Community

You guys saw this right?

https://www.finextra.com/news/fullstory.aspx?newsitemid=27037 

Sort of makes the point even more elegantly than my blog I thought

BK 

@Finextra Member - what you're saying is that because I posted an article criticizing the methodology of their report, they might pull the license of a chartered bank where Moven is a program manager?

In the history of Moven's operations thus far, no one has yet deposited $250k in one hit, nor withdrawn that much money in one hit. Currently our 44,000 surcharge free ATMs are more than enough for the cash needs of our customer base. 

Thanks all for your comments. Things will become clear as soon as the stock market starts to discount banks with large branch networks because they are inefficient at acquiring customers compared with start-ups/pure-plays

Canada already did this with Mint Chip. Our failed because they didn't have the ability to influence payment mechanics. 

There's nothing more than Moven Andy :)

Great interview. Looking forward to more in this series

If Botin was really Tech savvy then she'd rethink this. The frustrating thing is for 20 years since the emergence of the internet we've seen a constant and sustained attack on physical distribution channels by digital. With the exception of grocery chains in the early days of the web, that has been universally successful. There is absolute no data available anywhere in the developed world where you can successfully put forward a business case for increased branch investment based on engagement, relationship or revenue. If the $3bn was spent on real relationship metrics then we'd see a split more like 70/30 in favor of digital. 

I'll say it again. This is a spectacular waste of effort in reinforcing outdated and outmoded distribution mechanics. 

This is rubbish frankly. For $3Bn Santander could provide a digital platform that would be used 10 times a week for a 'relationship' compared with branches that might be used twice a year. Doubling down on branches smacks of poor strategy and lack of creative thinking at the board level. Let's defend against Kindle with more book stores! Customer want book stores!!!

The problem (apart from mag-stripe) is that this is fundamentally dumb tech. ApplePay/GoogleWallet, etc are not only doing the same thing, and more securely, but also allow for informational or content augmentation to the payment event. Ultimately both security and better context will make plastic obsolete over the next few years. It's the kindle moment for payments, and this is like a physical book where you can add pages, versus a Kindle that can be managed digitally. It's nonsense

Citizens of the world, that are citizens of Canada