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Banking & Finance


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Trend manifestations for the banking and finance industry.

If you keep these links handy they will give access to some general but category specific trend manifestations. Feel free to use them as you see fit and get in touch if there is something more specific we can help with. Our paid for services exist on separate, exclusive web sites.

Resource – The Tumbler Edition: Updated weekly, browse through for a list of manifestations in key topical areas that are indicators for where these things might be headed in that category:

Resource – Manifestation Decks: Updated monthly; mini case studies written up for the most interesting links we find.

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Banking & Finance

  1. 1. Crayon Works Insights and trends that will shapes our lives 1
  2. 2. Trend Manifestation Powered by: x Fingerprints used as student currency x RESLATEDECTORSRELEVANTTRENDS x x • Banking & Finance Source: PayTango uses biometric technology to allow customers to pay. The system is connected to a biometric sensor that scans the user‘s index and middle fingers. The fingertips are linked to a credit or debit card, and funds are automatically deducted. The developers say that signing up for the system only takes 20 seconds, and that it‘s a safer alternative than to carry cash or bank cards around. Could this be a foolproof alternative to cash payments? • Mobile Living • Have it all Society
  3. 3. Trend Manifestation Powered by: x American Express kickstarts peoples’ hobbies x RESLATEDECTORSRELEVANTTRENDS x x • Banking & Finance Source: Inspired by Kickstarter, American Express has launched a six-month social media competition that will provide 10 people a month with one-off funding to pursue their passions. The competition, called #PassionProjects, requires entrants to answer two simple questions: ‗what is your passion project?‘ and ‗why is it important to you?‘ The response must be 120 characters in length, accompanied by the competition‘s hashtag. Winners will receive $2000 in gift cards, which are supposed to be used to kickstart these hobbies but are free of limitations, so can actually be spent on anything. The competition is part of the company‘s new social media initiative on YouTube and Tumblr, where inspirational stories of people pursuing passion projects and how that lead to success will be spread. The entire project is part of AmEx‘s ‗What Membership Does‘ campaign, which shows how a membership can help people pursue their side projects. • Mobile Living • Have it all Society • Experience Economy
  4. 4. Trend Manifestation Powered by: x Bitcoin ATM changes cash into digital currency x RESLATEDECTORSRELEVANTTRENDS x x • Banking & Finance Source: New Hampshire-based company Lamassu has created a machine that converts physical money into the digital currency. For the transaction to work, Lamassu‘s device prompts the user to scan a QR code from a phone so that the machine knows where to send the Bitcoin. Then the user inserts money like he or she would in a vending machine. The cash then gets converted to Bitcoins and credited to the user‘s account. The ATM can only convert cash to Bitcoins and not the other way around. Selling this to businesses would be the ideal solution and help both sides. Which companies would benefit from this? • Changing Meaning of Luxury • Have it all Society
  5. 5. Trend Manifestation Powered by: x PayPal to create currency for space x RESLATEDECTORSRELEVANTTRENDS x x • Banking & Finance Source: With an increasing interest in space tourism, the virtual payment program seeks to address potential monetary issues. Although it is not obvious how tourists will do what they do best when they get there -- spend money. The issue of currency or any monetary system has yet to be figured out and so PayPal have launched PayPal Galactic to do just that. The e- commerce business is collaborating with SETI Institute and the Space Tourism Society, to determine how money will work out in space. With space tourism taking off, PayPal have perfectly timed their initiative to be the frontrunner in managing people‘s currency needs in space. • Changing Meaning of Luxury • Have it all Society
  6. 6. Trend Manifestation Powered by: x ATM deposits cash into billions of accounts at once x RESLATEDECTORSRELEVANTTRENDS x x • Banking & Finance Source: Philosopher and artist Jonathon Keats built an ATM based on concepts from the quantum science. A single deposit into the quantum ATM would force an alpha particle to go into seven billion boxes, each box identified with a single account. That means seven billion accounts would be credited. According to Keats the quantum bank will have enough accounts for everyone in the globe. Anyone who wants an account can sign up for free and will be able to withdraw ‗quantum banknotes‘ after depositing the equivalent real-world currency. The bank will be printing its own currency, which can be used anywhere they are accepted. Could this be something for other banks to look at? • Changing Meaning of Luxury • Have it all Society
