Originally Posted by zboss
It would have to be a bank of partnerships.
We are probably thinking too small in regards to the cruising community. It could be a community bank for overseas adventure seekers, expats, and international travellers - it doesn't have to be limited to cruisers only. Pretty much anyone that travels a lot overseas and needs similar services as cruisers.
Another example, in Africa phone
banking via M-Pesa has taken the place of regular banks. You could easily integrate your new bank into these types of partnerships.
I like new
- for sure a bigger market, but my gut says that 30 years ago there would have been a market for those folks travelling abroad - albeit not the technology to do it on the cheap
......whereas nowadays the Global Banks (HSBC etc) have both the reach and the products to cover wayyy more than a single
small scale worldwide "bank" could achieve.
Perhaps something like an AMEX (gold card?) style service
which piggy backs on whatever existing banking arrangements folks have (or own "white label" products / a mix of products from existing providers) - of course that would likely involve folks paying for it in transparent ways (and folks don't seem to like doing that), but perhaps scope
for transaction charging
or via commissions.........am thinking the angle is more on when things go wrong ("events" on the ground or simply with own bank playing silly buggers), and for that insurance
would be the sell........
.........but would drop a large chunk of the Compliance / regulatory costs, loans would be a challenge but I guess being a broker who understood the risks for the market would make it possible to access funding
, even if had to set up own separate vehicle for that.
Could even be an APP on the phone
BTW although not following Africa closely, I love the snippets of info I do pick up - especially on how mobiles are revolutionising the place. Next step is the internet
en masse (already happening)......which will be a great soical driver for change, not from organising folks (a double edged sword) but simply by the drip drip effect of folks realising from simple dull day to day contact with others internationally that a) they don't have stuff they could do and b) they don't have to call it rain when pissed upon!......ooops, I am off on another one