http://www.neosophic.com/archives/33 Notes on Innovation and Strategy In Today's Banking Environment Sun, 06 Jul 2008 02:30:35 +0000 http://wordpress.org/?v=2.0.3 http://www.neosophic.com/archives/33#comment-18 Thu, 24 Aug 2006 01:58:37 +0000 http://www.neosophic.com/archives/33#comment-18 [...] A perfect storm of trends indeed.  Operation excellence is critical and by my estimate the minimum cost of entry.  Innovators in the financial services arena need to be perfect customer managers as well as clever.  The good news is that outsourcing, online distribution and other creative, low-cost business platforms have permeated the industry and have met customer expectations (more or less).  The big-business applications of these technologies are retro-fits to old business models and do not take advantage of common 2.0 themes such as demand aggregation, network effect, etc. I fully expect that Prosper and Zopa are the tip of a financial services innovation iceberg that entails business models built on fluid data, customer control and solutions that are shaped to meet needs rather than the other way around. The difficulty as I have blogged before, is that putting more innovative models around peoples money and wealth is a much riskier proposition than putting my family photo album on Flickr.  However, with the evolution of Paypal, Zopa and Prosper, as well as new tech such as NFC payments and mobile phone payments and banking, expect more from your bank. [...] […] A perfect storm of trends indeed.  Operation excellence is critical and by my estimate the minimum cost of entry.  Innovators in the financial services arena need to be perfect customer managers as well as clever.  The good news is that outsourcing, online distribution and other creative, low-cost business platforms have permeated the industry and have met customer expectations (more or less).  The big-business applications of these technologies are retro-fits to old business models and do not take advantage of common 2.0 themes such as demand aggregation, network effect, etc. I fully expect that Prosper and Zopa are the tip of a financial services innovation iceberg that entails business models built on fluid data, customer control and solutions that are shaped to meet needs rather than the other way around. The difficulty as I have blogged before, is that putting more innovative models around peoples money and wealth is a much riskier proposition than putting my family photo album on Flickr.  However, with the evolution of Paypal, Zopa and Prosper, as well as new tech such as NFC payments and mobile phone payments and banking, expect more from your bank. […]

]]> http://www.neosophic.com/archives/33#comment-7 Mon, 07 Aug 2006 01:04:07 +0000 http://www.neosophic.com/archives/33#comment-7 This is a potential play for the existing financial institutions to leverage their trust relationships with consumers. Unless they keep losing our data. This is a potential play for the existing financial institutions to leverage their trust relationships with consumers. Unless they keep losing our data.

]]> http://www.neosophic.com/archives/33#comment-4 Thu, 27 Jul 2006 02:32:40 +0000 http://www.neosophic.com/archives/33#comment-4 What fascinates me is the trust aspect. Banks survive because of trust, and even though they don't always treat their customers too well. Its interesting how trust models, for eBay, and Paypal work. Open Source banking will need a trust model, and it will be interesting to watch that play out. What fascinates me is the trust aspect. Banks survive because of trust, and even though they don’t always treat their customers too well. Its interesting how trust models, for eBay, and Paypal work. Open Source banking will need a trust model, and it will be interesting to watch that play out.

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