latest trends from...
In this revealing and educational interview with Wired Magazine, globally respected banking innovator Brett King talks banking trends and how he came to create the worlds first downloadable bank.read more >
In a recent UN/ICAO commissioned survey on the use of signatures in passports, a number of countries including the UK recommended phasing out the long held practice because it was no longer deemed of practical use. More significantly, however, is the emerging trend that has some parents, educators and lawmakers espousing their concern - when asked to sign most kids these days are simply writing their name - the art of the signature may soon be a lost art. A recent report in Gulf News disclosed that this is a global problem with kids in Canada, Tokyo, Hong Kong and elsewhere moving away from written signatures because they live their life through technology, but without the need to sign.read more >
Brett King is a globally renowned speaker and expert on shifting trends in banking. Technology & IT trends are the two biggest disruptors in finance, and the shifting demands of consumers is ensuring that further evolution in how banks interact with their stakeholders, via websites, apps and wearable tech, is absolutely vital for their survival.
In this blog post, Brett outlines the ways in which banks will need to evolve their IT / technology strategy to ensure they keep their customers engaged.
In 5 Years, 50% of revenue will be digital but where’s the revenue going to come from?read more >
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.read more >
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 on a debit card/checking account – that includes all those “free” checking accounts, which are anything but!read more >
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.read more >
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 >