Is Google the Best Candidate to Create a Good, Customer-Focused Cloud Banking Service Portfolio?

Updated: January 12, 2010

I have had it with the old financial processes, lack of capability, murky institutions, rips-offs, peonage fees/rates -- and especially attitudes. As far as I'm concerned -- as a consumer, family, and business -- I'd ready to fire them all and move to the inevitable cloud- and open source-based alternatives.

I have had it with credit cards, banks, mutual fund companies, PayPal, debit cards, MasterCard and Visa. As far as I'm concerned they are all fired. They do a lousy job, have suspect security, charge too much, stiff you with hidden fees and raise their rates whenever they want. Why pay 15 percent interest on a credit card when money can be borrowed for less than 2 percent? For their service? For their security? Because they can do a basic two-phase commit?

Merchants hate it, users hate it. Why are we waiting on this? Let the banking disruption rumpus begin!

You want financial industry reform? Screw the Congress, SEC and Fed. Barney Frank and Chris Dodd don't seem to have the stomach and/or power to make much difference. Same with Obama. What we need is real competition -- Internet style. The financial industry needs to follow the mainstream media (and others like car makers and hopefully cell phone networks) on a strict diet of lower costs, less egregious profits, less pitiful service -- and to be swiftly outmatched on their piss-poor online capabilities.

Like a lot of big, old industries, the banking function is essentially a function nowadays of software, standard protocols, high-performance (yet standard) IT systems ... and soon impeccable cloud computing credentials. But they key is the good software, of making things work for the users and community, not just the providers.

A few good transactions

If I can order movies, rent a car, and run a small business online, I should be able to do a few basic financial transactions online. I'd like to do more micro-payments and automated financial and business processes. Credit cards are not the best way to do this. Yet I seem to be stuck with a loan shark when I simply need to be able to order and fulfill a modest online transaction.

So let's have those that are good at what really counts -- software and cloud computing experts -- offering the banking services that we as consumers and businesses really want.

I'm tempted to write a similar screed about health care and mobile telephony, but that will have to wait. But we need to nail banking, finance and insurance first. It impacts all the rest.

The last two years are and should be the last straw. Wake up. In these failed finance industries -- the corporate leaders of which we as U.S. taxpayers apparently own in no small degree -- "Too big to fail" needs to be replaced with too good to resist. The companies that should be subsidized are the ones that create productivity, lower costs, improve service and propel -- rather than hamstring -- the economy.

Why as part of the stimulus are the governments not creating the legislation to allow a new breed of bank to emerge? Why are the laws not being amended to allow for more -- not less! -- competition in the financial realm? What choice do we really have? MasterCard and Visa are not a choice.

In other words, we need a viable new cloud banking option era. Marc Andreessen told Charlie Rose when he set up his latest venture fund last year that new online banking was ripe for investment. He's right. Let's get on with it. I'll be your first customer.

Featured Research
  • Better Together

    It is absolutely essential to the success of your business to employ excellent communicators AND provide them with the support that they need in order to be successful. When you pair your VoIP phone system with UC, you can create a seamless, centralized communication system that your teams can use to collaborate in any medium they choose. more

  • Contact Center Implementation Best Practices

    Are you looking to add a contact center for your business but not quite sure of how to go about implementing one? You aren't alone, in fact, getting a modern contact center up and running efficiently and effectively is much more difficult than it was even five to ten years ago. more

  • Business Meeting Showdown

    It is no secret that communication and collaboration are at the heart of success and longevity for any business. However, as businesses become more global and more employees work remotely, video conferencing is being increasingly used as an alternative to face-to-face interactions. There are pros to both business travel and video conferencing such as personal connection and ease of use. However, there are cons as well ranging from travel delays to being technologically reliant. more

  • Mobile Communication Showdown

    It's no secret that businesses are becoming agiler and employees are spending more time away from their desks. The question isn't should we get rid of our landlines, but how quickly can we replace them?However, staying connected with your colleagues, clients, and customers is absolutely essential for cultivating long-term, lucrative relationships that will help your company achieve success. more

  • Signs you are Ready for Mobile BI

    With workforces moving more and more mobile on a daily basis, it is essential to ensure that your company is able to arm your employees with the analytics that they need to succeed. 89% of business leaders believe that Big Data will revolutionize business operations in the same way that the internet did. These numbers show the trend towards investing in a BI system. more