Mike Foden

Market Analyst at IBM

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Bio As a lead analyst in banking and financial markets for IBM Europe I bring together functional Market Insights teams and external research and design agencies. Career History 20 years' experience as a market insights professional with IBM. I have authored whitepapers across various industries. Prior to joining IBM, I worked for 4 years as a research director/ manager agency-side in retail and consumer behaviour.

Blogs

How PSD2 will revolutionise Government Stats

07 Nov 2017

The PSD2 countdown clock is well and truly ticking and is now only a couple of months away. It’s not exactly Y2K levels of excitement, but at least no one expects planes to fall from the sky. Naturally, most of the discussion in the run-up has focused on what PSD2 will mean for banking. Whitepapers from the consultancy firms have gone for the FUD...

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Mike is Commenting on

Klarna to open Berlin tech hub

The notion of a fintech opening a hub in a former auto garage in Berlin somehow seems to be poetic commentary on the move from the old to the new as this decade draws to an end.

13 Dec 2019 Reply Read article

Brits flock to digital-only banks

Having read the article, the press release (https://relay42.com/news/press-release-half-consumers-moving-away-traditional-banking-according-relay42/), and also downloaded a copy of the full report “Creating meaningful Relationships – What customers can expect from their banks” from that link, there would appear to be inconsistencies in language and what the data is saying. The main issue is the notion of what is meant by “moved” and “switched” and “mobile-only solution” versus “mobile bank”. The inference from the article / press release is that consumers are moving their accounts (current/checking) to internet / mobile only BANKS (i.e. banks which, by definition, do not have a branch presence). Within the press release, this is stated as: “53% of consumers using or willing to move to an online or mobile only bank — 27% have moved already, while 26% are considering the switch”. However, in the actual research report this is stated as “27% of all respondents told us they had already switched to an online or mobile-only solution for banking”. It is reasonable to assume about one quarter of consumers define their banking as “internet / mobile only” – it is a very different proposition to suggest that about one quarter have switched to an internet/mobile-only bank. Market share statistics do not support this assertion. On sample size – a random sample of 2000 is more than a sufficient sample to make inferences about population dynamics.

11 Dec 2017 Reply Read article