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This week’s main blog discussions include … Selling customer data – good or bad idea? Be careful with data Many years ago a few banks debated the idea of selling customer data to get a payback. It was the wrong decision – if you sell customer data, it should the customer who gets the payback,…

Talking of sharing data, Salt Edge just sent me some interesting stats about Open Banking and Open Finance (there is a difference). They start by quoting that inconsistently reliable source Statista, who claim that the number of open banking users worldwide was expected to grow by an average of 50% per year between 2020 and…

Continuing my debate about data usage and data abuse, I listened to a fascinating discussion from the BBC about whether Mark Zuckerberg is a good or bad billionaire. You can listen to the podcast if interested, but a few items came up such as the release of customer data to Cambridge Analytica a few years…

After yesterday’s discussion of being careful with customer data, AI may be the solution. In previous examples of data sharing, such as those mentioned with Barclays and ING ten years ago, it was too much of a blunt instrument. The intelligence was lacking. But I can see banks moving stealthily into customer data sharing, targeting,…

Be careful with data Many years ago a few banks debated the idea of selling customer data to get a payback. It was the wrong decision – if you sell customer data, it should the customer who gets the payback, not the bank – and they failed. The two specific examples I remember are Barclays…

I often say in speeches that you now have the ability to pay anytime, anywhere from your pocket or purse. Now I realise that the mention of pocket or purse is no longer relevant. It’s pay anytime, anywhere from your device, and soon it will be pay anytime, anywhere, with your body as a token….

This week’s main blog discussion’s include … Is your chatbot compliant? Fifteen years ago, social media was becoming popular. Facebook was growing fast, and Twitter had just launched. Ten years ago, banks were cautious about such media as it might compromise customer information. Five years ago, many were starting to get the idea, but were…

In discussion with a client the other day, we got into a debate about how to structure the next workshop with management. The result is that there were five critical questions proposed: How far can we automate everything? How can we use technology differently? Can regulators keep up with these changes? Could the network run…

Fifteen years ago, social media was becoming popular. Facebook was growing fast, and Twitter had just launched. Ten years ago, banks were cautious about such media as it might compromise customer information. Five years ago, many were starting to get the idea, but were still trying to work out how to be social and compliant….

It’s interesting how people interpret things. Many think it’s old banks versus new banks; branch versus app; physical versus digital; government currencies versus cryptocurrencies; and more. For me, it’s not versus though. It’s and. We live in a world of transition where new and old banks work together well. My old bank does my boring…