The Unsinkable brian cork™

Brian Patrick Cork is living the Authentic Life

bank on Brian

August25

Nicholas Johnson is often found in-and-amongst the companies I’m working with to change the world. I’m not clear what it is he is doing most days. But, some times he’ll haull-off and come up with a pearl worth sharing. For example, in a recent meeting with an uncertain conclusion, he announced the existence of an on-line service called www. billfloat.com. Apparently if you need to pay a utility bill, for example (and entrepreneurs, just like most people, do that) you can convince this shadowy organization to pay your bill up to thirty days in advance for a transaction fee of a mere five dollars. All you need is a viable bank account and the best hopes of the funds being in it by a later, albeit pre-determined, date.

This is different.

Voila!

I feel billfloat is an example of: “being part of the solution, and not the problem”. Five dollars is a reasonable fee for a greater peace of mind. Obviously living paycheck-to-paycheck is living on the veritable edge. But, that is the reality for a growing segment of our national population. Here, someone clearly came up with a solution that is not, in my hardly humble opinion, userous like many of those strip-mall situated paycheck loan (shark) services.

Or, the current banking system, for that matter.

I’m often asked something along the lines of, “If you weren’t running your current business (this is assuming they understand what it is I do), what would you work on, or be doing?”

There’s not a single answer to this question; it can change day-to-day. As I’ve stated on this blog, and through a great deal of public speaking, I could never have planned or anticipated my own career-path. But, in light of our global economic situation, and Johnson’s research, I think if you asked me today, I’d say I would like to start a bank.

There are very few people who really love their bank. I use a private bank and this means I don’t have to suffer the same inconveniences realized by most folk. For example, many are dealing with overage fees that stack up, misleading fine print, and a general malaise born of an apathetic sense of fatalism. However, there’s a unique opportunity in that mainstream contempt for financial institutions. And, concurrent with this is an incredible amount of government backing that essentially makes it a no-risk environment. People are simply hungry for anything different, something contrarian.

A David to the Goliath banking industry. If you will, something heterodoxal. This is where I often realize my best potential and opportunity.

The name of my bank would be something supremely boring, like SmartBank or bank on brian (In my businesses, I typically use small caps for my name because it’s not about me, it’s about what I do). The idea behind it is that bad behaviour in the banking – which is in truth, aligned with Wall Street – world has been largely inevitable because their compensation structures incented people to do overly risky things. the Bank of brian would maintain a reserve level 2-3x higher than Federal requirements, and any other bank. I’ll aspire to World Bank status as well and align myself with European protocols (have you bothered to wonder why the US doesn’t have any World Banks?). Bank of brian would have no bonuses unless goals such as preserving mortgages were met or exceeded and loans made to emerging culture companies based on best practices, carefully monitored milestones and accountability proliferated. I suspect critics would say this would make it impossible to attract top-shelf talent. But, every time the bank gets attacked we’d turn it into an advertising opportunity to emphasize why we’re different.

To wit:

“We can’t attract top-shelf talent? Go on…We take your money and put it in a vault. We don’t need the million-dollar bonus geniuses on Wall Street to do that. SmartBank. Bank, smart.”, would say I.

Bank on brian.

In fact, the first few years of SmartBank would be largely focused on acquisition through every trick in the book. At the very beginning pull a Gmail/WordPress.com strategy ,and make it invitation-only. I’m confident this will create a buzz and also allow you to give amazing white-glove service to the initial customers that want to catch that glassy-fronted wave, who will in turn tell their friends and create a tsunami. That’s called “viral” marketing and that always works when people like what they see and experience. Ironically that would represent a novel experience with banking today where the objective appears to be lining the pockets of bankers while stripping down customers. You can also target certain profitable segments and ultra-safe depositors at first, like Gmail users in San Francisco (using Firefox with an ad-blocker) who make six figures a year. There would be only one style of checks and debit cards and they’d have a distinctive design so if you saw one you’d say, “What’s that?” a-la the American Express Black or Plum card (I have both and everyone’s follow them through every transaction) products which would then start the whole conversation again about how SmartBank is different.

For the first two years you could also do things like not allow accounts larger than the FDIC-insured limit. No one has ever heard of a bank turning away money (unless you, ironically, have poor credit). But, you’d say that although everything SmartBank does is risk-free, it’s still a startup, and if people have more than the insured limit (today it’s 250k for single and 500k for couples) in an account, they should put the extra somewhere else. Again, statistically (and, those types of numbers in the right hands [like my own] never lie) this will impact a very low percentage of customers… And, everyone; everyone, I say, will think it’s naught less than remarkable. This tactical growth can be phased out after a few years; in fact, it would be yet another PR opportunity:

“We’ve been in business now long enough that we feel comfortable with larger accounts.” Boom, free coverage.

