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

by King, Brett

• ISBN13: 9789814302074
• ISBN10: 9814302074
• Format: Hardcover
• Copyright: 2011-04-01
• Publisher: Cavendish Square
• More Book Details
• Purchase Benefits

Summary

BANK 2.0 identifies that the toughest challenges are yet to come and predicts the end of banking as we know it. bull; bull;Major international PR to be undertaken. bull;Reveals how the customer is revolutionising the way banks work. bull;Predicts just how much more customer-centric banks will have to become in order to survive. bull;Testimonials from and interviews with top bankers, CEOs and thought leaders. 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. Brett King is the founder of the International Academy of Financial Management, one of the fastest growing professional associations and training institutes in the world. A regular speaker at top global conferences, he is an acknowledged expert on wealth management, customer experience and retail channel distribution strategy. He also runs User Strategy, a boutique consultancy focused on improving customer interaction for leading financial services companies and businesses. Brett previously helmed the Asia division of Modern Media and the E-Business service line for Deloitte. His clients include HSBC, Citigroup, UBS, Standard Chartered, Abu Dhabi Commercial Bank and many more

Table of Contents

Preface	p. 14
Acknowledgements	p. 17
Introduction	p. 18
Changes in Customer Behaviour
What the Internet and ôCrackBerryö Have Taught Customers
Psychological impact	p. 25
Process of diffusion	p. 31
The three phases of behavioural disruption	p. 34
Customer empowerment	p. 37
Putting service back into financial services	p. 40
Key lessons	p. 41
Measuring the Customer Experience
Channel silos	p. 44
Organisation structure	p. 48
Customers? Who are they again?	p. 55
Conclusion and key lessons	p. 63
Fixing the Broken Bits-Channel Improvement
Rebuilding the Branch One Customer at a Time
The core function of the branch in the 21st century	p. 69
Branch models emerging that will survive in the Bank 2.0 world	p. 74
Branch improvements today	p. 86
Key lessons	p. 89
Please Hang Up and Try Again-Contact Centres and IVRs
The rise of the call centre	p. 94
Capitalising on sales opportunities	p. 97
Staff turnover and employee engagement	p. 102
Consistency and quality of communication	p. 108
Quick access to the right information	p. 114
Improving the ôInvasive Virtual Resistanceö system	p. 118
Making new technologies pay	p. 126
Going green	p. 135
Outsourcing-the case for and against	p. 137
Customer advocacy	p. 141
Tactical channel improvement	p. 144
Key lessons	p. 145
Web-More Than 10 Years Old … and Still Broken
The right mix	p. 149
Findability	p. 154
Usability	p. 157
Value exchange and content scoring	p. 165
Cross-sell to existing customers	p. 172
Best practice website templates	p. 177
Internet channel improvement today	p. 182
Key lessons	p. 188
Mobile-The New Internet and Death of Cash?
From WAP to iPhone-the emergence of portable banking	p. 190
Device platform-why Motorola failed, and why BlackBerry still might	p. 194
Operating systems and software stacks-driving mobile application development	p. 197
Needs and solutions-why mobile is a viable business	p. 202
Interface-small screen, big possibilities	p. 216
Revenue and savings opportunities	p. 221
Key lessons	p. 228
ATM and Self-Service Banking-Convergence and Control
Self-service banking-where it all started	p. 231
Self-service-the promise and the reality	p. 232
What about the revenue?	p. 236
The ôotherö self-service devices	p. 238
What the customer really wants out of the ATM	p. 242
The future of self-service	p. 252
Advertising and alternative use	p. 256
Conclusion	p. 262
Key questions	p. 263
Navigating Rapid Change Dynamics
It starts today	p. 264
Where will the changes impact the most?	p. 265
What are some of the trends dictating change?	p. 266
The roadmap for change-how long have we got?	p. 267
Organisational changes and impact	p. 270
Conclusion	p. 282
The Road Ahead-Beyond Channel
Deep Impact-Technology and Disruptive Innovation
Moore's Law	p. 287
Materials science	p. 291
All this data, all this power?	p. 295
Enterprise-wide implications	p. 297
Key lessons	p. 301
Gridless Customer Experience-More Complexity, More Choice
Your inbox needs to change for the better	p. 302
A world without travel agents and stockbrokers, but with virtual agents	p. 304
Touchy feely	p. 307
Computing in the cloud	p. 308
Widgets	p. 310
Interacting with your environment	p. 312
Key lessons	p. 315
The Emergence of the Prosumer-Collective Intelligence, Social Networking and Web 2.0
Are you ready for your Second Life?	p. 316
The Prosumer-why Web 2.0 works	p. 317
How will Web 2.0 and social networks transcend and transform banking?	p. 325
Future Payments and Cash-RFID, Biometrics, P2P Micropayments, Digital Cash
Not just chip'd cards, but chip'd everything	p. 330
Virtual currencies	p. 332
Mobile P2P payments	p. 334
Point-of-sale and credit card evolution	p. 337
Conclusion	p. 343
Death of Advertising-Predictive and Precognitive Sales and Marketing
Going, going, gone	p. 345
Not just for kids with acne	p. 352
When push comes to shove	p. 353
Conclusion	p. 358
The BANK 2.0 Road Map
Your critical path checklist for BANK 2.0	p. 360
The future starts here	p. 363
Technology and innovation	p. 363
Organisational impact	p. 368
BANK 2.0 protects roadmap	p. 378
Conclusion	p. 384
Glossary of Terms	p. 388
References and Works Cited	p. 394
About the Author	p. 398
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