My Day with Johnnie Moore

Posted by on Jan 21, 2009 in Uncategorized | No Comments

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Great day today, bookended by time with the ever thought provoking Johnnie {pic}

First, a great long rambling conversation with J and our mutual chum, Rob Poynton, whose great book [on how the practices of improv can change your work and your home life] I've raved about before

From complexity to Zen koans to the value of trying to do less, we covered lots of exciting ground but somehow still managed to come up with a few great ideas to do in the next few months. Watch this space

Then, one way and another onto NESTA's webank session (during which J was unusually quiet!): great debate between the Old and the New guards of consumer finance – James Gardner from Lloyds group and Giles Andrews of Zopa

Slightly false dilemma posed by the format: it's not whether or not P2P will destroy contemporary retail banking (although the industry has done its best to drive us from its arms); rather, how will the introduction of P2P to personal finance stimulate further changes? Clearly, Zopa is not the only way the mechanism of P2P interaction might be harnessed (James pointed us to Caja Navarra
which is now Spain's no.4 and the two other P2P financial businesses took a different angle on harnessing P2P)

No, the real issue that emerged is that the old market sees money as a commodity (and sees everything as ultimately reducible to money), whereas this is by no means a given: Zopa sees borrowing and lending as some kind of entertainment and as something more human than the likes of Lloyds could ever see. Part of my frustration with a long line of financial service clients over the years is their inability at a deep – organisational model – to take a different pov from their competitors. They all see themselves as bankers – the introduction of modern marketing has (just like management science nonsense like benchmarking) merely served to reinforce the lack of real differentiation in the sector.

So the P2P revolution in personal financial services is a really classic case of rethinking the rules of a market to create new kinds of value – as the delightful Anne McCrossan and I vigorously agreed over canapes, kiwi juice (wierd but true!) and talk of Tribes & Herds

Think Adam and co at EATBIGFISH would agree – is it in the new edition of the book, mate? Should be.