A number of lessons for transformational banking in emerging markets can be taken from this initiative:
- It is possible to design and deploy a banking product without holding a banking license, by making use of other banks regulatory compliance.
- New generation banking is about service, banking features, distribution and branding. It is important to think out of the box when offering new types of banking services.
- Bank accounts can be opened legally with very little hassles and even remotely (I am not sure if Thinkmoney does this). Much of the red-tape associated with opening bank accounts with mainstream banks are not required legally.