A prelude to FinovateEurope 2011

Next Tuesday, FinovateEurope will showcase the best new innovations in banking, payments and financial technology in London. The event, like all Finovate conferences, will mix fast-paced demos (no slides allowed) from handpicked financial technology companies with high-quality networking. It’s a blend that has won rave reviews from thousands of bankers, venture capitalists, entrepreneurs, analysts, and press over the last few years.

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Tribe relationship management

Ever since I started working in the banking space – and that is, despite my young looks, quite a while ago – customer relationship management has been the holy grail for many a customer or prospect. Remember that period around the dotcom crash when everyone was implementing the latest CRM system? I can’t even remember the name of those companies now!

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About new technology

When new technology gets launched we always think about how it will replace existing technology. Take Near Field Communication (NFC) chips for example and the replacement of bank cards by mobile phones with NFC chips.

How will that work?

Well, you walk around the shop, pick up the items you want to purchase, go to the cashier, they scan the items and the till totals it up. You take out your phone and tap it on the Barclaycard branded NFC terminal and the transaction is completed.

Right?

Wrong!
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Saab, BMW and Banking

Saab, yes, the car company, has seen quite a bit of turmoil over the last few years. First, there was the takeover by GM and then more recently the sale to Spyker, a Dutch sports car manufacturer. Then, lately there was an announcement that for their new 9-3 model they will be using BMW engines. Now, being a long-term Saab driver, I was quite shocked.
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Are your core systems ready for the new era in banking?

Ovum’s recent report, ‘A Change for Good in Core Banking Systems’, is an interesting read. It suggests that banks’ core systems will assume greater prominence from 2010 as they continue to adjust to the altered competitive landscape and a revised set of priorities. For me, this report hits the nail on the head, particularly given the new entrants to the banking space. With Tesco Bank working under the banner of “every little helps” and Metro Bank going all out to woo consumers with everything from penny counters and dog bowls in their stores, the new entrants are significantly challenging traditional banks.
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