  7. 7. Trend Manifestation Powered by: x Fantasy trading community helps members learn about the stock market x RESLATEDECTORSRELEVANTTRENDS x x • Banking & Finance Source: Wall Street Magnate is a fantasy trading community that lets people learn the ins and outs of the capital markets. It launched in late May and is packed with real-time updates and data from all major U.S. stock exchanges. The site opens the market to stock trading newbies and is designed to appeal to a wide variety of users, ranging from students who want to learn more about capital equities to traders testing out investment strategies. It offers a realistic and fun fantasy trading experience on the internet, allowing ―traders‖ of all ages to learn crucial skills in a social atmosphere. This is a great way of teaching newbies about the stock market as well as keeping things trendy. • Changing Meaning of Luxury • Have it all Society
  8. 8. Trend Manifestation Powered by: x Pub shows how Bitcoin will work for retail x RESLATEDECTORSRELEVANTTRENDS x x • Banking& Finance Source: A local bar in East London bar is the first in Britain to accept digital currency for drinks. The system is quick and effective. The bar staff press two buttons on the till and the screen displays a QR code. The customer opens their digital Bitcoin wallet, takes a snap of the screen and confirms the payment. The staff press one more button and the transaction is complete. Snapping the QR code in a crowded bar could be a challenge but in a quiet pub it is faster than paying by card. The Pembury Tavern is the first UK pub to go Bitcoin-friendly. By being technologically advanced, they are showing other businesses that it is possible to keep ahead with changing times. • Retail • Have it all Society
  9. 9. Trend Manifestation Powered by: x A no-frills, simple banking solution x RESLATEDECTORSRELEVANTTRENDS x x • Banking& Finance Source: Simple is a new banking concept which promises to offer simple online services on one card with in-built checking, savings, rewards and a line of credit. The bank has the largest fee free nationwide ATM network with no hidden fees on transactions and says that its revenue sources come from interest margin and interchange. Simple, founded in New York by Reich and former Twitter API lead Alex Payne, aims to disrupt the retail banking experience with an online front, user- friendly mobile apps and a universal ATM card. Simple promises to apply the lessons of good, modern design to improving the lives of bank customers. Simple is partnering with federally-insured banks on the backend. But it pays to be careful when you're handling other people's money, so Simple has proceeded slowly and deliberately. In May of 2011, Simple released its first cards to friends and investors. In December, it started sending out "a few dozen invites at a time." The company rolled out its iPhone app just a few months ago in May and this is the first time it's opened up on a mass scale to the general public. It will take Simple some time to work its way through its waiting list of 125,000. But as cards arrive in the mail, it seems the company that was once merely an ambitious idea has finally materialised. • Retail • Authentiseeking
  10. 10. Trend Manifestation Powered by: x Insurance company has existing policy holders advise new customers x RESLATEDECTORSRELEVANTTRENDS x x • Banking& Finance Source: Kysy Vaikka is a Finnish insurance company that uses its current policy holders as advisers to potential customers. The company has recruited over 800 of its existing policyholders to work on a voluntary basis and provide live, one-on-one testimonials about its service to prospective customers. The customers-turned-consultants have agreed to be available from 9am to 8pm each day, enabling potential customers to contact them for phone conversations to address questions and concerns. The site also features ten video messages recorded by customers at home on their webcams, discussing the claims process and what the company did to address their concerns. This kind of service enables would-be customers to gain insight into the happiness or dissatisfaction of current policyholders and seek one-on-one advice. • Retail • Authentiseeking
  11. 11. Trend Manifestation Powered by: x Insurance company has existing policy holders advise new customers x RESLATEDECTORSRELEVANTTRENDS x x • Banking& Finance Source: Illinois-based insurer State now launched Next Door, a new, branded café in Chicago. Offering financial coaching and classes, the space is designed to help State Farm get closer to the local community. Supplied with locally made treats and artisanal coffee, State Farm‘s new Next Door Café is billed on its Facebook page as ―a creative community space and café where anyone can ask questions about finances and insurance stuff and find answers. No pressure. No sales pitch. No kidding!‖ The café is open from 7 am to 10 pm daily, with expert-led coaching and classes during the the day. Also on hand are free wifi, a library and a meeting room. Everything is free, in fact, ―except the coffee,‖ which also offers up the space for local events. By bridging the gap with customers and opening its doors and offering an interactive, personal experience, this is an example that a lot of financial services can benefit from. • Retail • Authentiseeking
