Archive for category Banking

French credit rating

Christian Noyer.

Can you believe it?

Apparently he said last night that UK should have its credit rating down graded before they worry about France. And this guy is the chairman of the French central bank! Well fork you Mr Froggy.

Now anyone who deals with the press has to be super careful about what they say in the knowledge that there is a fair chance their words will get twisted, and the nuance that give their words meaning will be ignored in the drive to create a story where there is none. But someone as senior and experienced as this guy should be so well prepped for anything he says or does. Actually that makes me think it was deliberate and designed to provoke reaction.

It’s not good out there.

Anyway, I’ve got my own problems to worry about as I got a bit carried away at an online casino last night and Y has a fit every time I loose money doing what she considers “such stupid little boy games”. OK, now and then I do get a bit carried away, but I actually really enjoy it too, and let’s face it what I lost would only buy a bad round, and come to think about it I bet it costs no more than a girly massage and nail job.

Get through today, then work a couple of days next week, then days and days off. Oh the joy!

I’ve got the go ahead to do the external proposition builder job too, so I’ll need to get some preparation done for that. The only down side is that I can’t get paid for it. Still it gives me a start to my portfolio.

Payday lending

My feelings were mixed this morning listening to an article on pay day lending and the several hundred per cent interest the poor sods pay when using the facilities.

A while back I was asked to apply for the marketing role at one of these businesses. There’s no way that I could work for such a company, but still I think they have a role on the high street.

I’d prefer that people went to Wonga or somewhere similar than taking doorstep loans with no regulation whatsoever. If such companies are driven back underground we’ll have no idea of what horrendous Dickensian practices are taking place.

I’m not about to do the maths here and now, but say there’s a fixed fee of £20 for every loan, if you’re borrowing £100 for a week then you’ll be paying a pretty awful interest rate. However if the same person took £1000 instead, and paid the same fee, then the rate would only be a tenth of the previous scenario. Statistics can show what you want them to show.

It’s not good, it’s not clever, and once you’ve started then it becomes really hard to get out of the habit, and if you can’t pay then it gets frightening, but it’s a service for which there is a need right now.

Unusual for me to be quite some open minded about such matters.

I still wouldn’t touch the job for any pay packet though.

Success! But with a scary bit too.

The Forex boss was delighted with the sessions I ran for him over the last couple of days, saying that even if we don’t get a great proposition out of it all, it was worth it to bring the diverse group together with customers and his team to get to understand each other better.

Brilliant. I couldn’t have asked for a better reaction. So many bosses expect a miracle just because their people have been away for a day or two and forget the huge value of just talking work in a non work environment.

But then the scary bit. One of the customers was from a website hosting company called 34SP which is a business whose services I’ve probably used hundreds of times, but I really know nothing about it. Anyway, the gentleman in question has asked me to come and talk to him about running a similar session for his people! Well, I didn’t know anything about forex before I started this I suppose.

This could be interesting. I’ll need permission from the bank. I wonder if I’ll be able to charge them? I know our economists aren’t allowed to, at best they take a donation to the bank’s charity.

Crikey. there could be a future here – I probably said that last night too.

Let’s not get too excited. I know my mind and intentions change with the wind. But I can’t wait to get home and tell Y.

A neat idea from yesterday’s proposition builder session

Yesterday’s session was great!

I came away feeling energised and on an adrenalin high that lasted all night.

If today’s session can maintain the level of interest, thought and excitement as yesterday I’ll be king of the heap!

One thought that came out of yesterday that has nothing to do with the forex task, but is well worth sharing is one based on payment methods. Cards are getting more interesting, especially the swipe cards for low payments amounts, based on the same technology as Oyster. Using the phone is interesting too as it means you have to have one less thing to carry around. But with both there is still the vulnerability of having the gadget stolen and then you have no safeguard against the thief using all your credit.

We thought that maybe the Nat West idea of getting cash from an ATM using an emergency code could be extended to create a payment method. Just key in a longer code to pay for stuff, with no card at all. Or your four digit code combined with a personal embedded micro chip?

Would it just make the thieves more violent? Or are we onto something?

