latest trends from...
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.read more >
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.read more >
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 $350 Billion dollar annual business. In contrast checking accounts in the US have been shrinking by close to 4% year-on-year since 2009. The vanguards of the new bank account today, however, are not necessarily the giants of the financial industry. The new bank account is being defined by a different set of rules. Low friction, engaged customer base, differentiated distribution (no branches) and strong digital (mobile and web) support are all the rage, but at the core is a new approach to the basic day-to-day bank account. Join Brett King (Author of Bank 2.0 and 3.0) and his guests Alex, Jon and Shamir, as they discuss how neo-banks will are changing the rules and redefining what it means to be a bank at the same time.read more >
Do the underbanked really need bank accounts anymore? With the introduction of mobile financial options, more and more people are opting out of traditional bank accounts and turning to the myriad of financial options that are becoming available as an alternative to traditional checking accounts. Between pre-paid debit cards, gift cards, Western Union accounts, Paypal, pre-paid cell phones, mobile wallets available, social payment systems, the PayNearMe service, and Peer 2 Peer lending taking off, people can avail themselves of all the benefits of banking without having to enter a bank branch or deal with fussy application procedures and small print fees. Join Breaking Bank$ 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.read more >
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.read more >
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.read more >
Last year Facebook hit one billion users. It is reported that the average Facebook user spends 75 minutes per day using Facebook. Globally smartphone growth year-on-year was at 42 percent in 2012, with 17 percent global penetration, but more significantly with most developed economies expecting 70-80 percent smartphone penetration within a couple of years. This has led to massive increases in social media use over mobile. WeiXin, a new Social Mobile Network powered by TenCent in China, took 14 months to reach 100 million users, and just six more months to reach 200 million. Snapchat, based in the United States is sending 60 million mobile-initiated photos per day, or five billion snaps in little over a year.read more >
In 1961, Monash University in Melbourne, Australia bought its first computer – the Ferranti.
It had 1K of memory, cost $360,000 (£220,000) and was the size of a whole room. A typical mid-range laptop computer today has 250,000 times the memory, is 4-8 million times faster and costs 1/500th of what the Ferranti cost as a computing platform. This process, the acceleration of technological capability, is known as Moore’s law – and it has meant that since the late 1800s, the rates of technology adoption and diffusion into society have kept getting faster.read more >
In this video, Brett talks about the latest trends that are redefining financial services and payments.
From the global scramble for dominance of the mobile wallet, the expectations created by tablet computing, the operationalizing of the cloud and the explosion of social media he explores: How Social Media has exposed pricing, over-regulation, outdated processes and poor policy, How mobile technology is completely changing the context of banking, How customer advocacy is killing traditional brand marketing, and the growth of the ‘de-banked’ consumer who doesn’t need a bank at all.read more >