The UK’s new Payment System Regulator has just published its policy statement and it contains references to Account Number Portability. I hope they go down the sensible path of virtual account numbers and “paynames” because, as I’ve been banging on about for years, bank account numbers and mobile phone numbers are not the same thing.
You often hear people at conferences say that it is the data around payments that is the basis for adding value as the payments themselves become commoditised. As Gary Munro from Consult Hyperion points out, this is true for the smallest businesses as well as the biggest.
Some fascinating debates around identity in my Twitterverse last week, considering the issue of the extent to which digital identity of one form or another can contribute to financial inclusion (and, by extension, social inclusion).
There’s been a lot of buzz around Bill Gates’ challenge to bank the unbanked, set out in this excellent Verge article. Naturally I agree with the sentiments, but the use of the word “unbanked” bothers me.
The Minister says that customers should have account number portability so that they can switch provides just like they do with mobile phone numbers. But banks accounts don’t have SIMs, so here’s what we should do.
The government is to “call for evidence” on banking APIs, but I think the evidence is pretty clear: they are going to play a major role in shaping the industry over the next 3-5 years whether the government does anything about them or not.
I am as subject to peer pressure as anybody else, so having been bombarded with the top three of this, the key five of that and the must-have ten of the other for 2015, here’s my three roubles* worth on what we at Consult Hyperion see happening next year.
What’s the big picture around banking, payments and innovation? Maybe the new paradigm will be the bank as facilitator of innovation rather than innovator. Maybe we want banks to be boring and efficient.