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I gave a presentation the other day and, as usual, concluded
that banks should position themselves as data vaults. One person then asked: what data should a bank make secure? which is a good question to
ask, as it led to a healthy debate and improvement of clarity of view.
Today, we produce exabytes of data every hour. How much data? Well, it’s hard to quantify as the data
explosion of the last decade is so immense, but this slide gives you a good
I got a copy of a fascinating survey by ING yesterday on
mobile social banking. The survey asked 12,000 people in 12 countries in Europe about banking in the digital age, and here’s their summary of the main conclusions:
1. More than a third – or 37% – of consumers already use mobile banking. The Netherlands
is the most developed mobile banking spot, based upon the measure that takes
internet penetration into account. Turkey is the mobile banking hotspot, with
the largest share of internet users who use mobile banking.
I guess it was the mention of Apple (whose glossy rosy tint
has reduced of late).
Or maybe it is that core message about designing for humans
rather than money.
In fact, I did toy with the idea of Banks designed for humans, not geeks as a title, as the
techno crowd fall into the same fervent misnomer as the branch crowd.
Equally, most get this wrong because they built their
operations for one point of emphasis – branch, call centre, internet – and now
are struggling because no longer do we deal with channels,
we deal with a human at their point of need or want or desire or thought.
This is what the data geeks are really drilling down for: to
get to the customer 24*7 as they have financial needs, wants, desires and
thoughts, and that is why today's title is Banks designed for humans by geeks.
perennial discussion of whether we need branches or not comes up again this
week. It’s a regular debate on the blog
and in the Financial Services Club, with various entries that are relevant to
contribute towards the debate:
There’s an old saying that cropped up the other day in
respect of Margaret Thatcher’s son, Mark. It was a joking reference by
Margaret that her son was so clever he could sell “snow to eskimos or sand to
Arabs” or, as one wag put it, arms to anyone.
Anyways, it’s a message worth remembering as most fintech
companies could not sell sand to eskimos, snow to Arabs or guns to anyone, as
they have no idea how to market or sell their wares.
They say that women control most of the spending in the world (or is that men in the world?), so I was amused to see this advert for Citibank during my recent trip to India, as it appeals to this share of wallet.
You may disagree, until I heard my male colleague say: “Yes, and from Prince
This one came up when I was working on my latest iteration of the way in which money is evolving, and I have the firm belief that the exchange of value digitally will be as, if not more, disruptive than the exchange of goods physically.
Building upon the discussions about personalisation and virtualisation, these are important. In fact, as I’ve
mentioned before, personalised, virtualised in real-time on my mobile is
PFM-squared (does any of that last sentence make any
So then I was recently asked to address a conference with a mix of banks from all sectors, and to give examples of innovation in each of these different banking sectors.
The examples I picked had one common theme: social finance.