product, market-research, buisness-modelAs the title says really. Have a few ideas for the banking industry, and just curious to how viable an idea this might be.
I used to work for a large internet bank (in the American top 5). We were always looking at new partnerships and innovations. As much as it seems like a bank does it all, that is mostly image. We had a dozen different partners for different things. Yodlee for bill pay, Cashedge for transfers, 43rd parameter for fraud detection, Ensenta for remote image deposit, falcon for fraud, etc. Sometimes we’d have two or three different partners for the same thing, with one of them being on the way in and others being on the way out.
If you have a good idea, jump in. But make sure you listen to the market. Take meetings with people who work at banks and get a feel for what they think of the idea. Don’t be discouraged if they don’t see your vision, but if they help you flesh out the ideas, make them mavens for your product when you release. Give it to them for a discount. Bankers talk to each other. There are trade associations, etc.
Mostly two steps involved insofar as I’m aware:
Register with Companies House. Tip: use a company formation service. Some charge very little money for the service, and a few can even provide you with a snail mail forwarding service.
Register with the financial regulator if applicable. (It used to be the FSA but that got broken up recently. You probably need to check into the FCA.)
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