I’m not defined as a “tech guy”, but I am more often identified with successful technology, and the associated leadership. So, of course a lot of focus would be on the Bank of brian website. Imagine, if you will, something along the lines of an old-time vintage design aesthetic combined with a Google-like (web 2.0?) simplicity and attention to speed. All logins would be two-factor, with the default being SMS’d  to you with a one-time code to log in when you gave your email address (Just so we’re clear, I’ve given this a lot of thought, for good reason, done my home work, and already using consultants). A significant part of the website would be the blog. It would have a strong Ben Franklin-like common sense voice, with a Thomas Jefferson oriented pragmatic tone with a few cool savings or home management tips each week. And, in-line with my own cultural architectural views, it would cover at least one financial industry story a day that was relevant to historical examples alined with current events for perspective.

For example:

“Bank of America spent forty million dollars on airplanes last year. We spent forty thousand to develop an iPhone application so you can check your balance from anywhere.”  (the average useful iPhone app costs $2.99.). NOTE: Not Android, at first. I say this because quality control is crucial here – and Apple defines that, while Android is working on it.

“Here’s how to block advertising when you browse the web with Firefox; it makes the web faster and less annoying.”

“So-and-so Bank’s website requires you to use Internet Explorer. We insist that you don’t because there are way cooler and faster browsers like Firefox, Opera and Safari. Here are links to those open source browsers you can switch to today.”

“Goldman Sachs just paid out sixteen billion dollars in bonuses to their employees. If we had an extra sixteen billion dollars lying around, we’d put it in the bank for a rainy day. By the way… If Goldman Sachs had never paid out bonuses they never would have needed government intervention.”

Sixty eight Million Reasons Your Bank Sucks. That’s the amount Bank of America collected last quarter in needless ATM fees.” …well, needless to customers, any way.

That’s all made up, for now. The headlines would almost write themselves, and every time a financial institution is in the news it’d be an opportunity to contrast why SmartBank is different, and what the underlying philosophy is behind why it’s different.

I’m a Social Historian. I study and consider why things happen. And, then I do something about it.

As trumpeted above, all of the marketing would be on the web and viral the verbal, or word-of-mouth part would follow (like eBay and Amazon) – because it’d be an online-only bank like ING Direct. No storefronts (brick-and-mortar) where people have to wait in line, or risk a bad interaction with a disinterested teller, or get robbed and need insurance.

To be clear…Basically, a lot of the historical risk of running a bank could be eliminated. When you sign up it would have a: “tell your friends about SmartBank” address book (like LinkedIN) feature that would connect you to them if they signed up for an account, give you both money (I should make the point that Bank of America actually does have something like this, so I have to keep thinking about it because of the karma thing), and also make it easy to send them money, PayPal-style, if they have an account.

I’ll pause here and offer that you might see a trend in my thinking… I’m picking, showcasing and reflecting products and services that appear to be working, and adopting them as my own for your benefit. This can be referred to as “best practices”. And, we need o be all-in on that.

I suspect SmartBank would make money and reward shareholders and customers alike, which just might separate it from the likes of Bank of America, for example. So… How would the Bank of brian make money and also provide terrific customer service, you ask?

I think it wouldn’t touch anything risky on the financial side. However, it would be a data company. As it turns out, data is a hot industry as evidenced by hiring and investment trends (and, I’m a subject matter expert in both areas). The first three years the focus would be entirely on customer acquisition, marketing, PR, and establishing a world-class tech team building a rock-solid infrastructure. SmartBank would likely make less money than non-customer-centric banks currently do, but it would be more than enough to build an amazing product in a sustainable way, like Craigslist did with newspaper classifieds. After a certain milestone, say one-hundred billion in deposits, I would buy or clone Mint. SmartBank would have more (and accurate) data about its customers than almost any other company in the world other than credit card companies, so the online interface would have Mint-like lead generation offers that are based on accurate information. For example, if you spend one hundred and forty dollars a month on electricity, but if you switch to this new solar provider you’d save two hundred dollars a year. Think of it like Gmail (By the way… I’ll admit to referencing Gmail, consistently in this post, to honor Nicholas Johnson and his possibly being a catalyst for much of this) contextual advertising but based on where you spend your money rather than the words in an email. There also might be aggregate data opportunities for economic research or targeting, but I’m not sure if I like, or have a firm understanding of, the privacy implications there.

SmartBank probably couldn’t, and I wouldn’t want to raise Venture Capital, or anything like it, because having any sort of exit expectations, and the predatory influence that would reflect Wall Street, would completely kill the “safety story”. Like most of my businesses today, I would want to bootstrap, and after a few years would be hugely profitable. I understand the irony in this vision coming from a felon. But, there is yet another example of my being Jeffersonian, a heterodox, and the contrarian, eh.

