Archive | July, 2009

Innovation round up – June 09

So, my 2 cents worth …

This month we see a mix of ideas and new features from banks, more so than say 6 months ago – my desk research is telling me that 2 clear trends are emerging this side of the GFC. Banks are beginning to innovate again; and 2 they’re innovating for the new environment – a post bank-bloated environment that was first about the organisations shareholders and not the customers.

This was fast becoming a redundant and false economy in which to operate.

Thank god we now are beginning to operate in an environment where customers are empowered. It keeps us honest.

The era of ‘command and control’ as James Gardner puts it, is coming to an end. Command and control talks about the notion of a hierarchical structure delivering visions and plans down through its layers coming under intense pressure, as all the layers both inside and outside the organisation now have a voice (whether the organisation likes it or not) in what your bank should do.

Its a matter of when not if that our organisation and industry must confront the idea that fast, rapid, dense, real time development and innovation is required as well as or even rather than long term, linear planning. If you can tell me where your industry, channels and customers will definitely be in 18 months time let alone 5 years time, then you can plan for that – but I don’t think that’s particularly easy.

This is not to say you must be simply responsive and reactive rather than strategic, leading or innovative – its just the way we do it is more important than doing it all. Involving customers, reacting immediately to opportunities, evolving your business structure to allow for it, and challenging the way you’ve always done things is now imperative, rather than just disruptive..



AMPLIFY CONFERENCE FEEDBACK – AMPs recent festival of innovation wowed its audience and speakers.

THE WAY FORWARD – JP Morgan start straight talking about the future of their company to shareholders, customers and the community

BACK TO BASICS, BACK INTO THE COMMUNITY – Banks focusing on core banking, and local communities.

DESIGNER BANK BRANCH – New designs looking very sleek from Italian bank (Milan more specifically) CheBanca! (Translation – “What a Bank!”). See the design agency case study here. Will branches ever get close to the future of retail?

FAIRFEES – ING Canada launches a ‘campaign’ against unfair fees, using video content. Also interesting – feetweeter! Discuss and compare bankfee costs and information,

SMARTYPIG DEPOSITS UP TEN FOLD – And the company plans to continue its aggressive pricing and marketing, hoping to grow another five-fold to a half-billion by year-end or 50x what they started the year with.

SCRED – Manage budgets and money across groups of people

WHY BANKS MUST BE ALLOWED TO DIE – The Bank Of England seems to encourage natural selection amongst banks that pump themselves full of fat based on risky practice

IPHONE ACCOUNT AGGREGATOR IN BETA – ‘Some guy’ on whirlpool is building an iPhone account aggregator app – check out the screenshots

CUSTOMERS DEPOSITING THEIR ANGER ONLINE MORE THAN EVER BEFORE – Twitter etc becoming the new place to complain – then compare and discuss

A SUPERMARKET MIGHT BUY A BANK – Tesco in the running to buy (and add to its massive Fin Services offering) Northern Rock

A GOLD BULLION ATM MACHINE – An online precious metals trading company is planning to install 500 gold-dispensing ATMs in Germany, Switzerland and Austria.

THE REALITY OF THE FINANCIAL CONSUMER – 39% say the economy is getting better. 35% say the worst is yet to come…. see more

NETBANK CUSTOMERS VENT – When your IB goes down, customers let you – and others – know about it.

23 WAYS TO USE SOCIAL MEDIA TO TARGET YOUTH CUSTOMERS – In the last couple of years, financial institutions have started to leverage social media to engage with the youth market.

ATM VENDOR HALTS PRESENTATION WITH THREAT – An ATM vendor has succeeded in getting a security talk pulled from the upcoming Black Hat conference after a researcher announced he would demonstrate a vulnerability in the system.

SPANISH BANK LAUNCHES PEER TO PEER LENDING – Rather than ignoring these new business models, CAN have created a hybrid where the bank provides a secure social lending platform and manages the relationships between those who fund and those who need funds. Read more about Caja Navaro (CAN) bank here.

ONLINE IDENTITY INTEROPERABILITY INITIATIVE LAUNCHED – A new initiative has been launched by a group of tech firms, including Oracle and PayPal, to promote interoperability among identity verification applications and services for Internet users. We need to do this now in Aus before the Gov’t does it for us.

WHAT CAN YOU BUY FOR FIVE DOLLARS? – People all over the world making submissions … I bet a bank wished they’d thought of this – or not.

THE IMPORTANCE OF MOBILE TO A RETAIL BANK – Roy Vella, Director of Group Mobile at RBS, explains more. Read here why mobile banking is a must have.

BARCAMPBANK EVENT IN MELBOURNE – Join us September 4, 2-6pm for an unconference … organised by yours truly

THE MAGSTRIP FINISHED? – Security and other issues spelling its end this author reckons

MICROSOFT MONEY IS FINISHED AT LEAST – MS kill of declining business model with Quicken, banks and independents like taking over



WHY AREN’T PLANE SEATS MORE LIKE AERON CHAIRS? – look at the average airline chair. It’s a mess of moulded plastic parts and metal fixings, with stiff cushions that always seem to dig into your legs in the wrong place, hard armrests that are rarely comfortable, and a distinct lack of posture adjustments.

OBJECTIFIED – New movie chronicles the back story of the people and processes that create the vast array of designed objects that surround us every day

REINVENTING INTERACTION – How interaction designers are challenging and improving some traditional ways of doing things. Like ordering a glass of wine.

KARAOKE VIA WEBCAM – Campaign for Coca Cola – submit yours, or watch others sing songs online live!

FORRESTER TELLS COMPANIES TO STOP IGNORING CUSTOMERS – Read notes from the latest Customer Experience Forum

ACTIVATE 09 – Keep across The Guardians summit on Politics, economics, technology and society: Building a better future through the internet

IDEAS PROJECT – Listen to great minds with great ideas – and submit your own. Pretty simple.

CLAY SHIRKY AT TED – How Social Media can make history – brilliant presentation.

TOMS SHOES – For every pair you buy, they donate a pair to charity or provide themselves to children in need. This one-for-one model is going to boom.

DISNEY CROWDSOURCES ITS OWN COMPANY – If you have 12k employees, they might have some good ideas or feedback.

WHEN CONSUMERS HELP, ADS ARE FREE – Getting customers, or just people, involved in your campaigns gives it so much more meaning, and cut through

BUYOLOGY – The latest book from Martin Lindstrom, marketing and brand guru, on why we buy the things we do

FUTURE OF JOURNALISM – According to John Hartigan, News Ltd – hanging onto that revenue and print future! … Oh John. The future is free!

CANNES CYBERLIONS AWARDED – Advertising industry’s biggest junket awards show hands out online and digital gongs

NEW BOAGS DRAUGHT TVC – Nice, charming little ad. About magic water. And light sabers.

TELECOMMUTING MUST BE ON THE HORIZON? – If it saved Cisco $277m then surely banks can do the same…


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