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The financial crisis is just beginning for retail institutions. Ninety to ninety-five per cent of bank transactions are executed electronically today. The Internet, ATMs, call centres and smartphones have become mainstream for customers. But banks still classify these as alternative channels and maintain an organisation structure where Branch dominates thinking. Continued technology innovations, Web 2.0, social networking, app phones and mobility are also stretching traditional banking models to the limit. BANK 2.0 reveals why customer behaviour is so rapidly changing, how branches will evolve, why cheques are disappearing, and why your mobile phone will replace your wallet all within the next 10 years.
Review:
As senior manager new to a financial services organization this book encapsulated everything I believe the industry needs to wake up to and address. The banking industry as a whole has been slow to adapt new ideas and innovations instead taking a wait and see approach. Kings discussion of the 3 phases of disruption is spot on discussing that consumers expect more than wait and see and expect a great experience. The 3rd phase is about to begin and it will change financial services forever for both the customer and the FI.
Kings concepts dont just apply to the technical aspects. His ideas cover the evolution of the branch, call center, IVR, and even has a suggested road-map to help your organization get there. While technology is a central theme in todays world its the backbone of any successful organization so itd be impossible not to ignore.
King himself is a well respected futurist in the banking arena and I believe that hes got a great view of what banking will evolve into over the next decade and beyond. If financial organizations dont begin to accelerate adoption of technology and find new ways to engage customers theyll be replaced by better experiences. While we arent there yet we will be soon and Kings road-map helps banks, credit unions, and other financial services firms put themselves in a position to engage their customers and leverage their advantages while embracing new ideas and innovate.
While this may be difficult for some to digest whove been in the industry for a longer period of time, any solid leader must acknowledge the changing landscape of banking and if you need help articulating your direction or a place to begin figuring out how to prepare your organization for the future Bank 2.0 is essential to helping you. Bank 2.0 accurately describes the bank of the future and if you are in this field, you MUST read Bank 2.0.
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