Re-imagining Banking

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12 July 2013


  • Your opinion on "all things digital", the threat aspects may not be correct, but the aspects of innovation and opportunity will definitely overweight of any risk perception.
    Beside we should look into the way how we can covert the regulatory constraints to profitable business opportunities.

  • The techno-wave is sometimes like a tsunami in this case. Banks should think they have old fashioned customers as well as young customers who are technology driven. No matter who they are, Banks should look ways to retain and gain customers. People love to hear its name, to feel a genuine care from its peers. Banks should become customer's fan. They should know what the customer wants, needs and use. It means that all channels should act as a unit, no more services/channels islands, everything should interact. The user experience should be as one and only place. For instance, something like Netflix or Kindle, you can keep watch/read using different devices. When you visit Amazon or Netflix you get advisory on items that reflects your line of entertainment or culture. That concept should be present in banking. The bank goes digital but more individual aware to providing better services and relation with its customers. Relational Banking should be a constant.

    The user demands a personalized service. Since almost everything happens through digital channels, it's easy to know where, when, what the user wants and how is her/his behavior. Not only for offering customer with new loans, liabilities with better rates or assets. They need other products, even financial education services.

    Branches could play a very interesting role, sophisticated places for advisory and meet ups maybe, less transactional banking taking place at banks and more relational banking.
    Pervasive computing allows to have better services for very fast and ubiquitous banking. The big problem for banks is that in some point, all of them will have comparable services offered in mobile gadgets, going from Smart TVs to game consoles, using traditional means such as ATMs or PCs and exploding others like smart phones and slates or sophisticated devices such google glass.

    In the end, older customers like to go to the branch and hear their names, young ones can jump up from e-bank to e-bank until finding the bank who knows its needs and can advise face to face, not only through noisy and cold e-banking.