Will FIs own the Know Your Customer
What will tools like Mint, Geezeo, Wesabe do to the industry
What do people want to compare? Lifestyle, demographics, geography? Can users decide?
Third parties use the main FI as the verifier.
Five new entrants in the Wint, Wesabe model.
Paid financial coaching model, like eBay. Pay someone and then their reputation build through network. People can buy cheap advice.
Is there a need for a human being to make that advice, or can we make the wisdom of crowds? Is that too much work?
Clients are getting more sophisticated, and are demanding more.
Ubiquity of banking. Micropayments.
Why does it take three weeks to move money between FIs?
What about people with poor financial knowledge, and underbanked cannot take advantage of this.
Where do people trust. It’s with the advisor not the insitution. Like a hairdresser, people follow them around.
What about creating an automated financial literacy score based on their financial transactions and history.
Alerts are part of the solution.
Social Financial Management tools make people engaged with their money.
Most consumers do banking because its necessary. Do we engage people to make them see it as more necessary, or do we make some decisions on behalf of our customers?
Is the real opportunity in real time payments and transfers between FIs and financial alerts. Is that where we should be focusing and let those who are financially savvy and engaged use the Wesabe’s?
Real time alerts so you get a mobile alert 5 seconds after you make the transaction (buy the soccer ball), which is great for security and engagement.
Make it as easy as possible.
Will banks eventually just have an API and be purely a commodity?
Have we commoditized ourselves completely? What is the difference besides the people we deal with personally.
Can a bank brand ever be an Inspirer like an Apple or Google?
What is the gap between how people talk about their online financial needs versus their own ability to prove the highest ROI.
Conversations inside the FI is about protection. But also confidence in their offering and differentiation so they will retain their curstomer base.
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