Anton Musgrave Can banks re-invent themselves?

This is a great scenario. I see it though as a challenge to the conventional banks - how can they embrace this new phenomenon and use it to their advantage as opposed to just losing their retail banking divisions? Can they be bold enough to radically re-invent themselves? What would they need to do - embrace the network principles, understand new risk measurement parameters, etc - CAN they be that bold? WHO could?
Posted: 3 December 2007 at 00:00

Doug Vining RE: Can banks re-invent themselves?

Guy Kawasaki looks at social lending in his blog article "The Six Lessons of Kiva" and takes away six lessons for entrepreneurs from the Kiva phenomenon. Perhaps there are lessons here for banks too?
Posted: 5 December 2007 at 12:25

James Hilburn New challenges to old banks

Great article. Traditional retail banks are likely to face an onslaught of new competition as technology changes the way the game is played. The Internet is certainly one of them. Another is the mobile phone. The recent combination of Nokia and Mastercard to form PayByPhone - a wireless mobile payment system - signals the intent of major global players to re-invent the banking business model
Posted: 6 December 2007 at 08:12

Doug Vining RE: New challenges to old banks

Indeed. We saw this coming. With companies like Vodafone and China Mobile commanding a networked customer base of 200-300 million people, it is inevitable that they will move into financial transactions. It's quite surprising that a credit card company managed to get in on the action!
Posted: 6 December 2007 at 20:36

James Hamilton The GenerationY phenomenum

Great Article indeed; the generation Y phenomenum may give credence to this article in that they have not been as effectively engaged and catered for by the convetional banks as,say, the Baby Boomers and the Xers. This makes them susceptible and well poised for the P-2-P lending proposition.
Furthermore, their lifestyle requires , amongst other things, cheap, flexible and efficient financial services which ,in their eyes, the banks in their current format may not be able to do effectively.
Eugene Mwansa, South Africa.
Posted: 21 December 2007 at 11:37

Thomas Driessen Get rid of the comment balloon.

It bothers me.
Posted: 25 January 2008 at 17:23

Doug Vining More cuts at Citibank

Citigroup to cut another 53,000 employees
Report: Big investment bank set to shrink its workforce to 300,000
Posted: 17 November 2008 at 15:59

Doug Vining 'Facebank' is called Buxter

Money sharing comes to Facebook - BBC News
Friends on social networking site Facebook can now send small payments directly to each other via an application called Buxter.
Posted: 3 March 2010 at 17:37

Wolfgang Grulke Want to start your own bank? Read this first!

The idea of a crowd-sourced bank has been around for the past few years. BankSimple has been one of our favourites. Lately there have been many others treading these waters. I love Chris Skinner's summary of the current state-of-play.
A FuturesForum post (titled: "Want to start your own bank? Read this first!") refers to this MindBullet. The full FuturesForum post can be read here:
Posted: 13 April 2012 at 10:21
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