Question # 1: What is the purpose? Question # 2: How can banks help people to trust? Question # 3: How can banks use social media to communicate more openly? Question # 4: How can banks involve more external people? Question # 5: What are some examples of mobile payment services?

1. How can we
rethink
banking?

2. Question # 1
What is the purpose?

3. Main purpose of banks
1. Keep money safe for customers.
2. Offer customers interest on deposits, helping to protect against money
losing value against inflation.
3. Lend money to firms, customers and homebuyers.
4. Offer financial advice and related financial services such as insurance.
http://www.economicshelp.org/blog/glossary/banks/
http://www.sparknotes.com/economics/macro/banking/section1.rhtml

4. One of the purposes of the fintech revolution is
financial inclusion – providing financial services
to the underbanked segments in both mature and
emerging markets.
https://hernaes.wordpress.com/2015/08/30/the-end-of-irans-nuclear-winter-in-financial-services/

5. Amalgamated Bank is committed
to strengthening the communities
in which we do business.
https://www.amalgamatedbank.com/community-impact

6. HSBC helps people fulfil their
hopes and dreams and realise
their ambitions.
http://www.hsbc.com/about-hsbc/our-purpose

7. Further inspiration
http://www.slideshare.net/frankcalberg/what-is-the-company-purpose

8. Question # 2
How can banks help
people to trust?

9. Trust is essential in enticing consumers to first try
and then adopt a new technology, especially when
the technology is linked to their monetary
decisions and financial security.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/

10. Transparency in the reporting of
financial and non-financial information is
fundamental in creating trust.
http://www.transparency.org/whatwedo/publication/incentivising_integrity_in_banks

11. Research shows that the most robust reason why
people would lose trust in banks relates to
large bonuses.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2373084

12. Fixing the culture will require
creating a compensation system
that better aligns or balances
shareholders’ interests and the
broader society’s interests with
the individual’s interests.
http://www.bloomberg.com/news/2010-11-08/morgan-stanley-s-gorman-says-hero-culture-needs-to-change-to-limit-risks.html
Mr. James Gorman
CEO, Morgan Stanley

13. A Community Bank branch is a locally owned
and operated company which functions as a
franchise of Bendigo and Adelaide Bank.
Usually around 300-500 local shareholders
own the franchise company under their own
shareholder one-vote constitution.
Our biggest challenge was an internal one:
None of our people had ever contemplated
our customers as being formal
partners in our business.
Robert Johanson,
Chairman.
http://sharedvalue.org/groups/bank-helps-local-communities-%E2%80%93-profitably

14. Only by truly caring about the customer’s
interests can you build up a trustful relationship.
Research shows that working directly with
money may undermine those benevolence-
driven actions and decisions.
https://hbr.org/2015/03/why-our-trust-in-banks-hasnt-been-restored

15. http://novemberlearning.com/an-interview-with-michael-wesch-part-2-of-3/
At HSBC, empathy is the most important skill.

16. What percentage of leaders in the financial
institution, you work for or are a customer
at, are men / women?
http://time.com/3851826/financial-reform/

17. Further inspiration
http://www.slideshare.net/frankcalberg/trust-50508257
http://www.slideshare.net/frankcalberg/questions-to-discover-your-values
http://www.slideshare.net/frankcalberg/how-are-people-paid-for-what-they-do
http://www.slideshare.net/frankcalberg/differences-between-women-and-men

18. Question # 3
How can banks
use social media to
communicate more openly?

19. Among the digital opportunities for European
banks are integration with social media.
http://www.mckinsey.com/Insights/Business_Technology/The_rise_of_the_digital_bank

20. Banks’ web 2.0 communication gap
http://www.strategyand.pwc.com/media/uploads/Strategyand-Web-2.0-Banking.pdf

21. Il est essentiel de garder à l'esprit que
les réseaux sociaux sont avant tout une
connexion entre personnes.
http://www.economiematin.fr/news-reseau-social-banque-presence-internet-visibilite

22. People, who work for banks, could write blogs
- enabling discussions of specific economic
developments, new services, or the latest
research of interest to target customers.
http://www.strategy-business.com/article/11202?pg=all

23. Sources
https://www.blogger.com/
https://www.facebook.com/
https://www.linkedin.com/
https://medium.com/
https://wordpress.com/

24. Further inspiration
http://www.slideshare.net/frankcalberg/11-advantages-of-using-a-blog-for-teaching

25. Question # 4
How can banks involve
more external people?

26. A key challenge for senior managers in banks will be
sensitively reallocating the savings from automation
to the talent needed to forge digital businesses.
http://www.mckinsey.com/insights/strategy/strategic_principles_for_competing_in_the_digital_age

27. Banks increasingly realize that to succeed with digital,
they must adopt the habits and culture of digitally native
companies.
Examples
 Opening up the banks’ application programming interfaces.
 Pursuing agile development.
 Hosting hackathons to foster intensive digital collaboration.
http://www.mckinsey.com/insights/financial_services/Strategic_choices_for_banks_in_the_digital_age

28. When designing / developing new products, for example
mobile payment products, it will be particularly
important to engage younger consumers (ages 18–34),
who are more smartphone-savvy.
They can, for example, beta test product prototypes.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/

29. One of the most effective way to be helpful to customers
is by mobilizing a large number of third parties who have
complementary products and services that can
help the customer get more value from your own
products and services.
http://edgeperspectives.typepad.com/edge_perspectives/2015/03/disruption-by-trusted-advisors.html

30. Further inspiration
http://www.slideshare.net/frankcalberg/crowdfunding-35835254

31. Question # 5
What are some examples of
mobile payment services?

32. Sources
https://www.dwolla.com/
https://www.google.com/wallet/
https://www.izettle.com/
https://www.klickex.com/
https://www.moven.com/
http://muume.com/
https://www.paypal.com/
https://www.pesapal.com/
https://www.simple.com/
https://squareup.com/
https://transferwise.com/
https://venmo.com/

33. Comparison of payment services
http://www.parksquare.com/uploads/insights/TheFutureofFinance_Part_3_03-13-15.pdf

34. http://www.tawipay.com/

35. Indian Bank ICICI enables people to
transfer money to anyone in India
who has a Twitter account.
http://www.icicibank.com/Personal-Banking/insta-banking/internet-banking/twitter-banking/index.page

36. Besides allowing in-app payments, retailers can
also use http://www.wechat.com/ for offline
in-store payments through WeChat Pay’s QR
code scanning feature.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/

37. More than a billion people in emerging and
developing markets have cell phones but no
bank accounts.
http://mckinseyonsociety.com/downloads/reports/Economic-Development/Mobile-money-Getting%20to-scale-in-emerging-markets.pdf

38. Sensors can further enhance mobile payment solutions. With
the consumer’s permission, a mobile wallet could auto-detect
the sensors in a retailer’s network environment when the
consumer enters a store, immediately syncing with the
retailer’s network to activate proximity marketing and
discounting, loyalty and rewards programs, and digital
checkout, payment, and billing processes.
http://dupress.com/articles/mpayments-mobile-POS-system-in-retail/

39. # 1: Convenience
Reduces the need for customers and merchants to carry cash.
# 2 Efficiency
Reduces the cash management costs for businesses and financial institutions.
# 3: Traceability
Enables a greater degree of visibility into the flow of money for financial institutions
and regulators, facilitating taxation, transparency, and information gathering.
# 4: Protection
Protects customers and merchants from fraud and theft by documenting transaction
records and reducing the need to hold cash.
4 benefits of electronic transactions
http://www3.weforum.org/docs/WEF_The_future__of_financial_services.pdf