FT columnist John Kay recently argued that an innovation that people want but that the banks are avoiding is a faster payment systems. In 2000, the government promised to act to make the system less slow and expensive by setting up an agency to oversee payments. A year later it backed down and proposed giving the powers to an existing agency. Two years later it set up a task force to monitor developments. Two years later it set up payments council to take over from the task force. This council was headed by the man who ran the banks' payments system and 11 of its 15 members were from banks. Lots of activity, little action. In the US, George Bush found a neat way to trim the powers of regulators overseeing the financial institutions. He cut their budgets so they could not afford to do their jobs. Local retailers hoping to persuade their politicians to support their businesses may take two things from these stories. First, getting legislators to act in favour of the little guy is difficult. Second, keeping him to his promises requires constant attention.
We are launching the 2009 Independent Achievers Academy tomorrow in London with a group of retailers and suppliers. The marketing team have come up with a great practical exercise to help us relive the Academy experience. At its heart, the IAA has a simple concept: set a goal, plan to hit it and celebrate the outcome. I hope to learn lots from participants and will pass this learning on to you.
'This council was headed by the man who ran the banks' payments system and 11 of its 15 members were from banks. Lots of activity, little action.'
ReplyDeleteSounds very much like JIG!
Steve