  12. 12. Trend Manifestation Powered by: x A new alternative to debit and checking accounts x RESLATEDECTORSRELEVANTTRENDS x x • Banking& Finance Source: A whole lot of cash changes hands in the Walmarts of the world every day. About 85 percent of the company‘s daily transactions are done in cash. Many of the discount retailer‘s customers don‘t necessarily have credit or checking accounts. That‘s something that has led Wal-Mart's corporate execs to try and figure out ways to help serve that market‘s financial needs, even if it means creating a whole new system of payment. Walmart is teaming up with American Express to roll out a prepaid financial- services product called Bluebird that "will allow for deposits by smartphone and mobile bill paying, with no minimum balance or monthly, annual or overdraft fees." The tagline — "Loaded with features, not fees" — emphasizes the fact that this is a move to help consumers who are struggling to pay their monthly bills, let alone go shopping. Bluebird is Amex‘s solution to help consumers who currently may be poorly served by traditional banking products By helping consumers and adding a touching, human element, both American Express and Walmart look to change the future of traditional banking. • Retail • Authentiseeking
  13. 13. Trend Manifestation Powered by: x Online child trust funds can be opened with USD 1 x RESLATEDECTORSRELEVANTTRENDS x x • Financial Services • Retail Source: Targeted at those with more modest incomes, TrustEgg provides a way for anyone to instantly set up a fund for their child with just USD 1, and enables them to easily source help from the people around them. Once the minimum contribution is transferred, users can add friends and family members as trustees, who can add to the fund. All money is placed into a mutual fund and the company predict around six percent compound growth. The funds are protected by Nevada-based Summit Trust, of which TrustEgg is a licensed product. As with a regular child trust fund, the total money saved and earned is released when the beneficiary reaches 18 years of age. TrustEgg also offers participants the ability to leave comments when they pay money in that are also released at the time of completion, providing the child with a time capsule of messages from their relatives. TrustEgg is adapting to the online world by capitalising on the social aspect to encourage people to save money. Financial services will slowly follow suit and ride the online way in no time. • Culture of immediacy • A return to maximising • Have it all society
  14. 14. Trend Manifestation Powered by: x ATMs dispense vouchers instead of cash x RESLATEDECTORSRELEVANTTRENDS x x • Financial Services • Retail Source: UK-based KAL has created RTMs – Retail-Teller Machines – that don‘t house or dispense any cash, offering vouchers instead. Rather than being placed on the high street, RTMs are located in individual stores and provide users with a voucher to be used on site. The money is transferred digitally when the retailer registers receipt of the voucher. The company believe that this would be especially useful for remote areas where banks are scarce and cash has to be delivered to ATMs, which require maintenance and risk being a target for criminals. The RTMs reduce the need for transporting cash, reduce the amount of hard money kept on site at stores and mean that shoppers need only head to their desired store instead of having to visit a cash machine first, increasing footfall for retailers. The RTMs provide benefits for consumers, retailers and banks. KAL has launched its product to be available around the globe – this is a trend that will soon be in many countries. • Culture of immediacy • A return to maximising • Have it all society
