Jonathan Jensen, @sevendotzero, has been contributing to the Terrapin blog and talking about consumer banking.
The UK banking market needs more competition from providers who can deliver customer centric services in the way consumers want to consume them. This means products from people who understand consumers and who are not driven by protecting legacy products. So far new competition has been very limited; examples include Metro Bank who went down the banking licence route and Virgin Money who bought Church House Trust and then Northern Rock.
Jonathan makes some good points in his article. I would add that the good work being done by the Fairbanking Foundation may ultimately lead to consumer current accounts being more favourably compared to prepaid accounts.
The government is punishing the Payments Council for trying to phase out cheques, but failing to come up with an alternative.The Council will lose its power to govern the payments systems for UK banks, under new proposals.The government wants to hand the Councils powers to a new body overseen by the new Financial Conduct Authority.The change would make banking “more responsive” to the needs of its users, the Treasury said.
Wristbands fitted with microchips have been worn by everyone at a UK festival for the first time. The technology, which designers claim will cut out fake tickets and queues, was used by 15,000 festival-goers at Wakestock, Cardigan Bay, Wales.
Designers claim the advantages to fans are that they can pre-load them with money to pay for food and drink, check into social networks and ensure they have a “cleaner experience”.
The benefits a retailer gets from understanding their customers better through the data which is captured. How retailers can typically expect to get higher margin sales, new customers they would not otherwise get and incremental sales of 40% above the amount loaded onto the card.
3V – the global electronic Payments specialists, have launched a customised Chip & PIN Pre-Pay Visa card and money management service for teenagers, introducing the first payment platform to offer comprehensive parental access and controls for the youth market.
Travelling to and from airports and waiting for planes for 12 hours
Travelling to and from my office for 12 hours
That’s 62 hours travelling in 14 days! Was it worth it? Yes, absolutely.
My travels took me to Cape Town, London and Miami: in all three cities I was fortunate to meet some of the most interesting people in the prepaid industry. The range of people was wide and included huge multi-nationals as well enthusiastic, entrepreneurial start-ups.
One thing is for sure, the prepaid sector is going to be seeing some exciting developments this year.
Yet more positve news about the prepaid market in South Africa; this time regarding eWallets.
First National Bank’s eWallet has seen a 133% jump in growth for the month of December 2011, processing over R140 million in money transfer transactions as compared to R60 million in December 2010.
“Every festive season since its launch, eWallet has continued to show remarkable growth,” says Yolande van Wyk, CEO of FNB eWallet Solutions. “Average daily transaction values have also increased to approximately double the figures we saw a year ago.”