Return of the One Account

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Return of the One Account

17 December 2012

Like most people, I wish I was better at managing my money.  All too often I leave a balance in my current account that is surely better placed in a savings account…or so I thought!  A recent switch to a current account that pays more interest than most savings accounts has made things much simpler and made me question the future of savings.

Back in 1997, Virgin Direct in partnership with RBS launched one of the most celebrated banking innovations of the past 20 years.  By 2002, The Virgin One account scooped both Best Mortgage provider and Best Current Account provider at the Guardian/Observer Consumer Finance awards. So why, 15 years later, do so many of us still have so many different accounts, each covering a different aspect of our finances?

 The promise of so-called Current Account Mortgage is that by consolidating the balances of your mortgage, current accounts, personal loans and saving accounts into one, you can cut the cost of borrowing.  The reality is that most people, encouraged by a silo mentality in most banks, keep everything separate and miss out on the benefits.

 Even if you don’t combine a mortgage in this mix, accounts like the 1-2-3 Account from Santander or Vantage from Lloyds, pay a healthy interest rate on balances as high as £20,000.  This eliminates the need for an easy access savings account for most consumers and saves all the time and hassle of constantly moving money back and forwards between accounts.  This is just one example where better product design based on broader customer needs can improve retention and profitability.

 So come on banks, now is the time from some more innovation and maybe a return to the One Account?

Peter Sayburn


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  • Peter Sayburn

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    There's a new technology opportunity emerging; How do we use it to build a distinctive new proposition that works for our customers? How could we guide it through our organisation to make it a commercial success for our brand? How can we tell a great story that customers will notice when we launch? And craft beer recommendations - happy to oblige.

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    City cycle hire schemes (Paris 'Vélib', London's 'Barclays Bikes', even the Shimanami-Kaido bridges in Japan). They’re cheap, utilitarian, easy for almost anyone, good for the planet, use payment technology that works, and are a great way to see your city differently. Simple, smart city thinking. 

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    Much of my life outside work hinges around my young family. I turn to highly inefficient cars, good wine and my church in order to recover.

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    What do people come to you to ask?
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    I am very passionate about crafting, cooking, baking, repairing little fiddly things and making stuff in general. I always have some little project or other going on and love having friends over to celebrate a good meal. Currently I am experimenting with Arduino, an open-source single-board microcontroller, that was developed to make physical computing accessible to designers. By attaching sensors and interfaces to the arduino you can create interactive objects and environments.

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    This is in a constant shift. Currently I am fascinated by innovative ways of connecting things and making them talk, so chirp.io is quite high on my list right now. It is an app that enables you to share things by turning your data into sound. Anything that has a speaker can "chirp" data - essentially turning it into a song. This song can then be decoded by anyone with the app. Check it out: http://www.youtube.com/watch?v=D_mvmu8wgRI&feature=related

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    Films and travelling. I love dreaming of or visiting different places and countries. Sadly I’m not a great cook, so leave my other passion food to eating out and trying new foods.

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    Search engines.
    With the help of Google I have just discovered that there are currently 644 million active web pages online, and that there are an additional 150,000 web pages created daily. There is so much information available to us via the internet, which would be so chaotic without the help of search engines.Not only can it help you answer a difficult pub quiz question, it also facilitates almost everything we do. For example in just a few quick searches I have found out that Luck Chip E2 9AG is currently voted the best place to go for a burger in London. I’ve booked a table, sent directions to a friend and have also checked out film times in the area in less than 5 minutes. Simples.

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    I’m a Consultant currently working with a Life & Pensions company to transform their customer proposition and business model, taking it from a strategic vision to a realisable capability.
     
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    I get asked how we can take something as fragile and intangible as an idea through to a viable proposition that can be delivered. I also have an unhealthy ability to pick up random trivia…
     
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    I am pretty eclectic in my interests from learning blues trumpet, playing Led Zeppelin (badly) on the Ukulele, driving classic cars and planning a wedding.
     
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    The Gutenberg Press… the mechanical movable type printing Johannes Gutenberg invented… it was a key player in the development of the Age of Enlightenment, the Scientific Revolution and formed the basis for humanities ability to share knowledge and understanding.

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    What did you do before Market Gravity?
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    Sitting on the edge of a small sailing boat for long periods of time staring at waves (or on one memorable voyage staring at icebergs, leopard seals and penguins). Trying to live a more sustainable lifestyle by riding my bike a lot, taking long train journeys and eating a bit less meat.

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    Like finding the Higgs Bosun but with significantly more economic and social impact, in 1736  a simple carpenter solved the scientific problem of his age - longitude. Over 40 years he developed and perfected a clock that would keep perfect time at sea, allowing seafarers for the first time ever to know their exact east west location.  Modern GPS now makes it easier but John Harrison made it possible. His practical, tinkering trial and error approach ended up preventing thousands of shipwrecks, saved countless lives and completely revolutionised the cost and risk of maritime trade

     

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    I spent 9 years working for a brand strategy agency.  It was a start-up agency with a highly established professional team. My role combined front of office and finance.  The team were small but highly eminent professionals, the clients were big and sometimes famous and we certainly punched above our weight. 

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    My friends think I’m the voice of reason and that I’m calm and sensible.  I don’t mince my words so friends know I’m going to keep it real – so usually my friends seek advice on a broad scope of things, from career advice to relationship advice.  Also because of my background in finance I’m asked anything from what is the percentage of this to why is my tax code X

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    I love watching movies especially the kind that have you gripping on the edge of your seat and also the ones that you laugh out loud as well as have you hoping no one in the cinema sees your sore eyes because you’ve cried so much.  When I’m not laughing or crying at the cinema, I love singing and walking but not at the same time for fear of being classified insane!

