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Innovation in Financial Services

Archive for: April, 2011

Upendra Namburi - GE Money - Gurgaon | 30/04/2011 | 3147 views | 1 comment

I came across an enterprising man who worked as a driver and doubled up as the neighborhood milkman. In the initial months, he found himself collecting and carrying large amounts of money on a daily basis, which became quite unwieldy with his day job. To make matters worse, with outstanding dues, leakages in collections and a host of challenges pos... Tags: Payments, Retail banking

Tim Tyler - Misys - London | 26/04/2011 | 3485 views | 1 comment

Coupons and Payments - What Do We Have To Lose?

Electronic coupons appear to be all the rage at the moment, with the rush to the front seemingly being led by Groupon. Throwing themselves in to the fight now are Google (with Google Offers) and Facebook (with Facebook Deals) - so there might be an assumption that there is scope for considerable growth in this market. Do banks need to keep a wary... Tags: Mobile & online, Retail banking

Bo Harald - ZEF Solutions - Esbo | 24/04/2011 | 4633 views

ATM transactions heading south

Accelerating decline in use of cash clearly reflected here and in card transaction statistics in Finland (even without costs being visibly charged for ATM withdrawals..). Good news for all. On EU level the cost of cash usage was estimated to some 50bn€ some years ago - and the consumer pays 100% of it + some profit margins for the service prov... Tags: Online banking, Payments

Bo Harald - ZEF Solutions - Esbo | 24/04/2011 | 3692 views

e-invoicing ice hockey stick

It took time to get it going - but this is looking good (statistics covers only Finvoice - similar growth in other local standards). In a couple of years time paper or e-mailed PDF invoices will be as rare as cheques (defacto not used since years). More interesting statistics here: http://www.fkl.fi/en/material/statistics/Statistics/Statistics_ban... Tags: Online banking, Payments

Bo Harald - ZEF Solutions - Esbo | 24/04/2011 | 3817 views

e-id services and e-commerce payments 2010 in Finland

Excellent growth figures - on EU levels the e-id volume would be 1,5bn. All public sector id-transactions are presently done by banks. This is extremely cost efficient (economy of reuse) and naturally preferred by citizens - as the tool (one-time code) is so familiar (economy of repetition and secure (economy of trust). Difficult to understand why... Tags: Online banking, Payments