Fifteen minutes to the off. Wish me luck. If this goes well I’ll have something to offer outside of the bank too. Perhaps turn the tables on the agencies who usually charge us a fortune to run such sessions as mine – I could do it for them?

Big presentations this week!

I want to be listening to Radio 4 just now.

There’s a new Book of the Week, all about fonts.

I know I could “Listen again”, but I’m useless at remembering to do so.

But while I could sneak off somewhere and listen to it off the Blackberry, loads of folk sit with headphones around here these days. Alas not today. I have an hour before the first propositions workshop, and while I’m very well prepared, I’m so nervous right now. That’s why I’m writing this. To write down my fears, then leave them in the blog, and get up, get on with the case and do a brilliant job of it.

The Girl is back this afternoon having been at her parents yesterday and I’m looking forward to seeing her loads. I’ll buy a big bunch of something lovely on the way home, and a bottle of joy (also known as Puily Fumé) from Waitrose. Hopefully I’ll be on a bit of an adrenalin high after the workshops and we can have a top evening, I was thinking of the Light Bar. I’m not usually given to such gestures of largesse, but she was away most of last week too, so we only saw each other a bit on Saturday.

It’s working. I’m definitely calmer fro a few minutes typing. Now I’m off to prep teh room, make sure everything has charge, and then into action. Wish me well!

Occupy. Outrage?

I rarely get to listen to the Today programme as Y isn’t the biggest Radio 4 fan at teh best of times, and certainly doesn’t like it to wake up to.

I, on the other hand, can think of little better than the Welsh curmudgeon wearing down some poor fellow who has had to get up several hours before he’s used to. It kinda feels like work, but earlier.

My girl is away for the week with work and so the dog and I have our own choice of entertainment fro six whole days. Well, the dog hasn’t too much choice, in fact she’ll probably be worse off, but it’s a dog’s life after all.

Excuse my wild digression, I’m in a particularly good and rambling mood this morning.

Back to Radio 4. Justin King had travelled up north to report on the Occupy protests in Leeds, and I think Justin was just trying to get people to prove my point that they’re all having their own little protest but enjoying the camaraderie of the crowd. As ever there were various good reasons to be protesting, but no real cohesion.

The best bit came though when Mr King went to Skipton and asking people for their opinions. All were quite articulate and only mildly frustrated at what was going on, so King asked where was their sense of outrage.

Outrage? Replied a councillor. We still haven’t got over the last war of the rose when Lancashire whipped our arses!

Priceless.

Planning on paper, continued.

Truly stretching people’s minds to think beyond the day to day restrictions they consider relevant to their business can be oth uplifting, and dreadfully hard work.

Whether working with creative people or accountants the ratio of those who want to spread their wings and fly, to those who really don’t want to think doesn’t actually change much, though teams that are closer to mathematics definitely seem to be more creative minded. Still, whoever they are I spend some time helping them realise that creating might come more naturally to some of us, but in fact most of us are more than able to generate ideas, the most important thing is to actually want to.

Just writing that reminded me that I used to give my teams copies of the book by James Young on the subject – I’ve made his name into a link to the book on Amazon if you’re interested in buying it. Shocking really, I don’t know where my own copy is now.

The ideas phase is to stretch their imagination – how might that apply to ForEx? Blimey? I haven’t a clue yet, but it’s their job to do the thinking, I’m there to help them get started.

We should get to this stage at the end of the first day, but not too late – say three o’clock, before their enthusiasm starts to wane.

At three I’ll run a short presentation with quotes and photos from the day to recap on what we’ve discussed, then next morning we’ll do a similar recap but with them talking it through with each other.

Next up we refine the ideas until we have three (four at the outside) potential propositions that we’ll work at to determine what pushes us a long way beyond the competition, but that we could actually deliver.

Wow! It all sounds so possible just typing it out like this. Actually running the sessions is a whole lot harder. I’ll be exhausted. I’ll try to do it on a Tuesday and Wednesday then take a long weekend.

Talking ForEx, a lot of planning to do.

I mentioned a few days back that I had a call from our ForEx business leader wanting me to look at doing some propositions work with his team.

