Banks are too slow & traditional for Web 2.0?

Today, I chanced upon this blog post by Brett King, who just in Singapore recently for a book-signing titled, "Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services"

This unplanned encounter was timed in a curious fashion. I had just been having conversations with veterans in the industry about how the banking world (especially in consumer finance) has underutilised the power of connectivity and community advocacy. So, this begs the question: Are banks really such seasoned creatures of habit that they are blinded by the speed with which the rest of the consumer world runs?

As a member of the industry, it is not difficult to appreciate the difficulties for banks to jump on the bandwagon with similar speeds as the world of the FMCG, travel, or even hospitality. The fact remains that as a financial institution (despite all the fuss about it as an investment vehicle) the bank is, ultimately, the custodian of assets of the people, a.k.a., common folk like you and I. For all that is said and done, a bank simply cannot proceed with any new initiatives without having to satisfy the arduous and sometimes painstaking process of due diligence.

However, as both a consumer and bank employee, I believe that some manner of agility can be achieved. Life simply cannot be as rigid as it used to be when we needed to bring a pass book and stand behind a tall counter before we can get to our own money.


Brett King: Are Banks Innovating Fast enough?

Loyalty Currency - What do you prefer?

The question of suitability in loyalty currency is the single most intriguing question that has never quite gotten a scientific and clinical treatment. In particular, I do not believe that any formal study has been conducted with regards to loyalty currency preference in payment cards.

I am of the opinion that, despite cultural and social disparities in different markets, there must be some partiality towards one type of loyalty currency to another.

Points? Miles? Or something else?

If you could take a minute to answer this poll, I would be eternally grateful.
http://polls.linkedin.com/p/80433/avpnn

Card Banking is Great?

I read this article recently. About the 5 key reasons why a card banker's job is great.

[Read it here: Bankcard Jobs News ::: Banking Career News ::: Cardgigs - The Payments Industry Career Hub ]

One year ago, I would have agreed whole-heartedly. Today, my nerves are shaken a little, with added fuel by horror stories of the 'firing squad' from the Big Boy in the business.

Do I still find a joy in cards & payments challenging and meaningful? Absolutely.

Is there a future for cards? Of course - as long as consumerism exists.

Will 'cards' be the growth engine for payments? Probably not. Other form factors will emerge and gradually replace the card, given the world's increasing reliance on 'virtual-ism'.

So, question to self: Should we all start looking for new jobs?

The decision is all yours.

Unsolicited credit card cheques to be banned in the UK

Consumers in Singapore are spoilt for choices, particularly in credit card marketing offers. In fact, the rules here are so relaxed, that card marketing practices will never be allowed in places such as the US or Euro-zone.

Case in point: When was the last time you received a cheque from your credit card bank giving you 'free' money? (On that note, please send me examples of the cheques you have, please.)

Such predatory marketing tactics will soon be banned in the UK. The Euro-zone will likely follow at some point.

Will Asia be next?

Read the news article here:
Unsolicited credit card cheques to be banned - UK Politics, UK - The Independent

The Changing Face of Loyalty in Payment Cards

Some time ago, I blogged about a soon-to-be-published whitepaper on the subject of loyalty in payment cards, and how commoditisation is going to change the playing field of how programs should be run.

The paper has been kindly picked up by VRL and will be published in abridged form in the latest issue of Cards International. The full-length paper can be found here on Insight's website.

All comments welcome.

"Pick a card! Any card!"

As a loyalty marketing practioner, you find the work hard, time-consuming, and sometimes unappreciated. However, as professionals, we strive to maintain sanity in a crazy world and find relevance in what we do. This also means looking towards the altruistic and take heart that what we do really made a difference in lives. Still, there are times when it is necessary to laugh at ourselves in the absurdity of the work we do. Here are a few gems I found on the web. Hope you enjoy them as much as I did.

Credit Card Mailers: Straw Poll

Whenever someone inquires about my profession, the exchanges inevitably leads to the question of marketing mailers, those pieces of glossy, high-quality printed fliers and brochures that sells everything from low cost balance transfers, to the latest offers at named retailers.

To the marketer, they are precious pieces of articles that represent possible the only tangible form of direct communication from the card marketer to the consumer/cardholder. On the other hand, the everyday consumer tends to look upon them with disdain and sometimes annoyance.

I will attempt to do the first (at least, it is the first that I know of) scientific market research on what people actually do with their statement inserts (as it is known in the business).

Please help in the research by following the link and casting your vote:
http://polls.linkedin.com/p/47034/tqdcw

Hopefully, I can get some interesting results and share some insights on the phenomenon.