For some contrarian views on Apple Pay, read this blog.
Finally, it is good to be back after some break due to hectic schedules with a new job. Apple Pay convinced me to break my long silence and I ended up writing two blogs instead of the usual monthly one.
If you think Apple Pay is going to boose NFC POS sales, you should read this blog first. See the Finextra blog "Apple Pay is here. Ka-Ching NFC Sales? Not so fast".
Finally, it is good to be back after a long silence due to hectic schedule and a new job. Apple Pay made me break the silence and motivated me to write not one but two blogs. Here is the second one. See above for the first one.
When plastic cards become digital tokens and sit inside mobile phone or cloud wallets, how do you say card is present or not present? Read this blog for interesting implications on interchange rates for CP and CNP transactions in the future. Card Present or Not Present?
Click here to read this blog that discusses the change in payments during shopping - from verifying the originator of the payment to the recipient of the payment. It has profound implications for all players in the payments ecosystem.Finextra blog on paradigm shift in payments
This blog was published in Finextra. After recent high profile data breaches in retailers such as Target, some have resorted to EMV at the POS for security. This blog analyzes the pros and cons in the alternatives for payment security in USA:
Innovation Insights featured another one of my blogs.
Although mobile payment technologies are promising, this blog argues that mobile channel integration with online and brick and mortar channels has the potential to grow more revenue and engage consumers for retailers and financial institutions. To read the blog, please click here.
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.
Big data, cloud, social media, predictive analytics, mobility - more technology carts that have been added to the "digitization" roller coaster that is still in service with old carts such as e-commerce, online, and m-commerce. How do you maximize ROI and monetization impact of these digitization trends? The answer seems to depend very much on the industry you operate in as digital adoption by different industries is influenced by various factors such as consumer preferences, intensity of competition, physical vs virtual nature of goods and services being exchanged, financial impact of business process optimization, etc. For example, consumer experience is more important for virtual goods such as online music whereas merchandising and supply chain automation are crucial for grocery stores.
Here I will attempt to focus on cloud adoption considerations and how companies can maximize their ROI from cloud. It seems the key is in getting back to the basics on objectives - which are the key business process optimization levers that impact your company's top and bottom lines the most. Is it transforming the customer experience in the front-end and channel integration? Is it supply chain automation? Is it some other automation? or a combination of those? Only after knowing the answer to these questions can companies try to apply the benefits promised by the cloud - time to market, self service and cost reduction, automation, capacity on demand, etc. and decide on the right application areas for cloud introduction. Although privacy and regulatory considerations have an impact on cloud adoption, they can't be looked at from a macro perspective. By decomposing data and separating identifiable and non identifiable data elements, even a bank such as ANZ (Australia New Zealand) has been able to use public cloud for speed to market efficiency (source: Bank and Systems Technology magazine, Nov 2013).
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.