Fun and funk online

One of the more interesting developments in the online space this past week has got to be the launch of the Chivas 200 online auction. Designed to benefit a significant number of charitable organisations worldwide, the auction features items which are decidedly different from your run of the mill auction lots.

The reason I think 20twenty will make it is based primarily on the differences between our market, and that of banking sectors overseas.

Basheera Khan, Journalist, ITWeb

Very simply, the lots are comprised primarily of Things You Can Do and Things You Can Buy. Of course, nothing is as simple as that, so in this case, the lots are experiences with celebrities of all kinds, and items that are so rare or prized as to be almost invaluable. Almost, of course; everything has a price, and in this auction, that price is listed in pounds sterling.

Currently the highest bid is lb10 000 on a limited edition Salvador Dali print. I`m going to be watching this auction with great interest - it`s not often that one can see people with pots of money wrangling over such exotic things as a dogfight for two in an SIAI Marchetti SF-260, or a stay in the Jules Under Sea underwater hotel. My personal favourite is the chance to perform live with the Moscow State Circus.

Of course, I doubt there are more than a hundred-odd South Africans who could participate in such a costly exercise, but I am confident that our lots will attract quite a bit of interest.

All is not well in the overseas online banking industry. The European online bank First-e has failed, after a dismal failure in attracting a critical mass of customers. The bank, which first started trading in the UK in November 1999, is owned by the Paris-based Banque d`Escompte, and will close its UK and Germany operations next month.

There are several plans in place to allow the bank`s customers options to move their accounts; account holders have until 30 September to decide what to do with their accounts. First-e has a total of 100 000 active customers.

What`ll be interesting to see is if Saambou`s online bank 20twenty will manage to sustain the growth of its client base, and retain these customers in the long-term. Personally, I think it will. Of course, I`m biased - I`m a 20twenty customer, and after years spent ranting about online banking services in this country, I`m caught between embarrassment and relief in admitting that I absolutely love my bank.

The reason I think 20twenty will make it is based primarily on the differences between our market, and that of banking sectors overseas. Our market is small - but by no means captured. In recent years, people have become more willing to review alternate options, and are less hesitant about making changes to their lives in search of greater benefit overall.

Also, we`re already used to having online banking services - it`s almost a given these days that the online channel will be incorporated into the delivery of any new product or service.

And despite the views of the Doubting Thomases in the industry, there is money to be made in this sector in the long run - which is why almost all the banks are sticking it out despite current relatively insignificant adoption rates.