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Will the "Bank" Disappear?
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Transcript of Will the "Bank" Disappear?
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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
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This is still what most bankers think is great service
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This is how customers measure great service today
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this is the touch and feel or the brick and mortar generation
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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...
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CAN I AFFORD IT?
WISH LIST
FIND A BETTER DEAL?
CAN I AFFORD IT?
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The best advice won’t be in a branch anymore
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Banking is no longer a place you go,it’s just something you do@brettking
brettkingauthor