28 March 2017
Paul Love
Paul Love

Paul Love

Paul Love - Compass Plus

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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.
A post relating to this item from Finextra:

Barclays extends cheque imaging pilot to one million customers

05 December 2014  |  22620 views  |  3
s300_Cheques960x640.jpg
Ahead of Christmas, Barclays is giving one million customers the ability to pay in cheques remotely by taking photographs with their phones.

Common sense prevails - but when?

05 December 2014  |  2749 views  |  0

As I said on Wednesday, innovation should be about solving real world needs rather than just inventing smart technology.

Paying in cheques by photographing them is one of the those innovations that just work.

The infrastructure is tried and tested – cheques, camera phones, digital imaging, etc., but even better is the fact that the consumer immediately “gets it”.

It is exactly this type of consumer focused innovative development that will convert the more cautions and resistant consumers to a more modern payment solutions. As these consumer get used to using mobile phones for paying by and receiving cheques then they will become more willing to use their phone to actually make payments directly.

Given that this is clearly consumer friendly and will also save costs for the banks, why are we still waiting?

 

TagsMobile & onlineInnovation

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job title Principal Product Manager
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A payments professional, consultant, SME, champion and evangelist for cards and payments. Over 15 years experience, with a strategic and market focus, an International outlook, enabling organisatio...

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