I’m thinking onto paper here in order to get a few ideas down. Do bear with me.

I’ll be talking to the business team of ten or so people, they’re the software guys, the salesmen, the help desk and there’s a copywriter. We’ll also have four clients from right across the spectrum. One guy is from a pensions giant and sometimes trades a million dollars in a day, while one describes himself as a hobby trader and is dealing in his own money. Despite that he’s still trading thousands of dollars a couple of times a month – it’s sobering looking at such wealth. The other two are brokers working on behalf of clients.

I need to inspire them to talk about their business, the boundaries they work within, and the potential effects of breaking through those boundaries.

What do they offer that’s any different to anyone else? I have the horrible suspicion that they’ll say it’s a commoditised market and what they do is the same as what the next company does.

Whether they do think that’s the case or not doesn’t really matter as next up we’ll start looking at the business from a customer perspective. This deliberately follows what the business offers as otherwise you’ll try to fit the business offering to the customer, justifying stuff from a customer perspective even when there’s absolutely no customer relevance to a practice.

The clients are vital here, but also I’ll pull in a couple of people to talk about completely different sectors. I have a good friend at Wholefoods Market who will blow these guys away, and I have a used car dealer who customers say they’d prefer to go back to than buy a new car as the experience he delivers is so excellent.

Part of the reason for the customer stage is to consider other markets and what constitutes great to help the guys realise that great is often a long way from what they’re doing.

This is helping me prepare so much better than when I usually just write a few notes on a big sheet of paper. I have to get back to the grind now but I’ll do more of this thinking on paper.

Occupy?

Baz and I are still getting our regular bursts of exercise together and it has certainly done Barry a lot of good. He hasn’t exactly dropped a whole lot of weight, but he has toned up, improved his breathing tremendously (he’d be out of breath just thinking about exercise in the past, not he actually gets involved) and somehow looks a lot better.

We’re doing less on the bikes as it’s dark when you wake and dark when you finish work, so we’re now on some kind of jogging walking affair that he dictates the pace of. It’s funny, two of us will run through places that we wouldn’t contemplate walking through. Bits of Hackney that really feel like no go areas are no where near as threatening when you’re moving at a bit more of a pace, and in fact I think it’s just that we’re doing something instead of moving slowly with VICTIM writ large across our backs.

We’ve already been out this morning. Barry came over to ours and we thought it would be fun to go stir up the strange bunch of protesters outside St Paul’s. We jogged down there but changed our minds on the original plan of running through them all and instead stopped and actually asked a few of them what they hoped to achieve by being a nuisance and eyesore for weeks on end.

I reckon they’re weary of nobby know it alls coming and challenging them as most wouldn’t even answer – we certainly couldn’t get a clue of what they wanted to happen as a result of what they are doing, but rather that they were there because they were there. Drawing attention to their cause, without knowing what their cause is – didn’t James Dean have something to say about that?

I was angry with them at the outset, but now I’m moving to thinking that they are rather pathetic and have nothing better to do. There are surely a core of people that know what’s going on, but they seem to be protesting about so many different thinks that the actual true cause has been lost.

Virgin buys Northern Rock

We were interested this morning to see that Virgin Money has finally bought Northern Rock which has been in the pipeline for a couple of years. A few of our ex-people went there en masse to work as contractors when it was deep in the mire.

Funny old thing that. Bank goes down. It’s deep in the poo, and so it pays a whole bunch of people over a grand a day to take on work that they know nothing about.

Contracting in our industry seems to be getting ever more common and leaves the regular staff mightily cheesed off. Often you’ll have someone at a junior management level who might be being paid £40k or similar, with a contractor sitting next to them doing the same job but being paid £400 – 500 a day which is equivalent to over a hundred grand a year, and that’s before you start worrying about the contractor being a lot more tax efficient.

Should you complain you’ll be told that it’s to offset the lack of security the contractor has.

As if anyone had job security these days anyway!

It’s a rant we often have, but I guess the thing to do is to put our money where our mouth is and give up the day job to try their lot.

Not without a redundancy cheque first!

Back to the Rock – it’ll be good to see Virgin finally hit the high street, I hope they do something radical.