Monitise Share Discussion Threads

[mikethebike4] 17/4/2017 13:19

iD
11,118,000 hope so's
mtb4

[k3vmc] 17/4/2017 12:31

WatteNe, far worse, I'm afraid.

Scottish. No relation to Nichola.

[wattene] 17/4/2017 11:43

Anyroadup, I just say it the way I see it.
k3 you gotta be a yorkshireman :)

[k3vmc] 14/4/2017 15:35

mtb4, I would have to be psychic, an insider, or preferably both, to give a definitive answer to that.

Anyroadup, I just say it the way I see it.

:))

[lefrene] 14/4/2017 14:28

mtb4, Bankers sound rather like farmers from k3vmc's description. They will keep going around in circles trying to cobble a cheap ramshackle solution and leave it to the last possible moment, at which point they will all suddenly realise there is no time left and then have to do what they should have done in the first place.

ie pay up for a proper professional solution that does the job properly first time every time, then they can get back to banking and not trying to be IT developers. Soon afterwards they will realise that they have wasted loads of money and time chasing up dog-leg alleys, and should have gone with the professionals from the get-go. No doubt, as k3vmc says there will be a number of heads of banking IT departments who will be playing politics desperate to hang onto their empires.

There is an opportunity here for banks to make progress, sub out their IT requirements, drastically down size their own in-house expensive IT depts, and then get on with their banking. (housing bubbles, billion £ dodgy schemes in South America, government bailouts etc)

At some point these bankers are likely to begin to panic, in the meantime I guess Moni has to sit tight in the Mexican stand off.

[investment dave] 14/4/2017 13:12

Are we not on he verge on fintech deals? What about existing contracts transferring onto the cloud based platform?

[mikethebike4] 14/4/2017 13:03

k3
I appreciate what you say but to have zero sales of FinKit in 2 years when surely one of the many banks must have realised that time was rapidly running out is unbelievable - especially with IBM 'backing' them up
mtb4

[k3vmc] 14/4/2017 12:04

mtb4, if a bank wanted to change the contents of the biscuit tin in the directors' lounge, they would have three meetings to scope the project and decide who would be on the steering committee.

I sat through a minimum of 14 meetings on Y2K, just for the asset finance division of a high street bank. The only reason they stopped the meetings was that I made them an offer they couldn't refuse. It was small potatoes to them, but set me up for life.

They have to realise that a multi-million, multi-year contract with FINKit is not only the most cost-effective way of fulfilling open banking requirements, but the only practical way, to do that within the short timescale remaining.

[mikethebike4] 14/4/2017 11:06

k3
that cheers me up a little - but why do they think they have not made one sale though ? - could it be the AL tarbrush ?
Many thanks for your comments
mtb4

[k3vmc] 13/4/2017 17:17

I had 20 odd years of trying to explain concepts to bankers. I had to keep things very simple for them!

There is a mix. Some CIO's want to maintain their empires, some started to do open banking, but aren't hacking it, but don't want to lose face. That, by the way, is despite 50% of their staff twiddling their thumbs. (I predict a mass redundancy in banking IT staff, to rival the culling of counter staff). Some, eg Barclays, are making a decent fist of it. Some banks just can't get their act together and decide.

The closer we get to PSD2, the more they will panic. A few million up front cost is nothing for them to spend. Once RBS does it, others will follow.

ALL OPINION ONLY, before darkness falls and trolls emerge.

:))

[k3vmc] 13/4/2017 17:08

mtb4, they all seemed confident about the product and frustrated that they haven't already landed a sale. Having said that, they are sales professionals and I wouldn't expect them to be wailing and gnashing their teeth. The exception to that is Theo Gough. He is out and out techie. I don't think he would put on a front, or pretend finkit was fabulous, if he thought it wasn't.

[lefrene] 13/4/2017 16:56

Thank you k3vmc, a good comparison rs the sail boats. So are the Banks playing brinkmanship in a desperate attempt to buy more time? Good to hear the CMA is having none of it. I would have thought that first adopters of Finkit would gain an advantage over the foot draggers?

[mikethebike4] 13/4/2017 16:24

k3
did the Monitise guys seem positive about sales in prospect from the meeting and in real life ?
mtb4

[lefrene] 13/4/2017 13:55

Thank you azaman. I had forgotten that, however one wonders how they are going to make it stick in actuality? I guess it all depends on what leverage you have, and whether competitors are able to undercut? It would seem that once clients can be persuaded to start to use Finkit, it will save so much time and money that they are likely to remain long term. At which point Moni gets bought out by one of the big players?

