Archive for May, 2011

Walter Wriston, former Chairman and CEO of Citi once said, “Information about money has become almost as important as money itself.” Google gets it. Up to this point I have been skeptical of the NFC business case and have blogged about it. Thin Isis Making a Bad Business Case Worse: Durbin and Mobile NFC Google […]

May 27th, 2011 | Filed under Retail Banking

Yesterday Google announced a new mobile wallet in partnership with Citibank, MasterCard, First Data and Sprint. Is it significant? Yes, very. Why? For a number of reasons. First and foremost, mobile proximity payments are getting a boost from a large player whose primary interest is NOT payments. Paradoxically as it may sound, in my view […]

May 27th, 2011 | Filed under Banking, Retail Banking

Several years ago when interviewing for the position I now hold, my manager emphasized, “It’s all right to be wrong occasionally, but it’s never all right to be without a position”. That’s always been hard for me. Since I hate being wrong, I tend to take a while getting comfortable with a position before going […]

May 26th, 2011 | Filed under Banking, Retail Banking

Mobile banking 1.0 is much like internet banking 1.0: a statement on a screen. North of 80% of all mobile banking transactions are balance inquiry and view recent transactions. Now banking are thinking about the next level of functionality: actionable alerts, bill pay transactions, P2P transactions, and check remote deposit capture on the smart phone. […]

May 25th, 2011 | Filed under Uncategorized

Last week NCR announced a partnership with uGenius that will result in a new NCR device adding real time video to the ATM experience. The new NCR APTRA Interactive Teller ATM, based on its successful SelfServ 32 platform will add hardware components such as a Speaker, photo ID scanner, signature capture device, microphone and handset […]

May 24th, 2011 | Filed under Banking, Retail Banking

The online banking space has stagnated for far too long. The evolution of the Internet has provided consumers with rich and interactive experiences online. Unfortunately, the banking industry has not kept pace with the evolution of the Internet and customers have started to demand that their banks keep up with the times. For the most […]

May 19th, 2011 | Filed under Retail Banking

We are all familiar with loyalty points and other types of rewards we get on credit cards. The economics (i.e. relatively higher interchange, opportunity to earn interest fees, etc.) and the stand-alone product nature (i.e. not linked to a current account) meant that many credit card issuers used to look for additional ways to stand […]

May 19th, 2011 | Filed under Banking, Retail Banking

Last week I headed out to San Francisco for Finovate Spring. Finovate is my favourite conference of the year for a few reasons. I actually attend the demos and am not in meetings the entire time; the demos are a short 7 minutes – more than enough time for an analyst to make a quick […]

May 16th, 2011 | Filed under Retail Banking

BAI Banking Strategies recently published an excellent piece on multichannel management featuring an interview with Jim Di Ciaula of BMO Harris Bank. Reading the article inspired me to share two common pitfalls in multichannel management: following the customer and listening to the zealots. Both are examples of channel myopia. Following the Customer In a previous […]

May 16th, 2011 | Filed under Banking, Retail Banking

Recently there has been a noticeable increase in announcements to use QR (Quick Response) codes in financial services and payments context. Celent has already blogged about how the code can be used to buy a Starbucks coffee. Last week, Smart Transactions launched a loyalty card, where customers can check their card balances (and receive instant […]

May 9th, 2011 | Filed under Banking, Retail Banking