Why Google, Apple and Facebook don’t want to be banks…

Recent research has shown that banks spend more on IT than any other industry sector (See Deutsche Bank Research – IT in banks: What does it cost?). In fact, on average banks expend 7.3% of their budgets on technology, where other industries average half of that at 3.7%. Bankers would defend these costs because of [...]

PTP FTW! The beginnings of something much greater…

I'll give you a hint... Square is not competing with PayPal

I had a call with an industry colleague earlier today talking the recent news on GMail Google Wallet integration, Dwolla’s funding round and the “Square Cash” announcement. At large I’m seeing two broad industry responses to these moves. The first, is to see this all as a distraction from mainstream banking and that essentially all [...]

The death of branches probably started in 2010

Physical Product-Physical Store -> Physical Product-Digital Store -> Digital Product - Destroys Physical Distribution

There’s a strong statistical argument to be made for disruptive technologies that change consumer behavior. I’ve argued the impact of this on branch banking extensively starting with Branch Today, Gone Tomorrow, and more recently in Chapter 3 of BANK 3.0, but I’m still faced with significant resistance in the retail banking industry at large. While [...]

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Why Apple’s NFC snub might hurt the banks and networks more than ever?

Uber - doesn't need a swipe to offer better payments

I’ve always maintained that Near Field Communication (NFC) was attractive for both the banks acting as acquirers and issuers, and ultimately the networks themselves. Particularly in the US marketplace. Why? The only way to keep the Point-of-Sale (POS) terminal in a transaction as we shift to mobile wallet and mobile payments at merchants is for [...]

Lessons from Apple – great stores don’t bring customers back

AppleStore_UWS

The new iPad just launched to the usual hype, anticipation and fanfare. Every time a new Apple product comes off the assembly line, it gets put under the biggest magnifying glass imaginable as crowds of onlookers parse the announcement with scholarly intensity, hoping to piece together a picture of what might emerge and what the implications [...]

Would SOPA/PIPA kill Internet Banking?

The PROTECT IP Act (Preventing Real Online Threats to Economic Creativity and Theft of Intellectual Property Act of 2011), is a proposed law with the stated goal of giving the US government and copyright holders additional tools to curb access to “rogue websites dedicated to infringing or counterfeit goods”, especially those registered outside the U.S. [...]

Steve Jobs 1955 – 2011

Steve Jobs, Apple co-founder and former CEO, has died at the age of 56. Apple has posted this statement on its website: Apple has lost a visionary and creative genius, and the world has lost an amazing human being. Those of us who have been fortunate enough to know and work with Steve have lost [...]

When a Telco becomes a better bank…

The announcement that the Canadian carrier Rogers Telecom has applied for a banking license should hardly come as a shock to the retail banking fraternity. There is already a plethera of mobile carriers fully engaged in mobile payments right now, from Safaricom in Kenya, Orange (with Barclays) in the UK, the ISIS collaboration in the US, LG Telecom in South [...]

What Steve Jobs did for Banking…

As the news of Steve Jobs’ resignation rocks the world today, it’s almost like we’re reading his obituary rather than the news that a Fortune 50 CEO has moved on. The impact of Steve’s resignation will be felt hard on Apple’s share price no doubt, and even potentially hit the very fragile US market at [...]

Visa and Fundamo up the stakes in the Mobile Wallet battle

The announcement today of Visa’s acquisition of Fundamo signals the drawing of the battle lines in the face off between Mastercard and Visa in the mobile payments stakes. While I understand that a wallet is much more than just an NFC enabler, the announcement of Google’s NFC trial around their ‘wallet’ last month put some [...]