will the "bank" disappear?
TRANSCRIPT
BБанкank
Will the “Bank” Disappear?The emergence of smarter, faster banking and the death of advice in the branch
Innovator of the Year 2012
@brettkingbrettkingauthor
This is still what most bankers think is great service
This is how customers measure great service today
this is the touch and feel or the brick and mortar generation
This is how banks think they need to talk to customers
So... bankers are trying to create better places to talk
But this is how consumers talk to each other everyday
We now generate 5 Exabytes of content every three days
In 2007 we uploaded 7 hours of video every minute
Today we upload more than 300 hours of video every minute
is the world’s second most popular search engine
1 billion views, 3m views per week
this is the see and hear generation
Their instinct is not to visit a branch...
80% of Y-Gens have bought a brand based on a friend’s recommendation
66% of Y-Gens have visited a store/restaurant based on a friend’s ‘check-in’
70% of YGensWill be Mobile Banking
‘first’ by 2015
50% of ALL bank customers will use MobileBanking as their primary channel by 2016*
*source: Gartner
But you might need to help them understand theconnection between these two things
why you used this to message your friends
And why you had to rewind this beforeyou returned it to the store...
And why you used this stuff for banking!
2016 digital interactions with banks willoutnumber branch interactions 350-to-1
Mobile
20-30 Times per month
ATM
3-5 Times per month ATM$
Call Centre, IVR & Voice Response
5-10 Times per year
Web/Tablet “Screens”
7-10 Times per month
Branch
1-2 Times per year
Figure'2.1'+'Retail'Banking''Channel'Interac7ons'2016'Est$
Not internet banking on a smaller screen,or putting a plastic card in a wallet
Behavior will drive risk assessment... in real-time
The friction of old processes will be removed
Financial Services will become contextual...
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The best advice won’t be in a branch anymore
Banking is no longer a place you go,it’s just something you do@brettking
brettkingauthor