December 12, 2007
Richard Branson adorns the front cover of the December/January 08 issue of Fortune Small Business. Wearing his customary ear-to-ear grin, Branson's Virgin Money is cited as something to watch in 2008.
Virgin Money of course is the new name for the social lending site Circle Lending which Branson's Virgin USA bought earlier this year. And with its cut-through and cheeky marketing launch using tags like "Go Fund Yourself", Virgin Money is certainly standing out from the other contenders in the rapidly emerging peer-to-peer lending arena.
For borrowers, person-to-person lending sites offer lower-cost alternatives to conventional financial institutions, while lenders have the opportunity of higher returns and the altruistic benefits of helping a real person.
According to research firm, Online Banking Report, about US$100 million in new person-to-person loans will be issued this year, jumping to as much as US$1 billion in 2010.
Of course the peer to peer lending revolution is just one form of new competition that is biting at traditional banks and compelling financial services providers to adapt, evolve and re-engineer their product and service offerings.
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December 12, 2007
Simon van Wyk discusses the opportunities for online innovation in banking and financial services with Nick Dalla Riva, who's the Head of e-Business Marketing, Direct & Alliances at the National Australia Bank.
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October 10, 2007
It's commonly held wisdom that once you choose a bank, you stick with it. Your bank moves with you through life's stages - offering you everything from student loans, credit cards, personal loans, mortgages, investment loans - the whole kit and caboodle.
Banks and financial services institutions are fully aware that the lifetime value of a penniless student can be substantial, and naturally there's fierce competition.
Of course the financial services industry has been highly sophisticated in targeting this customer segment developing a range of products and services to suit their needs.
But marketing to these students is a whole new ball game. They don't use the media we've always used, they don't want to be interrupted and they are turned off by advertising.
Today's students have grown up with technology, and have a preference for blogs, podcasts, wikis and Instant Messaging. They are extremely high users of social networking sites like Facebook and MySpace.
They depend on referrals from credible sources like friends and family or even trusted brands and blogs.
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