Download e-book for iPad: Bank 2.0: How Customer Behavior and Technology Will Change by Brett King

By Brett King

ISBN-10: 9814302074

ISBN-13: 9789814302074

The monetary hindrance is simply starting for retail associations. 90 to ninety-five in step with cent of financial institution transactions are performed electronically this present day. the web, ATMs, name centres and smartphones became mainstream for purchasers. yet banks nonetheless classify those as substitute channels and retain an corporation constitution the place department dominates pondering. persevered know-how ideas, internet 2.0, social networking, app telephones and mobility also are stretching conventional banking types to the restrict. financial institution 2.0 finds why purchaser behaviour is so swiftly altering, how branches will evolve, why cheques are disappearing, and why your cellphone will exchange your pockets all in the subsequent 10 years.

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Extra resources for Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services

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It would make sense that certain customers at certain times of the day like to utilise a particular channel. It would also not be unusual to find statistically that certain types of products are better suited towards a specific channel because of either their complexity, the level of involvement required by the customer and/or an advisor or specialist, and other factors. So how well do institutions know all this? Generally, in our experience most don’t have much of a clue because each channel is only measured in isolation.

Then in 1991, the Internet burst onto the world scene. com bubble in 1999. What the Internet and “CrackBerry” Have Taught Customers 33 The rate of diffusion is the speed at which a new idea spreads from one consumer to the next. Adoption is similar to diffusion except that it also deals with the psychological processes an individual goes through, rather than an aggregate market process. What had been steadily happening since the late 1800s is that the rates of technology adoption and diffusion into society have both been getting faster.

The problem remains, however, that the owners of these channels internally within the bank rarely, if ever, talk to one another. In fact, in most instances, the different channel owners see one another as competitors for budget dollars, customer mind-share and share-of-wallet. This also spills over to product teams, who regularly compete against one another for customer attention. To illustrate the silo problem, I’d like to share an experience I had as a customer of a retail bank in Hong Kong in early 2002.

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Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services by Brett King


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