[mikethebike4] 13/4/2017 13:49

k3
Many thanks for the explanation of how FinKit works for banks - I can see its value.

What I was also after was an idea of whether moni is a leader or just one of many players in providing this (simple) facility for banks ?

Did you get the impression that everybody was aware of the advantages of using FinKit provided by moni ?

Did you hear of anybody currently using it ?

From what you say above the banks should be falling over themselves to get hold of something like this - are they ?

Thanks

Mtb4

[azaman] 13/4/2017 13:27

Hi Lefrene,

The following revenue model was outlined sometime ago in one of the reports:

Platform access fees
Transaction fees ( this will be re-occurring ie. per click )
Any consultancy fees

[lefrene] 13/4/2017 13:04

K3vmc, just how are Moni going to charge out Finkit? All very well charging one off fees for solving individual problems, but for Moni to recover there has, at some point, got to be an element of revenue per 'click', how do you think Moni will manage this?

[k3vmc] 13/4/2017 12:45

mtb4, not sure I understand. Are you asking me what finkit is, or what moni is offering in addition to finkit?

As far as Moni is concerned, finkit offers banks a way of accessing any of the microservces provided by any of the partners, including its own services, on a bank grade development platform. As an example, they built an Alexia based front end, into a bank's LIVE database, within three days. They provided it in English, Welsh and Australian (don't laugh!). The bank had done an English version itself, but it had taken them over four weeks.
You may have noticed that the new Barclaycard app will fetch your Experian credit score - that is an example of using external API's. Well, finkit allows banks to do that with API's from ALL finkit partners. This means they will allow account opening with HID Global, security checking with mypinpad, credit checking with experian, location tracking with iGeolise etc. Those are all services that consumers will want.

What is good for banks is that a developer can sit down in front of finkit and start coding. Nothing much, I hear you say, but as am ex-banking developer, it usually took about one to two weeks to get set up with the right access and permissions. The other beauty is that you can make very small changes to a syetem and have all previous tests run automatically, to make sure you haven't screwed up. THEN, you can flick a switch and have your change(s) go straight into production.

Finkit is a MASSIVE toolset. Banks don't want to pay multi-million pounds for a multi-year agreement. They want to build the same kind of thing in-house, bt they are slowly grasping that you need a couple of hundred people working on this for 2-3 years to get anything LIKE finkit. They have 12 months to comply with PSD2 and thay have little chance to do that without finkit.

The RBS guy admitted they had tried to push back on PSD2, but CMA will NOT budge. The RBS CIO was also there, to listen to Nick White's panel.

There are two camps. One camp has IT and banking veterans, like me, who understand finkit. The other camp does not even know what finkit is.

[mikethebike4] 13/4/2017 11:21

k3
was anything said about what moni is offering with FinKit - was it considered relevent to what the banks require nowadays ?
mtb4

[mikethebike4] 13/4/2017 11:17

saw AL last night on Newsnight - he was introduced as The PM's Business Ambassador for FINTEK
- fills me with confidence - not
mtb4

[k3vmc] 11/4/2017 13:39

Guys, a hundred years from now, no-one will remember Alastair Lukies and fewer people will care.

Nick White was on stage yesterday with MangoPay RBS and Klarna, in the Livery Hall of the Guildhall. Every seat was taken and there were scores more people standing. He had a great innings and got the whole point of finkit across to a rapt audience. Alan Lockhar, Open Banking and Fintech Relations, RBS, admitted that the CMA was going to push PSD2 through, REGARDLESS of the objections from banks and that time was running out RAPIDLY, for them to comply.

As investors / potential investors / shorters, we just have to decide what we think will move the share price in the future. Hang on to the old Alastair Lukies stuff, if you think that helps your decision.

[ringer12] 11/4/2017 10:26

k3vmc. AS I recall Lukies was retained as a consultant and though I may have missed it I cannot recall any report to say otherwise.

However I suspect, as you say, he now has nothing to do with Moni but his exuberance persists in the minds of the old Moni followers!

[mikethebike4] 11/4/2017 10:08

he will always be associated with the embarassing and costly debacle at Moni no matter what he does
mtb4

[k3vmc] 11/4/2017 09:26

Lefrene, he has gone. Gone, as in gone. Not coming back.

He may well talk about the business, you could even argue that he still promotes the business, both for personal reasons and in his capacity as Chairman of Innovate Finance and the Prime Minister's Ambassador for FinTech, but gone he most definitely has.