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    Thank heavens for Satellite Navigation; I would be literally lost without that little voice telling me when to turn and which lane I should be in.  A few years ago I drove not only with the biggest A to Z ever but also with a magnifying glass so that I could read the small print – I feel liberated now that I always have my sat nav with me.

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    Previously I worked for the Marketing, Sales & Service advisory business unit at Capgemini Consulting on public and private sector projects spanning Financial Services, Consumer Products, Education, Taxation and Automotive. Prior to that I held marketing management positions in the automotive and financial services sectors both in the UK and in New Zealand. Many moons ago, I was a personal trainer and went to the 2000 Sydney Olympics to conduct research on the worlds rowers, canoeists and kayakers.
     
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    It’s all been about creating value for customers. After Uni I worked in advertising, managing established brands and launching new ones. Post MBA I have focused on new business creation, helping big corporates develop and launch new propositions into the market. I also had a brief entrepreneurial stint of setting up a healthy fast food franchise.

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    Mostly big, challenging, open ended questions like, “what’s our vision for the future?”; “how can we delight our customers”? and “how should we organise ourselves for growth?”. The cool thing about what we do is it’s all about the future ... you can’t just analyse your way to the answers, it needs to be designed and then acted upon.

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    I love being in the Alps, either skiing in the winter or walking in the summer. I’m also learning to play guitar so I can relive 80s rock ballads in the comfort of my living room.

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    Immediately before joining I did an MBA at HEC Paris, during which I worked in the strategy team of a German solar panel manufacturer. Prior to that, I was at Aviva for six years, mostly in marketing, and business development at Bluecycle, a corporate venture in the insurance salvage industry.
     
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    I love getting out of the city and into the hills on my mountain bike – there are some pretty good spots just outside London.  I also have a young family who keep me busy and well entertained. 
     
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    After finishing a Psychology degree at Bristol, I travelled in South America for 6 months. I then worked in the luxury chocolate business for 2 years and Accenture Strategy for 2 years
     
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    Prior to Market Gravity I spent 3 years at a growth strategy consultancy in London, leading the delivery of brand, growth, innovation and competitor strategies for drinks firms like Diageo and Red Bull. Before that, I worked in the Strategy practice of Accenture for over 6 years, helping FTSE 100 financial services and energy firms define their corporate and functional growth strategy.

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    Lots of things. In work it’s normally for ideas on a problem they’re looking to solve, or structuring an approach, that kind of thing.

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    Taking big trips to far away sunny places. Squash, golf, maybe some tennis. Constantly trying sort out my decaying flat… there’s currently a massive damp patch in the middle of a wall…

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    It’s going to make me sound lazy, but I’m going for the TV. Imagine a life without one? We’d all sit around looking at each other. Madness.

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  • Georgina Schiffers

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    I’ve always been interested in turning consumer insights into tangible business drivers, be they in the consumer, technology or health & wellbeing sectors. Most recently I worked at Philips in the Consumer Lifestyle Incubator, running a venture that focussed on health and wellbeing products for kids. Before that I worked at Apax Partners, Merrill Lynch and NASDAQ Europe.

    What do people come to you to ask?

    At the moment, I guess it’s how can you move an organisation to innovate quicker. Finding that balance between following the appropriate internal processes to demonstrate the uniqueness of your idea and robustness of your business plan, but sidestepping unnecessary steps to get your idea moving quick enough to launch ahead of the competition. Also I’m interested in rapid prototyping and what can be achieved by looking at existing categories and distribution strategies with a new perspective, and dusting off previously dismissed IP to create new low cost propositions that can help regain market leadership positions with minimal cost to the organisation and within a short space of time.

    What is your passion outside of work?

    Singing and running. I was never a sporty child at school and team sports have continued scare me way into adulthood. I’m much happier singing in a choir, back row of the altos, than chasing a ball round a court.

    What is your favourite innovation?

    It has to the MRI scanner, the ability to visualize internal structures of the body in such fantastic detail still transfixes me. I defy anyone to fail to be amazed when presented with a crystal clear image of another human’s brain or spinal cord. I think gesture sensing technologies used in combination with increasingly sophisticated imaging techniques in clinical radiology will revolutionise minimally-invasive surgery over the next 5-10 years.

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  • Polly Courtney

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    What do you do at Market Gravity?

    Two things. First, client work. This involves scoping out new opportunities, launching propositions and developing new strategies for clients. I also help to spread the ‘corporate entrepreneur’ word, co-writing Defying Gravity – Adventures of a Corporate Entrepreneur, the ‘business novel’ that tracks the bumpy journey of a startup within a large telco.

    What did you do before Market Gravity?

    I have always led a double life as a novelist and an innovation consultant. While working on my first novel, Golden Handcuffs, I worked for a consumer trends agency called The Henley Centre (now The Futures Company) and from there, I started working directly for clients including Bauer Media, The Guardian Group, Absolute Radio and Cocosa. Having published some of my own novels and undertaken the operations, distribution, marketing, finance and PR, I am well positioned to empathise with clients who lack budget, resources or industry support!

    What do people come to you to ask?

    I am often asked about the impact that a consumer trend or regulatory change will have on an industry, and how a business can exploit that change. An example is the digitisation of print media, which overlaps with my expertise in the book publishing world with the shift to ebooks. Business models have to change in order to monetise this shift.

    What is your passion outside of work?

    It’s not quite ‘outside of work’, but… Writing. I’m currently working on my seventh novel, due out in Jan 2013. I also play in a semi-professional string quartet, No Strings Attached, and I play football – somewhat less professionally! 

    What is your favourite innovation?

    The ebook – the most exciting and empowering innovation to hit the publishing world since Caxton and Gutenberg.

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