Author Archive

The unbanked,
the pre-banked,
and the underserved

June 24, 2019

It’s no wonder that to many consumers a bank is a bank is a bank. A regulated banking environment all but disallows substantial differentiation. Setting apart a financial institution in consumer minds is no easy thing.  For a while, rewards programs presented as a would-be panacea, but these days such seem largely to have morphed [...]

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Reasonable imitation of empathy

June 17, 2019

I worked for a man who stopped by a drive-up coffee hut each morning on his way to the office. Upon seeing his car pull into the lot, the barista set about preparing his coffee so it was ready when he reached the window. The barista greeted him by name. Every eleventh cup was free, [...]

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Will A.I. kill bank
industry jobs?

June 10, 2019

Crowing about the need to bring jobs back from across the ocean makes for powerful rhetoric, but technological advances account for the lion’s share of lost jobs in the U.S. Financial Times pointed out: The US did indeed lose about 5.6m manufacturing jobs between 2000 and 2010. But according to a study by the Center for Business [...]

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Why contactless payment
for NYC transit is a big deal
(and something of a risk)

June 3, 2019

By the time you see this post, New Yorkers will be covering fares on selected subway routes by means of the city’s new, contactless payment system.  In accordance with governments’ propensity to come up with acronyms, the city has named the service OMNY, for One Metro New York. Whether New Yorkers embrace OMNY remains to be [...]

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Congress hopes
to keep up with AIs

May 27, 2019

On May 9, the U.S. House Committee on Financial Services issued a press release announcing the formation of two task forces: one on financial technology, to be chaired by Congressman Stephen Lynch (D-MA), and the other on artificial intelligence, to be chaired by Congressman Bill Foster (D-IL). Committee chair Maxine Waters (D-CA) said:  As new technologies emerge and the [...]

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