So Apple Pay finally launched in the USA on October 20 and there’s been mixed reviews. Some people couldn’t make payments, whilst some found they were double-charged. However, these are just teething issues and the overwhelming reports are positive. Even former Apple CEO and Financial Services Club keynote speaker John Sculley: I think Apple Pay…
I mentioned in a recent blog entry how processors are replacing third parties. The aim of these upstarts is to get rid of the bank-in-the-middle by placing the processor-in-the-middle (but hopefully not the man-in-the-middle malware attack!). This lowers margins considerably as the processor is doing the work of what would previously of been hands on desks. …
I've spent the last few days talking with relatively young banks on their digital strategies in several countries, and it's intriguing to debate and dialogue with them how they want to work. By young bank, I mean banks in markets that typically did not have banks operating in the 1980s or, if they did, they…
One of the big challenges in discussing digital is how to get there. It's a big leap for many banks hamstring by heritage and the question is can they get there? Should they start again? Should they launch digital as a separately branded bank, rather than trying to evolve the current organisation? These are all…
This question arises fairly often and I guess it’s because some people think of it as the addition of mobile apps and tablets; others believe it is creating a paperless bank; whilst others talk about a digitalisation of processes and products. We had a debate about this on Facebook during the summer when Jin Zwicky…
Following on from yesterday’s blog about traditional bank thinking versus digital bank views, there are three slides I use in my presentations that illustrate this big change. This is the change in banks moving from being trade focused to community focused. The first points out that banks must be in the social network, as that’s…
Following on from yesterday’s blog about traditional bank thinking versus digital bank views, there are three slides I use in my presentations that illustrate this big change. This is the change in banks moving from being trade focused to community focused. The first points out that banks must be in the social network, as that’s…
