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Digital innovations to payment systems are being announced regularly as the new future of money.
One that has attracted a lot of interest is Bitcoin (see video below)
But there have now been allegations of theft and forgery. How can a digital currency be stolen? Read this Fast Company article.
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Harvard Business School has published a case study about 2 different approaches in Africa to providing financial services using mobile phones: one in Kenya was successful, the other in South Africa was not.
The case study raises many issues apart from the actual use of the technology, the most important being identifying the problem potential customers were having rather than making wrong assumptions.
Here’s a video about M-pesa.
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If you’re interested in what makes financial services easier for customers then you’ll be interested in BankSimple a new mobile banking platform with a distinctive visual interface recently reviewed by Fast Company here.
PS Also have a look at a prototype piggy bank that takes credit cards.
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Visa has announced that it expects to launch its person-to-person digital payments later this year.
Funds will be transferred between Visa card numbers not financial institution accounts.
What impact will this have on bank account number portability?
See also Fast Company’s report.
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I realised when I touched my laptop screen (rather than the keyboard) to click a link that our interaction with computers has to change.
New designs for ATMs are on the way:
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One of the themes of the Abacus Convention was making the most of online marketing by effective conversion of website visitors (once they’ve found you) to customers.
For CUBS, that means how best to process an online application once you’ve got a prospective borrower to “click through”.
Are you really processing applications online in real time or just receiving some data online with the rest being done on paper?
From a legal point of view there are some key issues to consider with any solution including:
And if the proposed solution is from a third party vendor, you may need the approval of your core banking system provider.
If you are looking at a solution, Langes can advise you on the legal and contractual issues.
UPDATE: New Zealand Herald reports fraudulent online credit card applications made to Westpac.
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I mentioned the attraction of being able to deposit cheques at an ATM here.
Randolph-Brooks Federal Credit Union offers a deposit app for smartphones. It allows members to photograph cheques and deposit them to their RBFCU account.
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Which ADI's offer internet banking and what online services are offered?
Curiously, APRA does not obtain separate data on internet banking other than incidentally in its ADI Points of Presence publication. The publication focusses on branches due to its historical origins as a report on regional and rural banking.
The workbook identifies “non face-to-face” customer contact by ADI’s which comprise service channels which provide no face-to-face services, for example internet and telephone banking but not internet banking separately. There are several ADI's that split their internet banking facilities out as a separate service channel. But this is generally not the case.
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Are you really using all available technology to improve service to your members?
I just came across Trunk Club, a service offering style advice to male executives who don’t have style.
Trunk Club has made the leap from face to face advice to a complete online service using webcams.
I can’t imagine a service more demanding of a face to face, “high touch” approach than clothing advice but their model makes sense.
Could it work in finance?
Good webcams now cost less than $100. Why not try it out?
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You might have noticed that the langes website has not caught up yet with our new partners and offices. We know. We're working on a new website that does that plus support interactivity with and services for our clients and the wider mutuals sector.
If there's something that you'd like to see on our website, leave a comment below and we'll consider it in our new design.
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