Open Banking

Banking is painful. This department doesn’t talk to that, this system doesn’t link to that. It’s clumsy and outdated. And outside of our bank, we still can’t connect our own financial data, so it remains mostly useless. A Fitbit makes more use of our personal data than our banks. As the world has positively transformed, banking frustratingly has remained mostly unchanged. Until now, with the dawning of a new disruptive era in Open Platform banking.

Open banking is driven by APIs (application programming interfaces) that allow different platforms to talk to each other and is helped by a regulatory push (PSD etc) to open up business models. It means the platform economy is about to hit banking. Non banks can offer traditional banking services and new banks can be created to connect with other platform businesses more seamlessly.

So Starling Bank (founded by ex AIB COO) in the UK is connected to platforms like Apple Pay or Flux for loyalty and receipts, or Transferwise for cross border payments, or Moneybag for savings and investments. They become facilitators, connecting services and aggregating the data. Makes a lot of sense.

They’re even questioning the shape of their card, moving from landscape to portrait. Questioning everything and ground up thinking. Love it. Monzo, another digital bank in the UK is also amazing having recently made an effort to help the unbanked in the UK. Problem solving, customer centric, innovative and agile. Game on.
 

Explorers not Settlers

We mostly imitate. It’s in our nature. We try to copy and replicate successful things because it’s easier and less risky. We copy to fit in, because we’re afraid to stand out. Settlers, not explorers. But advertising, if it’s to have any chance now and in the future, needs to stand out. When faced with a range of products or solutions, of similar quality and price, advertising's job is to describe why yours is different. A great piece here from Richard Shotton, on zigging when the world zags, the power of being distinctive and the benefit of subverting category norms. Look beyond your category, simple advice so rarely followed.

Great piece here on the same notion, and the story of 7UP and the idea of Unadvertising. 7UP was in trouble, finding it difficult to compete against established cola. With almost a last gasp, it became the Uncola. Difference became its strength. The work that came from this ran for 20 years. Being brave and making bold work that pushes boundaries, we need more of this. Exploring, not settling.