Michael Mischker, Global Head of Banking Social Media at SAP has assessed Richard Branson’s ability to shake up the banking industry on Forbes.com
Michael writes, “there aren’t many bankers among the world’s billionaires - but Sir Richard Branson is betting he can revolutionize UK retail banking.
Branson and his fellow investors bought Northern Rock from the UK government last year to turn hisVirgin Money venture into a high street lender. The deal fulfilled Branson’s ambition to shake up the financial world in the same way he disrupted transatlantic air travel.”
Read the full article on Forbes.com
Branson and his stable of “Virgin” branded enterprises actually attempted to change the game in payments some years ago. Since Virgin had both a mobile phone business and a vending machine business in the UK, they enabled their mobile users to pay for soft drinks in their vending machines via the mobile device. Unfortunately, it didn’t work all that well, and consumers were a bit leary, as I understand it, to tie up case with Virgin Mobile in the fledgling mobile wallet. So, he is back for another try, but this time the game is different as consumers are actually used to such new ideas and much more comfortable using smartphones for all sorts of purchases than they were using early generation mobile devices. Going to be interesting to see how all this plays out, but the banks are in going to have to pick sides and learn how to play.