Called to account
London Stock Exchange, UK: February 2020
 This week’s announcement that international cellphone operator Tfone is going to partner with Norwegian retail bank Norskbanken to add retail banking to its brand came as little surprise to anyone. It was the City’s latest worst kept secret. But why would a cellphone operator want to deliver personal retail banking services?
In a press statement, Sandra Warsinsk, CEO of Tfone, said: “We have witnessed a synergy emerging between communications and financial sectors for some time. This alliance gives us the necessary resources to provide our customers with a new generation of outstanding products and services, taking our company to the next level of profitability.”
As retail banks become more closely aligned with mobile phone operators, they are becoming more creative in their service offerings.
For example, Royal National Bank has just introduced its CurrentControl account. This account lets you set your own budgets for entertainment, food, clothing, etc via your cellphone. It then uses advanced learning software, based on Bayesian techniques, to manage your transactions against these budgets. So, if you buy a cinema ticket, the amount is subtracted from your entertainment budget. You then have the option of being alerted if you exceed a budget. The same technology can also be used for account management. It can suggest when you should schedule your standing order in the month to avoid going overdrawn, based on your spending habits.
Christina Eldershort, a 21-year-old administration assistant is very enthusiastic about this new account: “I always analyzed my statement every month, so this new account helps me manage my money better. And setting my own budgets gives me a real feeling of control.”
But how did this technology evolve?
Please note: the characters, businesses, corporations and events portrayed in this article are fictitious. Any similarity to any person living or dead, or existing legal entity, is merely coincidental
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