  15. 15. Trend Manifestation Powered by: x Smartphone-based bank helps customers make better use of their money x RESLATEDECTORSRELEVANTTRENDS x x • Financial Services • Retail Source: While the big banks have often been slow to take advantage of new technologies, Movenbank enters the market, with integrated tools to aid account holders in identifying how they could be saving money. Designed to be accessed through a dedicated app, Movenbank accounts enable users to transfer funds both in and out, pay friends over Facebook and withdraw cash using ATMs in the STAR network. Customers also receive a sticker that can be attached to the back of their handset, which contains a thin chip that can be used for small contactless payments. Real-time alerts help keep users up-to-date with the state of their account, while all outgoing and incoming transactions are tracked through the app and can be analyzed using the Spending Assistant. Recommendations are offered on how users can more smartly spend their money and each customer is awarded a CREDscore out of 100 which gives a quick overview of their financial health. The monthly MoneyPulse feature also helps users understand how much they are spending and where most of their money is going. Movenbank not only enables easy organization of users‘ accounts, but also goes a long way to ensure they don‘t fall into debt – a timely response to the recent financial crisis. There could be no better way for a bank to forge a relationship with their customers. • Culture of immediacy • A return to maximising • Have it all society
  16. 16. Trend Manifestation Powered by: x Bump and pay x RESLATEDECTORSRELEVANTTRENDS x x • Financial Services • Retail Source: Mobile-based payment options are likely to become increasingly popular during the ‗10s decade as demand for convenient and instant cash-free payments grows. Contactless payment cards already exist and the jump to mobile devices is next. Bridging the gap are a growing number of mobile apps that facilitate mobile payments. The PayPal Mobile iPhone app enables contactless payments between mobile devices. Paypal users simply ―bump‖ phones together to make payments to each other, hinting at the possible future direction of mainstream payment methods, with clear implications for retailers and financial service providers alike. • Culture of immediacy • A return to maximising • Have it all society
  17. 17. Trend Manifestation Powered by: x Payments – any time, anywhere. x RESLATEDECTORSRELEVANTTRENDS x x • Banking and Finance • Retail • Technology Source: / Twitter's co-founder Jack Dorsey, has launched a new company, Square, which lets people take credit card payments through their mobile phones. The company is called Square because the small plastic device which is plugged into the bottom of the iPhone is a white plastic square with a chip attached. While the app costs $1 per download, the ‗Squares‘ are given away for free. The product aims to do away with the need for small business owners to have merchant accounts. It also intends to allow individuals – perhaps after a purchase on Craigslist – to exchange funds without the need for carrying cash. The idea is that eventually, anyone with a mobile phone will be able to accept card payments. The security risk is reduced because card details are not held on the individual‘s phone, but rather beamed back to a central database which processes the payment and issues an e-mail receipt. With initial valuations in the neighbourhood of $40m, the company plans a limited roll-out in the San Francisco area towards the end of 2010, before a fuller roll-out next year. • Culture of immediacy • Discount Forever • Have it all society
  18. 18. Trend Manifestation Powered by: x Orange and Barclaycard Credit Card x RESLATEDECTORSRELEVANTTRENDS x x • Financial Services • Retail Source: Orange and Barclays have joined forces to create a branded contactless credit card. Besides being able to make contactless payments for low priced items (under £10), consumers can also set up a personal spending limit alerts and can also choose to be informed about their account via text monthly or weekly. Customers also receive points for every pound spent which can be redeemed for various rewards such as vouchers at high street stores or discounts on any Orange branded goods or services. The launch of this credit card is the first step of both Orange and Barclays towards the provision of a broader range of mobile banking payment services in the UK. • Culture of immediacy • A return to maximising • Have it all society
  19. 19. Trend Manifestation Powered by: x Open source API lets banks create custom tools for customers x RESLATEDECTORSRELEVANTTRENDS x x • Financial Services • Retail Source: The Open Bank Project provides an open, developer friendly ―API for banks‖ that enables the creation of new applications and services. It allows developers to write a variety of applications that give customers more power and transparency as well as new tools for managing their financial data. The project‘s technology takes away the idiosyncrasies of each banking system so that developers can write an app once and use it for many banks, it says. It also uses a secure, enterprise-ready technology stack and supports secure internet protocols such as OAuth. The addition of comments, tags and images on top of transactions allows account holders to create a dialogue around their data. Since banks are not very well-known for their flexibility, this aims to bridge that. It also gives added transparency to customers and allows developers to build innovative products and services. • Culture of immediacy • A return to maximising • Have it all society