By the way… The existence of bank of brian would also put significant pressure on existing, more traditional, banks and the Federal Reserve,  because depositors would be leaving in droves, putting pressure on their reserve requirements. Existing banks couldn’t compete in a traditional way because they have such a sordid history of customer apathy and bad PR. SmartBank wouldn’t be trying to capture their profits, so-to-speak. However, we would reflexively be unhinging them while driving much more revenue, but in smaller amounts, but a larger end-result.I think this would end up looking something like a credit union, but for the masses.

Thanks Nicholas. And, the rest you readers can thank us both, at some point.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

Share

dangers of the authentic Life

April14

Everyone needs to be prepared. And, I mean everyone.

I am preparing to explore the vital differences, and of course, the similarities, between the heterodox and the existentialist.

This is, at it’s very core, a formidable undertaking. A shift. Everything, what ever that may be, can or could (see: I’ve already begun to realize the existentialistic results) change.

Existentialism despite profound doctrinal differences, generally holds that the focus of philosophical thought should be to deal with the conditions of existence of the individual person and their emotions, actions, responsibilities, and thoughts. It is not some abstract set of theoretical truths. In simpler terms, it’s a no-nonsense philosophy that encourages you to take a hard look at your life and ask two essential questions: Who am I and how shall I live?

As determined readers of this Blog know, a Heterodox is that hearty and ferocious person that questions everything, and accepts little of it. We can respect the tradition, but we must challenge the foundation. The truth, of the day, is evolutionary.

So, I begin with a juxtapositional questions: Does existentialism and heterodox lead one to the other? Or, is there a vital point of integration for confluence?

Then: Is this, finally, the Kobayashi Maru? Could this be that holy grail? Is it the final application of God’s greatest of gifts to us – discernment? Is this where we find the most fertile ground for reflection and representation?

William Shakespeare, Friedrich Nitzsche, Jean-Paul Sartre, Fyodor Dostoevsky and Ayn Rand proceed me. Thank you.

Stand by. Everything, the very fabric of the universe’s truth, is possibly at stake. The promise or the punishment. Being vulnerable and ready to change. Risking or improving one’s self.

…wait…

Perhaps you are asking, first, why I might embark on such a potentially self-indulgent journey? Well… This is something I am, at first, simply prone to do. But, it also requires that I be ready and prepared to evolve. You see… I seek ever-greater authenticity.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

Share

the iPad will change the value of a dollar

April10

The iPad had a great opening week and will have a gangbuster first year as it “…changes media” as many pundita are want to crow. But it’s not about this first year. It’s also not about saving the media business, which it won’t.

As most of you know, I’ve evangelized Apple and it’s products for twenty six years. I’m an early adopter of all things Apple, and I have owned several hundred desktops and mobile devices (laptops, iPhones, etc) across my personal life, family and business.

Now we have the iPad.

I’ve found it to be a useful “peripheral computer”, a unique device that complements, rather than replaces, existing computers and smartphones. It also extends Apple’s mobile, touch-based platform (iTunes 9.1 on Mac or Windows is a pre-requisite to set up an iPad, connecting via the device’s dock-USB cable (or an optional iPad USB dock). You also must be running Leopard (Mac OS X 10.5) or later; the iPad won’t even talk with iTunes 9.1 on Mac OS X 10.4.), adding even more energy to a vibrant “ecosystem,” which is controlled from top to bottom by Apple but also benefits from the creativity and hard work of a growing army of third-party developers.

Aside from serving as a media repository (for music, movies, podcasts, photos, audiobooks and ebooks), iTunes also makes backups and controls software (firmware) updates, provides iPad-to-Mac/PC file exchange with selected apps (including Pages, Keynote and Numbers, and some third party apps such as OmniGraffle), and keeps your calendars, contacts, Safari bookmarks and mail account settings in sync with your Mac or PC.

All that said, mind you, there are two revolutionary and profound things going on here:

  1. The iPad’s price
  2. The way in which the iPad is likely to be used, which is fundamentally different than how both computers AND mobile gadgets are used

On price, I don’t mean the price for the full-fledged 3G 64G iPad version ($829), which is way too expensive for a big mobile device (especially with the $30/month AT&T contract). We mean the price for the stripped down WiFi-only 16G version: $499.

And it’s not today’s $499 price that’s important… $499 is still too expensive for what the iPad is. From my vantage point, it’s where the $499 is headed over the next couple of years.

If iPad prices follow the trend of iPod, iPhone, and other gadget prices, we should be able to buy the low-end version for $299 in two years and $199 in three years. At $199, especially, the whole game changes.

Why?

Because of the way the iPad is likely to be used.

