Added to this, governments worldwide are intervening to ensure the on-going stability of the financial system. Customers are also increasingly sensitive to price and cost, while at the same time demanding higher quality and better service. While morals were never in the equation, the public view is that financial institutions exercise significant leeway with concern to ethical standards and corporate greed, and even more so in emerging economies where the financial industry is a significant part of the GDP.
Open P2P currencies are challenging centuries of banks' control over the money supply, threatening to make them obsolete altogether. And it’s not only central banking. Any form of money transfer may not require the help of a payment processor any more. No need for any proprietary e-money, oblivious of national borders, and nearly anonymous transactions - many of the traditional banking business models could become obsolete.
To face these challenges, financial services companies need to review their strategies and business models, to develop a culture of creativity and deep customer-centricity. Our decade long work with leading financial services companies runs broad and deep – from helping a large old bank attract a younger and increasingly affluent clientele, demystifying financial ‘products’, enabling simpler mobile transactions, improving advisory services and designing rugged and elegant cash dispensers and transaction and virtual currency exchange terminals.
The exchange of money defines human relationships, access to capital empowers commerce, and a world of price signals influences all aspects of personal and business well-being. We use our deep understanding of human behaviour, our ability to find opportunity within systemic complexity, and innovating in service design and business models, to help our clients find the right strategy and implement it.
Our past work has included efforts in
peer to peer lending platforms, with research on issues such as social trust,
mobile based money transfer, and
purchasing virtual currency for online transactions, with cash
handheld terminal based systems for remote banking and authentication
attracting younger customers to a large Indian bank with a stodgy image, through design of technology