Posts Tagged ‘Bank Innovation’


From the very beginning of our market presence NAMU, the only mobile banking solution which consistently employs a photograph-based interface, underscoring the link of memories, emotions and life stories with personal finance, has continually attracted media attention. Most recently, NAMU has been recognized as top 10 mobile banking solution provider, as well as featured in the April issue of Banking CIO Outlook, and also referenced by Forrester Research – here is the lead. Please contact us if you would like to have a look at a copy of the whole report. American Banker, Bank Innovation and Let’s Talk Payments covered NAMU last summer following our triumph at three fintech trade competitions and conferences. American Banker featured an article dedicated to NAMU’s Instagram-like approach to mobile banking, Bank Innovation listed NAMU in their Innovators to watch piece, and Let’s Talk Payments discussed our outstanding product at some length, see the article. It’s amazing how far we’ve come in such a short time, isn’t it? We would like to thank the global mobile banking trade media, as well as the opinion-forming ones for their interest and reliable coverage, and declare that we will continue to provide exciting news! By the way, have you already watched our product teaser video? Here it is


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Great news we are anxious to share! NAMU has been voted “Best of Show” by the audience of the FinovateSpring 2015 conference for our “Joyful Banking” mobile platform. This much-coveted trade award crowns a very successful stage of the company’s formation. We first presented our innovation late last year at Money 20/20 Launchpad360, wowing the global fintech industry. Today we are in advanced talks, finalizing proof of concept implementations with three global and regional banks. Wow!

Enjoy watching our AWARD-WINNING ONSTAGE DEMO video.

In terms of methodology, only the conference audience members not associated with the demoing companies or with the organizer, voted. Attendees were encouraged to note their three favorites during each day of the two-day conference, traditionally attended by the leaders of the global fintech industry. They were supposed to rate the future winners of the award on the basis of demo quality and potential impact of the innovation demoed. The seven companies gaining the highest percentage of submitted ballots were named “Best of Show”.

“Exactly a year ago, I was in the audience at Finovate. On my way home, I decided to quit my job at Citibank and start up NAMU. The decision was worth the effort, which we engaged in creating the firm and in developing our solution. The appreciation we have just got from the industry leaders is the best reward for our work and the emotions involved. We feel strong and ready for the new challenge of making the NAMU platform a banking reality and not just an idea any more,” – said Thomas Ko, NAMU’s President and Co-Founder, when starting his award-winning presentation.

Thank you FinovateSpring Audience!


I often write and speak about the “Business Prevention Department” that lurks inside banks. Devoted to sniffing out and stamping out anything that looks “risky”, the Business Prevention Department is staffed with members committed to “protecting” their banks from those scary people who want to try unproven ideas.

As banks worldwide hurriedly launch accelerator programs, venture capital funds and internal innovation initiatives aimed at finding the next hot FinTech idea and separating themselves from the competition; here are five surefire tips from the Business Prevention Department to make sure those efforts fail.

1. Give Your Innovation Initiative No Power or Funding

One of the easiest and most common ways to make sure your innovation initiative goes absolutely nowhere is to staff it with junior-level people and make sure they can’t spend any real money. Senior people have real jobs devoted to protecting real products and revenue streams, and they can’t afford to be distracted by such folly.

Let the kids have some fun by meeting in the boardroom and playing around with the video-conferencing equipment, and have them present a PowerPoint to the board about every other quarter. Then you can teach them what it’s like in the real world when you grill them about all the ways their ideas won’t work and explain to them why you would never let them actually launch anything that could siphon business from any of your existing products.

2. Give Your Innovation Initiative Full Power and Funding

But what if one of your Senior Executive Vice President Vice Chairmen Chief Business Line Officers read a book or attended a conference somewhere about innovation and wants to get in on the fun? Then you should put ALL of your Senior Executive Vice President Vice Chairmen Chief Business Line Officers on the “innovation committee”.

The best part of this strategy is that you don’t have to do any additional work at all. You just label the last 20 minutes of your Executive Committee meeting “Innovation Committee Report” and talk about all of the things you normally talk about. Did you add a new fee to your checking account disclosures because you were behind in your fee income goal? YOU JUST INNOVATED! It’s just that easy.

One warning about this strategy though; under no circumstances should you involve anybody with a rank below Brigadier Admiral. They don’t really understand executive priorities, and they will unnecessarily bog things down with irrelevant distractions like “customer pain points” and “I was reading something from Brett King, and he said…”

3. Turn Your Innovation Initiative Into a High-Tech Suggestion Box

Some innovation consultants will try to tell you that your innovation initiative should include diverse perspectives from all over your organization. Some will even claim such nonsense as “those closest to the customers should be empowered to come up with unique approaches”. I know you know better, but some of these hucksters are pretty tricky, and your CEO might fall for it. They might even sell your bank some fancy software to help connect your people and help them develop and communicate their ideas.

Don’t worry, there’s an easy solution to this. Remember when you read that book on Excellence back in the 80’s and you decided to put a suggestion box in the employee cafeteria? What happened? The first couple of months people eagerly dropped slips of paper into the slot, and then you and the rest of the leadership team painstakingly listed, categorized, and evaluated the ideas. Then you formed task-forces and subgroups to analyze, prioritize, evaluate, and stack rank the ideas, and then report out the results in quarterly town hall style meetings.

They learned their lesson soon enough and stopped giving you suggestions then, and you can do it again now. You don’t even have to report back at all. The deafening silence ought to do it.

4. Expect Immediate Results From Your Innovation Initiative

If someone is insisting on innovating, at least make sure that it pays off financially. Preferably this quarter.

Apply your usual ROI, ROE, ROA and Efficiency Ratio measures against every idea, no matter how early stage it may be. If it can’t be NPV-positive against a decent hurdle rate by the end of the year, kill it. Those creative types don’t really understand the real world of business, so it’s up to you to make sure they learn that this isn’t kindergarten art class.

5. Lock Your Innovation Initiative In Its Own Silo

Let’s say an Innovation Watch has been issued for your area—this means that conditions are favorable for innovation, even though no actual innovation may be present. Maybe there has even been an official Innovation Warning; that means that innovation is imminent, or possibly even has been sighted touching down in the area. Don’t panic.

You can isolate yourself and the rest of your bank from the damaging winds of change by locking the innovation team securely in their own silo. A windowless basement conference room is ideal, but even if your local innovation system has gathered enough strength to have it’s own brick-walled loft with jeans and T-shirt clad women and bearded men in hoodies, you can still ride out the storm.

What makes innovation dangerous is contact with people in your company who are open to trying new things, able and willing to fund early-stage experiments and open to exposing early prototypes to actual customers. With careful firewalling, stonewalling and sandbagging, you can rest assured that you will have once again protected your shareholders and customers from the untold risks of the unproven.