Friday, September 15, 2006

Innovation in Financial Services

Interesting conversation on when money and banking goes completely "virtual/digital" over on It seems like Rabobank is going to evolve more and more to an internet and new media focussed bank. "It's very difficult to be a personal bank, when you don't have physical contact with the client anymore", De Jager tells us. "We're using CRM systems to make the personal approach possible, so the customer will feel like Rabobank knows them."

The most difficult De Jager finds about innovation in banking, is that people in banking still look with the 'old' paradigms to the new devolpments. They know the world is going to change, but it's difficult to start acting that way. "We're moving from the traditional bank-centered perspective to a customer-centered one."

It will be interesting to see what Rabobank comes up with here. I can't help but see parallel's between "paying my mobile bill" and "having a bank account". They are both "digital currency". Technically I could pay you with call credit, if that call credit could be use to buy anything else. Why aren't young people buying and selling stuff on eBay with their call credit? Probably, because someone doesn't allow them to trade call credit. But what would happen if someone did allow this? I suspect, a whole new ball game....

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