There’s a philosophy I characterize as “Lucky to be a customer” within banking today. A customer comes to the bank, we make him jump through hoops we often call risk assessment, customer profiling or KYC, and then maybe, if they are not too risky a proposition, we might let them be our customer. This philosophy [...]
South-by-Southwest’s Interactive sessions in Austin, TX are a major creative and customer-focused experience. The amount of networking that is taking place, the amount of active innovation and discussion on taking it to the next level is awesome and mind blowing. There’s only one thing… If there was a game on at SXSW to find 20 [...]
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, [...]
Mobile banking for the unbanked is HUGE! M-PESA now has over 10 million customers and 18,000 retail outlets, mainly in Africa, but they are already expanding beyond their African roots. G-Cash in the Philippines is now conducting P3.5 Billion (USD 75m) of transactions a month. Banking for the unbanked has arrived in no uncertain terms…
No one could deny that banks have had a tough time of it when it comes to stock market valuations over the last couple of years. The global financial crisis, massive debt and NPL issues along with punishing public opinion led to a massive collapse in banking stocks and company valuations in recent times. It would be simple to blame the sub-prime and global financial crisis as the sole cause of all the ills to the banking sector, but I have a different theory which explains a large part of the picture.
Their innovation capability and customer experience sucks!