Just a few months ago, I had high hopes for what Tesco bank might achieve. Even with Fred Goodwin fan-boy Benny Higgins in charge. But the recent prolonged outage for so many customers has been handled badly. And Benny Higgins has shown his old-school banking colours.
Given the opportunity to show strength and courage, he chose to make excuses. Instead of holding his hands up, he chose mitigation.
Every new venture has a wobble. He could have shone, but he blew his chance. Not only does Tesco have the wrong boss, it has the wrong staff. Here’s why…
OK, regular readers will know I’m not buying the hype around SmartPhone NFC. This is for a number of reasons and none of which are about it being new. I’ve talked about security, why quick isn’t a good reason, but that’s not everything. The real show-stopper to me is market reach. NFC just won’t fit the market.
Every other payment system before NFC reached its market cheaply and quickly. Now I’m going to show just how far NFC will fall short. Time to wake up…
Although owned by Royal Bank of Scotland, NatWest isn’t as hated as its parent. Strange, because really NatWest’s no better – some may even say its worse.
I’d like to talk a little about NatWest, but lets concentrate first on RBS as a brand. What can be done with a brand so damaged it’s lost the trust of its market?
I love it when I come across great ideas. Like game changing, eureka moments. But it frustrates me when solutions appear for problems that don’t exist. Take NFC payment systems, for example. A clever use of the tech in our pockets. But who said we had a problem at the cash-out?
We, the consumers don’t. The retailers like the short delay as they get to up-sell. Maybe its the payment system providers who have a problem. Like card fraud?
Here’s the crazy thing about NFC. The security is actually weaker. Much weaker. NFC presents a far higher risk profile than any other system…
Maybe the great bank holiday weather took many writers away for the weekend. But the number of “its all over for Cloud” rants were mercifully few.
So, what should be taken away from Amazon’s failure. What have we learnt? Well, its shown intelligent system design is as vital for Cloud as anywhere else. Along with how many “experts” can still talk through their back-ends…
Corporate security people and most security resellers wind me up. Always have. They constantly ignore the lessons life teaches us.
Life is constantly teaching us lessons. We deal with most things it throws at us. Security guys have a seizure when anything new appears.
Take Smartphones and the iPad for example. These guys are paid to know stuff. But they’re crap at doing their job because they can’t cope with the new.
The fall-out has still to settle from one of the greatest tragedies of recent times. While the furore and finger-pointing surrounding it will take a lot longer.
Given the prevailing circumstances, the technology behaved entirely predictively. The technology didn’t fail, we failed to manage it. Could we fail with NFC?
Quite a reaction last week when the news broke about the RSA SecureID breach. Someone may now know how to compromise two-factor tokens. Whilst every villain knows how to work around two-factor authentication anyway, the exposure of the underlying algorithm should have been viewed as inevitable. Before I’m castigated for saying this, let me explain…
You see, this speed carries one big penalty. Security. Not for the device, for you. The transaction is now so fast, it can’t be fraud-checked conventionally.
“Contactless” means just that. No contact from either side – counter or customer. There’ll be no alerts, no chance to stop a fraudster. Or is there?
I can’t believe how fast this technology is developing. Everyone seems to be at it. Mobile is big and NFC seems to be flavour of 2011.
Well, I say you – but what I really mean is it doesn’t necessarily have to be you, just anyone who happens to have your phone.
And I’m really, really not happy about that.
Oh, how we would all love a new bank. A bank that did everything right. Perfect. Sorry, you’re dreaming. That’s not going to happen. The current banks operate a virtual cartel, effectively shutting out any new player. Now while the boutique banks may focus on specific products and find a niche, Chances of a new NatWest or Barclays appearing are small.
But there is a way to get a better deal. We just need to leverage the old deal…