Business Models, Security

Banks aiming to alleviate online banking fears

Colin Henderson

Good article at silicon.com on two-factor authentication. All Banks are underway with something in this space at the moment, but the article correctly asks, whether this will be adequate. Of course the answer is no, it will not be adequate. Its essential as the next step but additional steps will be required.

Banks aiming to alleviate online banking fears – Financial Services – Breaking Business and Technology News at silicon.com

Barclays recently announced it is stepping up its fight against fraudsters by using technology to check that each customer's spending behaviour matches his or her profile.

First, lets look at what Banks' are using:

Continue reading “Banks aiming to alleviate online banking fears”

Business Models

Online Banking Report makes predictions for US P2P lending market

Colin Henderson

Payment news reports on the prospects for this new space reported yesterday.  The unique challenges referred to are criminals and con-men, who will undoubtedly attempt to take advantage of these unique offerrings. Payments News: Online Banking Report Studies Prosper.com Person-to-Person Lending – March 28, 2006 Presuming Prosper and/or Zopa make it through these unique challenges, the report predicts that within five years the total market for person-to-person lending in the U.S could surpass 100,000 loans annually, worth more than $1 billion. Continue reading Online Banking Report makes predictions for US P2P lending market

Business Models, Open Source Banking, Payments2 Comments

More on Bankless Banking (Zopa, Ripple, Prosper)

Colin Henderson

As noted earlier in March, based on the article in the Economist, there are moves afoot in the alternative banking space. We noted the appearance of Ripple yesterday. these are new business models, that provide for P2P (person to person) borrowing/ lending, with no Bank involved. Finextra now report, that Zopa from the UK intends to attack the US market, having raised $15M in preparation. This following the launch of Prosper in the US last month. Finextra: Zopa raises $15m for US launch Zopa, a UK-based online person-to-person lending and borrowing exchange, has secured $15 million in series b funding … Continue reading More on Bankless Banking (Zopa, Ripple, Prosper)

Payments1 Comment

RipplePay

Colin Henderson

 Courtesy of Robin Good here is a new concept in payments from RipplePay.  Essentially it allows friends to trade debts as IOU's. Normally, if your friend Alice owed you $10, she would have to pay you back before you could make any use of that debt. If you were creative, however, you might be able to pass the debt on to someone else who knew and trusted Alice, in exchange for something you wanted. For example, you might be able to get a book you want from Bob, who also knows Alice, in exchange for letting Alice know that she … Continue reading RipplePay

AI2 Comments

Share in the wisdom of crowds …..

Colin Henderson

The subtitle to this blog "Which banks understand the web lifestyle?" was picked deliberately. I believe that the Banks that will prosper and thrive, are those that actively and positively lever the power of internet. A general theme is evolving that will make this very hard to banks' to deal with this issue, but at the same time essential for survival.

That theme has been called, networking, community, community of interest, but it is all of those and none of them. This is a new state that we are dealing with here, as we search for known metaphors.

Management Speak – Leadership and Management – Add Your Knowledge and Share in the Wisdom of Crowds

What do the stock market, Wikipedia, Google and James Surowiecki have in common? They all believe in the wisdom of crowds.

Author James Surowieki argues in The Wisdom of Crowds that "collective wisdom" is not an oxymoron. He cites numerous instances where many
discrete decisions and inputs can create a whole that is far more accurate or powerful than anything created by just a few decisions and
inputs. The stock market is an example, where the mind-boggling number of decisions and inputs intersect to create essentially a gigantic
repository of knowledge.

Continue reading “Share in the wisdom of crowds …..”

Uncategorized

Bankwatch wiki is now live

Colin Henderson

I have set up the Bankwatch wiki finally. The wiki will collect the research that supports this blog. A Wiki is fluid, and inter-related, whereas a blog is linear. Blogs are not handy for gathering competitive intelligence, and information, which should result in a "body of work" thats easily accessible. The linearity of a blog, means you can only find old stuff by searching, and I find that limiting. So by moving the research into a wiki, that frees up the blog for analysis, and witty intelligent commentary. So I encourage you to add to the wiki. Wiki's are open … Continue reading Bankwatch wiki is now live

Uncategorized

Open source is not economic, it is cultural

Colin Henderson

Thanks to Confused of Calcutta for pointing me here.  This is the most eloquent description of Open Source I have seen.  It also happens to apply beautifully to net neutrality too.  If the telcoms meet their objective, the water example is precisely how internet will work, and that’s not good!  The issue with net neutrality, and open source is not economic, it is cultural.  The cultural benefits are too great to let them disappear.  And from that cultural improvement and greatness will spring even greater economic benefits than could ever have otherwise occurred.  Joe quotes Doc Searls speaking about software … Continue reading Open source is not economic, it is cultural

Payments1 Comment

Visa debit now offered by ANZ

Colin Henderson

A Visa card that accesses your bank account over the Visa network, at a merchant, or an ATM. (courtesy of Payment news). In Australia, apparently this is the first offer of debit cards, and they are implementing it with Visa.
ANZ Everyday Visa Debit

  • Worldwide acceptance of Visa while accessing your own savings. You can make purchases online, over the phone and at more than 24 million outlets around the world.
  • No credit application necessary.
  • Your choice of card design. Your ANZ Everyday Visa Debit comes in three unique designs you can choose from. Unlimited ANZ transactions for $6 a month.
  • This includes ANZ ATMs, EFTPOS, ANZ Phone and Internet Banking and ANZ branches.
  • ANZ's Online Guarantee for greater protection on Internet purchases plus ANZ Falcon™ monitoring for suspicious transactions.

Continue reading “Visa debit now offered by ANZ”

AI

Ajax, comet .. whatever; its got to be good for users

Colin Henderson

I don't pretend to understand the technology of one part of this, but I do recognise that the potential for applications such as online banking are amazing. This is because the Bank can anticipate the users steps, and have the data/ functions ready for the user when they click. If done right this can eliminate latency; translation almost instant response to users clicks. Irish Developer Network NEWS HEADLINES – Latest Technology News & Daily Expert Tech Features for programmers, software developers and ICT professionals in Ireland The architecture relies on a view of data which is event driven on both … Continue reading Ajax, comet .. whatever; its got to be good for users