By Brett King
The monetary trouble is simply starting for retail associations. 90 to ninety-five in line with cent of financial institution transactions are completed electronically this day. the net, ATMs, name centres and smartphones became mainstream for patrons. yet banks nonetheless classify those as substitute channels and hold an company constitution the place department dominates pondering. persevered know-how strategies, internet 2.0, social networking, app telephones and mobility also are stretching conventional banking versions to the restrict. financial institution 2.0 unearths why client behaviour is so quickly 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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Additional info for Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services
Ah, but the branch generates all the revenue…” we’ve heard it argued. This is a really good justification for keeping traditional structures in place. Well, let us examine if that is really the case. Let’s take credit card acquisitions as an example. How do we market credit cards? Currently we might use direct mail, newspaper advertisements, Web and possibly promotional marketing offering a “free gift” if clients sign up for a new Visa card or Mastercard. Customers are then faced with probably two or three choices of how to apply.
If I were a banker looking at how to generate new revenues through my IVR or ATM channels, how would I figure out the right sales pitch and implementation? This is where things really break down in the average financial services provider. There are two critical questions here, which we will delve into in much greater detail later. The first question really is, if the institution puts a product on a specific channel, will the customer engage them on that channel for that product? The second is, what is the best method to implement the solution so we get maximum take-up or utilisation?
Why, we’ve even employed hundreds of computer programmers from Bangalore to churn out all these codes to connect our mainframe systems to Internet banking—and what thanks do we get for it? Really, one would think we would simply be better off if we didn’t have to deal with the masses at all! Seriously folks, in the face of competition, rising infrastructure costs and dwindling product margin, financial service providers have been forced to rethink their strategies on how they reach and serve customers.
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