One of the primary use cases for the iPad is consuming media and puttering around the house. It’s not walking around (mobile) or working at a desk (office). The iPad is not about productivity benefits (the sales pitch for most PCs and laptops) nor communications benefits (the sales pitch for most mobile computing gadgets). It’s about media consumption and entertainment for the home.

In three years, when the low-end WiFi-powered iPad costs $199, many households will buy 3 or 4 of them and just leave them lying around the house. These iPads won’t be “owned” by any one member of the household, the way PCs and cell phones are. They won’t live on desks, the way desktops do, and they won’t be carried everywhere, the way mobile phones are. They’ll just be there, around the house, on tables and counters, the way today’s books, magazines, games, and newspapers are, booted up, ready to use.

You’ll be able to play two-person games on them (also revolutionary for a handheld device). You’ll be able read newspapers, magazines, emails, books. You’ll be able to tap out and send short messages. You’ll be able to research and shop. You’ll be able to keep and share family calendars. You’ll be able to sit around the breakfast table with each member of the family scrolling through one, the way many families still do with newspapers. You, your children, and your guests will, most importantly, just be able to walk around your house and pick one up.

At $199, Apple will eventually be able to sell tens of millions (eventually, hundreds of millions) of them a year ($199 x 100 million = $20 billion, not counting app and advertising revenue). Eventually, every household will have them. And as long as long as the iPad becomes a platform in addition to a device, the way the iPhone has (and it’s well on its way to doing this), Apple should be able to maintain a very healthy market share.

Eventually, in other words, the iPad should blow away even today’s towering expectations. And it should be amazing for both consumers and Apple shareholders alike.

The iPad, today, is a “peripheral computer” — a highly portable, touch-based, but limited-capability tablet. It is designed to be a companion to a larger, traditional personal computer that provides printing, software updates, media storage, backup and other services that are missing from the mobile tablet.

But, conceptually, the iPad is a blank canvas. The big screen becomes whatever it needs to be. It’s a transformative experience, and it enables the iPad to be something that the iPhone and iPod Touch never could be  – a creator’s tool.

By the way… I’ve been telling you to buy Apple stock most of my adult life. You’ve been reading that on this Blog. I’m saying it again. At $240, it’s still a bargain. Apple creates products you did not know you could not live without until you have them, literally, in your hands. Few companies can say that. Few will try. Apple will likely keep doing so for another twenty six years.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

Share

…the point being everything

September2

Haley Anne asked me recently what the difference between the Christian, Jewish and Muslim God(s) might me.

I told her, and honestly so, that I believed they might just be one and the same God.

2008_3_how_to_argue_with_someone_from_a_different_faith._discussion_between_believers

Click Cartoon To Activate

She trusts me, and absolutely, I might add. But, she went a little quiet because she sees evidence to the contrary in the actions of Man

But, this also gave me a terrific opportunity to discuss the greatest gift that God has given us (besides briliant and true daughters) is discernment.

The animated cartoon (well… It’s supposed to be animated, and thus, perhaps, more effective. So, click on the cartoon to activate it – but, then you have to browse back to this post) featured in this post has no point, really. But, the punchline is the stark reality that the joke appears to be on man-kind.

I suspect, it’s in my heart, actually, that we share the same God. And, I understand my philosophy is sophomoric in it’s very nature.

But, Haley Anne will read this sooner than later – and, in time Emma Jo will follow, with others of different generations and seasons of life as well.

It’s our interpretation of what we think God wants. Or, worse, it’s us projecting our own wants and needs onto a huge God that likely views it all as something of a petri dish.

So, with her head on my shoulder and me stroking her hair, I try to make Haley Anne understand that if we use that discernment God gives us, it’s always an opportunity to represent and reflect what we want for ourselves in the way we see and treat others.

It’s a little lesson; but, a big moment between a father and daughter, and a world of choices.

Peace be to my Brothers and Sisters.

Brian Patrick Cork

Share

What’s All This About?

"What am I looking at?", you might wonder.

Lots of stuff.

Meanwhile, here, I discuss events, people and things in our world - and, my (hardly simplistic, albeit inarticulate) views around them.

You'll also learn things about, well, things, like people you need to know about, and information about companies you can't find anywhere else.

So, while I harangue the public in my not so gentle way, you will discover that I am fascinated by all things arcane, curious about those whom appear religious, love music, dabble in politics, loathe the media, value education, still think I am an athlete, and might offer a recipe.

All the while, striving mightily, and daily, to remain a prudent and optimistic gentleman - and, authentic.

brian cork by John Campbell





photos by John Campbell

 

Share this Blog with friends or enemies (via Twitter). Do it!:

Twitter Updates

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

Archives

Share

Email Subscription

Linkedin

View Brian Cork's profile on LinkedIn

Categories