2012-11-09 zdnet.com - Banks cautiously open to partnering with tech innovators

Stephen Gornick

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Quote from: marcus_of_augustus on November 08, 2012, 05:00:33 PM

... banks current model is they 'own' the customer ... like a farmer owns cattle for milking or sheep for shearing.

That's why I love seeing JP Morgue Chase , Wells Fargone and Bankster of America turned simply into "dumb pipes" -- counting cash and typing in the account number shown on the BitInstant deposit slip.

The cashier at a gas station handling lotto tickets "owns" the customer more than the banks do for buying bitcoins with a cash deposit method.

knight22

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--------------->¿?

Quote from: kjlimo on November 08, 2012, 09:36:04 PM

Bitcoin will continue to give advantages and reason for why it should be used. Banks will find ways to capitalize on it, or they will be left out.

Banks may win or lose in this situation, but bitcoin will surely win no matter what!

Well said

kjlimo

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Bitcoin will continue to give advantages and reason for why it should be used. Banks will find ways to capitalize on it, or they will be left out.

Banks may win or lose in this situation, but bitcoin will surely win no matter what!

Spekulatius

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Quote from: knight22 on November 08, 2012, 07:23:43 PM

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"These global businesses have a lot more capital to invest in research and development than we do, and spend a lot of time at the customer interface point," he said. "Where possible, we will partner with these guys and venture into new markets with them to ensure we stay relevant, which is important for the industry."

I wonder if there is room for bitcoin in what he said... If so, bitcoin will just explode!

I think its more along the lines of MPesa, Mintchip and Barclays Pingit, but yeah if they were smart they would develop something with based on bitcoin.

knight22

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"These global businesses have a lot more capital to invest in research and development than we do, and spend a lot of time at the customer interface point," he said. "Where possible, we will partner with these guys and venture into new markets with them to ensure we stay relevant, which is important for the industry."

I wonder if there is room for bitcoin in what he said... If so, bitcoin will just explode!

marcus_of_augustus

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Eadem mutata resurgo

Quote

'we want to own the customer; it's our customer, not their customer' and we need to be open to different models on that interaction,"

... banks current model is they 'own' the customer ... like a farmer owns cattle for milking or sheep for shearing.

Is it any wonder they are such hated institutions? This is at the core of their business model ... this bit wasn't lost on me either

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"Financial services, to a certain extent, is in a fortunate position in that increased regulation is somewhat closing the system, so it's hard to be totally open," Frazis said.

Regulatory capture appears to be rife ...

julz

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Banks cautiously open to partnering with tech innovators

Spandas Lui
2012-11-09

http://www.zdnet.com/au/banks-cautiously-open-to-partnering-with-tech-innovators-7000007070/

...
The tech big boys' move into the payments arena may spur new players to jump on the bandwagon. There are already peer-to-peer payment providers, such as Bitcoin, that are popping up and are fast gaining momentum in the payments space.
...

Topic: 2012-11-09 zdnet.com - Banks cautiously open to partnering with tech innovators (Read 1014 times)