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September 02, 2013

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InnovationPaul

Did you see that Barclays recently launch 'Cloud It'? Personal Secure Cloud Storage for their customers:-

http://www.barclays.co.uk/CloudIt/BarclaysCloudIt/P1242634022583

Simon

Storing documents is one thing, but surely it comes down to what is a retail bank? A place to protect the valuables for the masses? Or a way for investment banks to raise funds for risky investments?

The challenge to any "vault" service is it has to overcome the priorities which are currently still aligned to returning to profitability through mortgage lending growth with historically low interest rates.

My view is not only are banks missing the opportunity to grow ROE and customer trust... but by creating a secure "vault" for the internet they could help the internet progress beyond it's teenage rebellious phase and become the shining light for commerce and humanity it was once hoped to be. That in turn would release massive potential from the large swathes of society and business who still don't want to move their entire lives on to the internet. That in turn would be a huge opportunity for growth and advancement.

But hey, anyone can miss an opportunity by focussing on the short term.

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