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Brett King

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Brett King

Everywhere you look right now, there are carriers trying to muscle in on the mobile wallet and payments space and rightly so. There are already a plethera of mobile carriers fully engaged in mobile payments right now, from Safaricom in Kenya, Orange (with Barclays) in the UK, the list goes on.

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The core problem with credit cards today for consumers is that they are fundamentally designed to encourage spending, in order to generate revenue for card companies and issuing banks. While debit cards are marginally better for consumers on an interest rate perspective, the lack of visibility on spend and overdraft fees means that in the US the average consumer pays $225.00 in fees per year[4] on a debit card/checking account – that includes all those “free” checking accounts, which are anything but!

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I was in India a few weeks ago speaking to the Reserve Bank and most of the primary Retail Banks about the impact of mobile and social media on the industry there. .

Enshrined in the banking culture and in bank regulations is the perceived 1:1 relationship between branches and Financial Inclusion. This is not unheard of in developed economies either, but in India it is so much a part of the culture that no one has rethought this paradigm in a very long time. The assumption simply is that if India wants inclusion, it needs more branches.

India has just 110 branches per million persons, compared with the USA which has more than 300 branches per million persons, and Spain which has an incredible 900 branches per million persons, with the next nearest in the EU being Italy with 650/mm.

In most developed economies the CAGR of aggregate number of bank branches is -2% to -4% annually these days, and is trending towards a steeper decline. Some economies like Australia have been slow to start this decline, but a normalized range of branch density for most developed economies probably is around 100-150 branches per million.

I know this in itself will generate much debate, but bear with me here.

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San Francisco startup Coin today announced its first product — a credit card-sized device that digitally stores up to eight credit, debit, gift, or membership cards, and lets you switch between them by pressing a circular button on its surface.

It works with conventional ATMs and payment terminals but all is not as smooth as it seems. Here, Banking innovator and founder of Moven Bank Brett King, looks at the potential pitfalls of this product & what it means for the future of banking.

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Brett King has unraveled the secrets of marketing to Gen M, the 'multi-tasking generation'.

Already a force to be reckoned with and driving unprecedented change in the banking industry, Brett knows how the psychology of buying is changing now that the digital natives have come of age.

This is a new generation. One that no longer needs or wants direct interaction with a brand - traditional marketing doesn't work and they are pathologically adverse to being marketed at.

It's no longer about storefront vs ecommerce, it's about more than having a Facebook page. To survive your business needs to understand how Gen M connect to the world around them and how they experience retail - and more importantly how the retail experience needs to become almost entirely disconnected from the traditional model of sales marketing.

In this disturbing and insightful piece for The Huffington Post, Brett King outlines the changes that are happening in a Gen M dominated retail world, and how you can get on board.

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Pre-paid debit cards are the fastest growing deposit product in countries like the United States and China today. In the US healthy 25% year-on-year growth the last 4 years now amounts to $350 Billion dollar annual business. In contrast checking accounts in the US have been shrinking by close to 4% year-on-year since 2009. The vanguards of the new bank account today, however, are not necessarily the giants of the financial industry. The new bank account is being defined by a different set of rules. Low friction, engaged customer base, differentiated distribution (no branches) and strong digital (mobile and web) support are all the rage, but at the core is a new approach to the basic day-to-day bank account. Join Brett King (Author of Bank 2.0 and 3.0) and his guests Alex, Jon and Shamir, as they discuss how neo-banks will are changing the rules and redefining what it means to be a bank at the same time.

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Do the underbanked really need bank accounts anymore? With the introduction of mobile financial options, more and more people are opting out of traditional bank accounts and turning to the myriad of financial options that are becoming available as an alternative to traditional checking accounts. Between pre-paid debit cards, gift cards, Western Union accounts, Paypal, pre-paid cell phones, mobile wallets available, social payment systems, the PayNearMe service, and Peer 2 Peer lending taking off, people can avail themselves of all the benefits of banking without having to enter a bank branch or deal with fussy application procedures and small print fees. Join Breaking Bank$ to discuss the way that people are turning to these options with Rachel Schneider with the Center of Financial Services Innovation and Danny Shader, the CEO of PayNearMe, which allows those that have opted out pay for rent, utilities and bills in cash from convenient locations they visit every day.

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There are those that will tell you it will be many years before mobile payments is mainstream. You'll hear figures like 2014, 2016 or even later bandied around as to when mobile payments will hit mass adoption. However, I believe the primary measure to focus on when looking at these sorts of predictions is first and foremost exhibited customer behavior – the predilection to a shift in the way they pay, bank, purchase or shop.

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Ron Shevlin (@rshevlin) and Jim Bruene (@netbanker) and I, have been back and forth regarding Ron's article on so-called NeoChecking Account and the news of the GoBank launch here in the US earlier this year. 

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At a time when consumer dissatisfaction with banking is at an all-time-high, the financial services industry has come to realise the need to innovate or die. With social services encroaching on traditional banking services and internet banking changing the role of the bank teller in society, there is one voice which has come to dominate the conversation about banking's future.

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