Omnichannel banking: A consumer-first, not bank-first, experience

From Mobile Payments Today –

“When you hear the word 'bank' you might think about the ATM outside your office, your local bank branch, or even visions of old movies with cops and a robber.

The reality is that banking actually extends much further back in time as bank branches were established as early as the 14th century. During this period, they were the only consumer touch-point for banks, with no other channel vying for a customer's attention. You could say that this banking ecosystem was the total opposite of the omnichannel experience.”

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Understanding Credit Part 3: How to Build and Rebuild Credit

From Bank of America

You know having a good credit score is important, but how do you build good credit? Sal Khan and a panel of credit experts share ways to build and rebuild your credit score.

Banks Use Analytics to Detect Suspect Employee Behavior

From American Banker

“Say you work for a large bank that has been embroiled in a crisis or scandal. In the discovery processes of the inevitable lawsuits that follow, investigators and lawyers (and in some cases, the U.S. Senate) find all manner of incriminating emails that the bank's risk and compliance departments did not know existed.

This scenario has occurred quite a bit in the aftermath of the mortgage crisis. A few classic examples from Standard & Poor's analysts — emails they wrote as they were inflating the ratings of worthless collateralized debt obligations — were made public by Rolling Stone magazine just this summer”

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UK’s FCA kicks off review into mobile banking risks

From Finextra

“The UK's Financial Conduct Authority (FCA) has published an interim report exploring some early findings of a review into mobile banking services, setting out the possible risks to consumers and areas that firms should consider when developing their services.”

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Disruption in Banking

Brett King, CEO & Founder of Moven speaks about “Disruption in Banking: Changing consumer behaviour leading to new business models”.

This video is a part of the Anthemis Senior Executive Roundtable: Building relationships for a sustainable and dynamic financial landscape for the 21st century.

What we are reading … 3rd April 2013

Mobile Chat – Passing Fad or Key Capability? http://shar.es/d7doo

Uganda: Easing Mobile Money Transfer http://shar.es/drnzU

US Lawmaker Readying Bill to Punish Companies That Use Hacked Secrets: Report http://dld.bz/cubpq

Ban social media as a distraction? No, it boosts productivity http://dld.bz/cubpp

What do consumers want? Do an RBS and ask them http://www.finextra.com/Community/FullBlog.aspx?blogid=7512 U.S. Banks Fighting ATM Malware http://www.fastcompany.com/node/3007608

Consumers still trust branch, ATM and online banking over mobile banking

“Through all the Mobile World Congress hoopla over corporate alliances, open platforms, new players and all the rest, it seemed that the least ink (or electrons, as the case may be) covered one of the most important aspects of mobile banking and payments: Consumer acceptance.” 

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“Retail Conduct Risk Outlook” published by FSA

The UK’s Financial Services Authority (FSA) has published its first Retail Conduct Risk Outlook (RCRO), which examines how a range of current, emerging and potential risks could impact retail customers.

RCRO is a key component in the FSA’s consumer protection strategy to identify risks earlier, proactively intervene earlier in the product chain and prevent consumer disadvantages.

The report’s analysis of current and upcoming risks informs how the FSA will set its priorities and deploy its resources. These will be outlined in the FSA’s Business Plan, due for publication next month.

The RCRO analyses the environment in which the FSA, authorized firms and consumers operate. It assesses the main macroeconomic trends, the changing regulatory landscape, developments in firms and markets, and key issues affecting consumers – and the risks these all pose.

Some of these are issues are current, and are subject to ongoing FSA activity, some are emerging, and others have yet to develop but could cause consumer detriment in the future.

Introducing the new publication, Adair Turner, FSA chairman said:

“The Retail Conduct Risk Outlook is a timely reminder of the consumer protection challenges facing the FSA, its successor bodies and financial firms over the coming years. It analyses how environmental trends may influence how firms treat their customers, and assesses the resulting potential for poor customer outcomes. The RCRO informs our dialogue with firms and consumer representatives on conduct risk and will play an essential part in our work to mitigate the potential risks to customers in the future.”

The Retail Conduct Risk Outlook, together with the Prudential Risk Outlook which will be published in March, replaces the Financial Risk Outlook Series. The Financial Risk Outlook has been published since 2002.

The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.