bank are becoming less and less. The important aspect is building the relationship and the balances. Washington Mutual Promotes Free Outgoing Wire Transfers to LA’s Latino Community at Fiesta Broadway Washington Mutual is making the process of wiring money more affordable by introducing  the new WaMu Free Checking(TM) account, … Continue reading WAMU challenges traditional bank charges

AI

I had a dream – a cry for all Banks!

Colin Henderson

Its worth reading this careful, thoughtful, amazing post, from a believing Microsoftie (his name is Robert Scoble). He took a week off and good grief!!!!

Read it very carefully, and consider this is a company driven by a fellow who was lying on the garage floor scribbling code in 1980 (Bill Gates in case you can't guess) … you are a Bank probably born 100/ 200 years earlier, so what chance do you have?

If you study the words .. Bureacracy. Politics. Committeeisms .. which Bank can lay claim to having solved that problem. Oh, and Mini-Microsoft is a well meaning employee who believes Microsoft is fat and inefficient.  Read on ….. Continue reading “I had a dream – a cry for all Banks!”