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Volume 27, Issue 3

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March 20, 2014

New Business Continuity Lessons for Banks – and Others Too?

Businesses can’t function if they don’t have customers. When customers find other solutions and move away, it’s therefore a threat to business continuity. Conventional banks may be at risk if a new development in online-only banking takes off. Startup ‘Simple’ (that’s the company’s name) for instance is giving clients an innovative alternative. Its solution is to eliminate fees, move all the banking activity to the Internet and offer online apps to help track budgets and finances. It makes its money from interest charges and internetwork payments, but can work with lower margins than conventional bricks-and-mortar banks that must pay for the operation of high street branches. Is this the end of the old-style banks?

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http://www.opscentre.com.au/blog/new-business-continuity-lessons-for-banks-and-others-too/