will the "bank" disappear?

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B Б а нк ank Will the “Bank” Disappear? The emergence of smarter, faster banking and the death of advice in the branch Innovator of the Year 2012 @brettking brettkingauthor

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Page 1: Will the "Bank" Disappear?

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

Page 2: Will the "Bank" Disappear?

This is still what most bankers think is great service

Page 3: Will the "Bank" Disappear?

This is how customers measure great service today

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this is the touch and feel or the brick and mortar generation

Page 5: Will the "Bank" Disappear?

This is how banks think they need to talk to customers

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So... bankers are trying to create better places to talk

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But this is how consumers talk to each other everyday

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We now generate 5 Exabytes of content every three days

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In 2007 we uploaded 7 hours of video every minute

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Today we upload more than 300 hours of video every minute

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is the world’s second most popular search engine

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1 billion views, 3m views per week

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this is the see and hear generation

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Their instinct is not to visit a branch...

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80% of Y-Gens have bought a brand based on a friend’s recommendation

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66% of Y-Gens have visited a store/restaurant based on a friend’s ‘check-in’

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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

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But you might need to help them understand theconnection between these two things

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why you used this to message your friends

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And why you had to rewind this beforeyou returned it to the store...

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And why you used this stuff for banking!

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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$

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Not internet banking on a smaller screen,or putting a plastic card in a wallet

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Behavior will drive risk assessment... in real-time

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The friction of old processes will be removed

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Financial Services will become contextual...

Page 33: Will the "Bank" Disappear?

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Page 34: Will the "Bank" Disappear?

The best advice won’t be in a branch anymore

Page 35: Will the "Bank" Disappear?

Banking is no longer a place you go,it’s just something you do@brettking

brettkingauthor