20 August 2014


Brent Jackson - Rubik Financial Limited

5 | posts 14,888 | views 16 | comments

Milestones and millstones

25 May 2012  |  2864 views  |  0

Having played this game since Lynx browser and dialup apana, its great to see some milestones in banking hit over the last month or two.


Bank of America with their 10 million users shows that Internet banking should be considered (for now) the primary channel for bank interaction with the customer. 


Those of us who remember trying to get these systems live in the mid-90's will remember the scorn or disbelief that these could be a useful system, that customers might use them, that bank security would be fatally compromised, that they would only be used by the crazy, quirky, techno, etc.  How many innovators in banking have heard that recent for product a, b, or c. How big was the launch team and budget in your bank for this 'fad' channel?


Westpac demonstrates with 1m customers of mobile that this service has come of age quickly - Westpac has over 8m customers, but declare 2m on their website as users of internet banking, so this number is very compelling if it is a 50% takeup.  Would be great to see some new channel stats from all banks on the different channels of use (and customer use rather than logins).


I wonder if we looked at  bank expense budgets whether any bank would have the right expense and resource share for these channels.  How large should be the team operating and enhancing this system in comparison to the team/budget operating the branches. Note I am not saying these new cheap delivery systems should not deliver some cost saving to the group, but imagine if the top table discussion each week spent 20% of time on mobile, 40% on internet banking, 20% of time on third parties and 20% on the branch - any bets on current mix...


We are on the verge of the next great revolution in banking, where technology finally takes the friction out of interacting with a bank and delivers the right services to the right people when they need it.  Lets hope we can adjust thinking and resource allocation to take advantage of this shift.

TagsOnline bankingRetail banking

Comments: (1)

Brent Jackson - Rubik Financial Limited - Sydney | 26 May, 2012, 02:12

See also the Economist article on 'winners and losers' which has some good insights into the challenge facing the international banks


Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Brent

Commbank can - a technology and UX driven campaign

27 May 2012  |  3702 views  |  3  |  Recommends 0 TagsOnline bankingRetail banking

Milestones and millstones

25 May 2012  |  2864 views  |  0  |  Recommends 1 TagsOnline bankingRetail banking

Kiwi banking innovation

06 September 2011  |  3387 views  |  0  |  Recommends 0 TagsOnline bankingRetail banking

Mobile Banking - including voice to improve accessibility

09 June 2009  |  1980 views  |  1  |  Recommends 0 TagsOnline bankingRetail banking

Pandemic Planning and swine flu

02 June 2009  |  2956 views  |  0  |  Recommends 0 TagsSecurityRisk & regulation

Brent Jackson

job title


company name

Rubik Financial Limited

member since




Summary profile See full profile »
Rubik Financial Ltd delivers a flexible, low-cost, cloud-based bank-in-a-box technology platform ...

Brent's expertise

What Brent reads
My linkedin page
Brent's blog archive
2012 (2)2011 (1)2009 (2)

Who is commenting on Brent's posts