Wednesday, August 02, 2006

Turbo Turnstile

Having worked on a number of financial services accounts I have developed a few opinions on the industry. My biggest gripe is that banks do little to create new forms of value for their customers. They spend much more time figuring out how to realize profit (scrape another nickel out of your pocket) and preventing companies like Walmart from entering the banking space. Look to mobile phone companies to innovative payment options in the next 12 months, not your bank.

Money is second in sexiness only to power, how did banking screw that up? At least loan sharking has the romance of crime.

Given my views, I felt conflicted when I saw the subway ads for Turbo Turnstile. On one hand I am extremely pleased to see someone in the industry try something new. (This is a great idea.) On the other I'm irritated it doesn't happen much more often.

Turbo Turnstile is a trial program that allows people to pay their NY Lexington line subway fare with the "tap" of their Citibank payment tags or Debit MasterCard card with the PayPass feature.

No comments: