Innovation Insights featured one of my blogs on promoting chance in innovation through deliberate, repeatable processes. You can read the blog at Innovation Insights.
Happy New Year and may 2014 be prosperous for you! Recently, WIRED magazine featured one of my blogs in their Innovation Insights column. Please visit WIRED magazine.
The article discusses how multiple knowledge engines co-operating through a common scratch pad (blackboard) can solve big data analytics problems. It can be useful in banking, oil and gas, and other industrial and manufacturing applications.
With increasing adoption rates for mobile banking and millennials becoming banking consumers, discussions around real time banking are picking up momentum. Big banks that have supported real time banking for private clients are taking about extending it to mobile banking customers and small banks are introducing them as well (e.g. Independent Bancshares). The instant gratification millennials have derived from their hi-tech gadgets is natural to extend into their expectations from banks. They deposit funds; they want to be able to use them right away. They don't care to understand or sympathize with the banking system that takes a few days to clear checks. I have had discussions with customers as early as 2009 around real time clearing and settlements and our conclusion was that back offices were not ready for this level of automation and the business case was marginal.
The landscape has changed quite a bit recently. Mobile banking consumers will want access instant access to funds. Also tightening of the regulatory noose around banks' necks has created a desire to create alternate venues to raise fee revenue. Real time banking presents a perfect opportunity for banks that can allow consumers to access "float" funds by updating their deposit balance and other internal systems instantaneously without waiting for inter bank transfers and clearinghouses. Should funds deposited not clear, they can always levy charges for accessing funds using uncleared "float" balances!
I am a Management Consultant in Banking and Financial Services. Check out my "home" and "about" pages for more details.