Why Facebook dropped Credits, and why FB is more important than ever (for Banks)

ASB and Alior Bank have integrated Facebook into their P2P payments capability

It was announced yesterday that Facebook is going to start phasing out their Facebook Credits system. If you’ve been watching my commentary over the last few years, I had entertained Facebook becoming a sort of default currency for the web because of the platform’s ubiquity. However, like many things online, users and developers collaborated to [...]

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 [...]

The new banking distribution layer

There’s a great deal of discussion and debate around what will ultimately happen to banking as a result of the massive changes in connectivity, utility, mobility and customer experience taking place right now. One thing is for sure, the world is changing. We see PayPal owning online payments, with others like Stripe hot on their [...]

I'll never login with Facebook to my bank!

We’re experiencing a massive shift in consumer behavior right now with the explosion of Facebook, Twitter, YouTube, and other community collaboration and social media platforms. A world where Facebook has 800 million inhabitants and a President who is a college dropout (albeit Harvard). We’re seeing the global domination of mobile across the entire world, where [...]

I'm more likely to pay for Apps on iTunes than get a divorce…

There’s a much quoted line in the UK banking market that you are more likely to get divorced than change current accounts. This comes from the statistic that around 75% of customers have never closed a current account, but that approximately 45% of marriages end in divorce. But this is misleading. The fact is that [...]

If your bank is opening branches – get worried

In my recent book Bank 2.0 I posited that I wasn’t against branches and that rather than advocating the wholesale closure or departure from branch networks, that I was interested in seeing branch focus/form change. The reality is though, the more and more I look at what is wrong with the whole retail banking business [...]

Mobile Credit Card payments – there’s an App for that…

There’s a great deal of debate in the Financial Services community at the moment about the potential impact of NFC or Near-Field Communication technology within mobile phones and how it will effect the payments landscape. The financial services players are generally scratching their heads and although they admit that NFC phones like the iPhone 5, [...]

If you're my bank – you better get moving…

Mobility in banking and payments is not a fad. This week I gave a keynote address at the 3rd Mobile Commerce Summit Asia (Manila) and meet with global players in the mobile payments and commerce space. Apart from the fact that half-way through the second day we experienced a 6.1 magnitude earthquake, the entire conference confirmed my view that banks are under massive pressure on mobile innovation – and the majority of them are not moving anywhere near fast enough.

The core proposition of mobile banking is two fold…