You see, this speed carries one big penalty. Security. Not for the device, for you. The transaction is now so fast, it can’t be fraud-checked conventionally.
“Contactless” means just that. No contact from either side – counter or customer. There’ll be no alerts, no chance to stop a fraudster. Or is there?
I can’t believe how fast this technology is developing. Everyone seems to be at it. Mobile is big and NFC seems to be flavour of 2011.
Well, I say you – but what I really mean is it doesn’t necessarily have to be you, just anyone who happens to have your phone.
And I’m really, really not happy about that.
Oh, how we would all love a new bank. A bank that did everything right. Perfect. Sorry, you’re dreaming. That’s not going to happen. The current banks operate a virtual cartel, effectively shutting out any new player. Now while the boutique banks may focus on specific products and find a niche, Chances of a new NatWest or Barclays appearing are small.
But there is a way to get a better deal. We just need to leverage the old deal…
As a bank marketing slogan, the co-operative’s good with money is pretty good. Just a pity then that the rest of the bank’s processes don’t match. Because behind the ethical faÃ§ade this member-owned group strives to portray, lies a dark, Dickensian approach to those it does business with.
Here are three disturbing examples – from the inefficient to downright destructive – that soil the fluffy image it would prefer us to associate with it…
When talk turns to the Cloud, the hot ticket currently is the location of information. Security’s no longer the biggest concern, its where data is stored which is key.
Cloud players like SalesForce and IBM are looking to their own national storage, but its expensive and inefficient. So why not use a storage Cloud for it?
It doesn’t look like National Australia Bank’s woes are going away any time soon. Conflicting stories emerging from CEO Cameron Clyne’s office sure isn’t helping. First reports suggested that an upgrade failure took down all the Bank’s systems. But as the dust settles, a rather different picture is emerging.
NAB’s prolonged outage initially attributed to a glitch may have been deliberate. If its true, then NAB’s troubles are far from over. They may only be beginning…
Have you ever been caught short?
I guess we’ve all had a moment like that sometime. Whether it was finding ourselves short of cash for some unexpected expanse or just needing to find a toilet. Fast.
Two entirely different situations, yet they both share the same need to be resolved quickly. This is the whole point about services. And that’s value – the value they are to you.
Like buying a bottle of wine at your local shop, finding you’ve no cash and being charged a fee for using your card. Or the 50p charge for using a public toilet, when its free at home. That’s what I mean by value to you at the time.
Imagine a friend loaning you Â£50 to pay an unexpected bill. You’d pay them back – and may be give them a Â£12 bottle of Scotch for helping you out. That’s appreciating the value.
I wrote about Wonga when it first launched and got a lot of abuse for endorsing a product with such a high interest rate. But it seems that I wasn’t the only one who saw the value. Wonga’s just won a string of awards, like a Webby for their website and for their service.
Wonga are a great bunch of guys as well – So well done and good luck for the future!
Imagine this scenario. You’re living in a nice house, but the window frames need replacing.
You have a good look round and find a new window company offering you a great deal. Lower maintenance, more light, much better looking and adding more value to your home. Your neighbours down the road have switched to them and really love them.
But your window cleaner doesn’t want you to have them. So he says no.
What, he’s your window cleaner. You pay him to do what he does. He’s actually saying no?
You’d fire him, wouldn’t you. No way you’d accept a decision of yours questioned like that. But if he’s your IT outsourcer, that’s exactly what he thinks he can do. And you let him do it.
An outsourcer wants to make money from supporting you, I don’t have a problem with that. What I have a problem with is anyone trying to hijack your company’s future.
First off, my apologies go to Sir Isaac Newton for ripping off his long-running science series. But by only having three laws, I think he may have missed some more, crucial ones.
The Fourth Law of Financial Motion
“For every commercial process, there is a ridiculous and disproportionate cost.”
And nowhere does this ring more true than in the dingy, dusty world of High Street banking. Nowhere is quod erat demonstrandum more absolute. Except of course, the Public Sector.
But its banking I want to concentrate on here. And specifically, opening bank accounts. Because this is truly, eye poppingly, unreal.
The sheer amount of bureaucracy, paper pushing and inquisitorial process could not have been conceived by one person, just doing what’s necessary to acquire a new customer. Clearly not. No, to do things this badly demands a committee.
Before all those bankers leap to the defence of process, let me say one name. Metro Bank.
Here’s an interesting news item for you. Zopa has just grabbed 1% of the UK loans market. Now if you’re still brushing off the dust from the banking collapse and looking around you, you’ll be seeing a very different landscape.
The old banks are still shell-shocked and fumbling. But the new guys, leaner, more agile and more innovative are pulling the financial carpet out from under their shaky feet.
I’d just finished writing about Metro Bank and saw the Tweet about Zopa’s market share. And that news got my interest.
Zopa is a loans provider. But instead of just reselling finance at a stupid rate from some finance house, Zopa connects people with money to lend to customers who want to borrow. That’s called Peer to Peer lending, or P2P if you prefer cryptic sound bytes.
It may sound a bit left-field, not something that many would bother with. But consider this. Zopa has now arranged Â£100 Million of P2P loans for their customers.
Now that’s serious money. Maybe Zopa’s worth a closer look…
That bulging wallet that you’re carrying around in your jacket pocket, jeans or handbag is probably stuffed full of plastic, rather than the cash. But do you really need those cards?
Plastic payment cards are an old technology. Older than the Internet and mobile phones. Back then, They were the only way to buy without cash.
That was then and this is now. The Internet is enabling new ways for us to buy and sell. But the banks make a lot of money when you have cards, so they’d like you to keep them. Maybe its time to think about something that works for you instead…