The Modality Shift of Banking – Part 1

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 [...]

The path to social media success

Ok, so the feedback from Finextra’s #finxsm event this week is that we’re finally coming to grips with the fact that Social Media isn’t going to disappear into the night like some passing fad. Good news! It’s interesting though, whenever a major disruptor like social media, the internet, etc has come along, inevitably there are [...]

SXSWi: Banking on Innovation

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 [...]

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, [...]

What banks can learn from mobile unbanked success stories…

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…

Bank 2.0: Innovating the customer experience pays dividends – literally

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!

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What the loss of confidence in banks really means…

This week we have some of the world’s biggest banks recording staggering, record profits – despite this there are serious challenges heading the banks way in the short-term and consumer trust is just the start of it. As early as July 2008 we started to hear serious grumblings from consumers groups, customer advocates and politicians on how banks had “lost their way”. This loss of confidence and consumer backlash forced politicians in the US, EU and elsewhere to look at so-called “Robin Hood Tax” where bankers who took huge bonuses would be taxed at a higher rate. Undoubtedly, the proprietary trading post-GFC off the back of cheap government money (TARP, etc) as the markets reverted “to the mean” created the opportunity for arbitrage profits and subsequently huge bonuses. The theory that the bank bailouts would free up credit for the average man on the street was quickly lost as banks chose risk-adverse customer lending strategies. But now the banks face a quandary…

Banks are losing the customer and innovation battle (HuffPost)

Last week I released a blog article and an infographic to stimulate discussion on Innovation in the banking and financial services sector. The blog received a lot of comments and discussions on Twitter and blogs, some taking exception at my supposed “left-wing” political leanings based on the fact that I published the article here on Huffington Post. The blog article was in no way a definitive statement on the issue of innovation in financial services, but was more focused on asking the right initial questions about the state of play. However, given the amount of discussion, I’m going to put forward a more detailed opinion based on some simple analysis…

Customer's tell banks "We don't believe you anymore…" (HuffPost Blog)

Brand marketing has long been a tool for the largest banks to help us see their value. In recent times, however, with the global financial crisis, botched bonus strategies and a groundswell of negative opinions building through social media, banks are at a loss to understand how they could have got it so wrong.

Brand marketing may have worked in the last century, but what we need now is banks prepared to build reputation – one customer at a time…