27 November 2015


Retired Member

1,294Posts 4,401,825Views 1,543Comments

Object reference not set to an instance of an object.

25 May 2012  |  3028 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.


Comments: (1)

A Finextra member | 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


Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Retired

Big Data Pitfalls: The Amateur Data Scientist

26 October 2015  |  1617 views  |  0  |  Recommends 0 TagsInnovation

Reflections on FinovateFall: Mobile, Money and Millennials

24 September 2015  |  1080 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Interoperability: Prerequisite for Next Generation of Mobile Money

08 September 2015  |  1901 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Think More Broadly: Banks CAN Monetize Cash Transactions

31 August 2015  |  1562 views  |  0  |  Recommends 0 TagsPaymentsInnovation

Software development in the retail FX Industry

28 August 2015  |  386 views  |  0  |  Recommends 0 TagsTrade execution

Retired's profile

job title
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Ketharaman Swaminathan
Brendan Burge
Astrid Mitchell
Balasubramaniam GD
Tony Ballardie
Graham Seel
Bjorn Soland
John Candido
Gregg Weintraub
Stanley Epstein
Charmaine Oak
Roy Vella