Bank 2.0: How Customer Behavior and Technology Will Change by Brett King

By Brett King

The monetary drawback is simply starting for retail associations. 90 to ninety-five consistent with cent of financial institution transactions are carried out electronically this present day. the net, ATMs, name centres and smartphones became mainstream for patrons. yet banks nonetheless classify those as replacement channels and retain an organization constitution the place department dominates pondering. persevered know-how ideas, net 2.0, social networking, app telephones and mobility also are stretching conventional banking types to the restrict. financial institution 2.0 unearths why consumer behaviour is so speedily altering, how branches will evolve, why cheques are disappearing, and why your cellular phone will exchange your pockets all in the subsequent 10 years.

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The CEO should allocate a portion of budget for innovation proof-of-concepts to be incubated. Those that successfully show revenue capability should be converted to a budget line item project. Which product works best on which channel? Let’s begin by making certain assumptions that relate to the complexity of the product. Obviously the more complex a product, the more handholding the customer might need to engage in that product. 0 product. In other instances, a customer may have a plethora of choices and simply not know the right product for their particular circumstances, say, in the case of life insurance.

In other instances, a customer may have a plethora of choices and simply not know the right product for their particular circumstances, say, in the case of life insurance. A mortgage product is generally considered a pretty complex product (although increasingly commoditised), so it is a reasonable assumption that at some point before a customer receives approval, he’s going to have to talk to a member of the mortgage product team to decide on the right option(s). So investment products, life insurance and mortgages all require the branch, right?

I may have gone online and used a risk profile questionnaire to see what level of risk tolerance I have. I may have used websites or magazines on investments to look at whether it is the right time to invest in my local property market or blue chip banking stocks. I may be part of an investment club online; I may even have my own online brokerage account separate from my retail bank. So while I may engage with an advisor in the final stage to execute a transaction, I may have already made the critical purchase decision preceding my meeting with the human advisor.

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