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2016

Ian Ogilvie

International Senior Adviser at Ogilvie Advisory

Posts: 0 Comments: 7

Ian is Commenting on

Monzo takes the axe to Monzo Plus team; goes back to the drawing board

This seems like the same poor journey traveled by so many of the tradtional banks with package banking - "same old; same old". Monzo have a chance to rectfiy this. Can they? Will they? Attracting accounts in banking is easy; creating sustainable profitability is far tougher.

25 Sep 2019 Reply Read article

ICICI Bank claims industry first with robotic cash counters

Really? Banks have used note counting / sorting machines from long before ATMs in their cash centres.

30 Aug 2019 Reply Read article

Want to manage your money better? Ditch your banking apps

The research does not seem to address the behavioural segmentation of people vis-vis managing their money. Simplistically, people can be segmented based on lifestyle (spending / earning balance) and orientation to managing their money (careful v laissez faire). It is this that tends to best explain financial outcomes. The question which needs to be addressed is whether use of a PFM improves finanical outcomes. As those who opt-in for using a PFM are almost certaintly behaviourally different from those who do not, it seems that this research is flawed in comparing the behaviour of two non-comparable groups. A proper control test (before and after) is surely required to establish whether use of PFMs leads to better financial outcomes.

13 Nov 2018 Reply Read article

Mobile banking uptake at a standstill as consumers rethink bank relationships

Ketharaman, I largely agree, especially that customers are not confusd. I am not sure that the big banks expected this to unfold any differently; it has tended to be the consultants and suppliers who have talked up the speed of change - as they would! Much of what has happened in the past few years has been a switch of balance, trans enquiries and simple payments from PCs / laptops as well as from branches, ATMs and contact centres to mobile, with some incremental volume due to mobile's convenience. The switch of higher value banking activities (e.g. bank account opening, mortgages) to mobile is a long, slow and steady haul but we should not be surprised by this especially when we look at the speed of channel switching by customers over the last 50 years as banks have added channels. It is common for consultants and suppliers to talk up the gold rush to win business and then when it does not happen as they predicted, propose that they help their customers to understand what they should do now that it is evident that the gold rush is not as predicted. And after that they spot the next gold rush.

11 May 2018 Reply Read article