In 5 Years, 50% of revenue will be digital

Showrooming has emerged as a threat to physical retailers business models

Where’s the revenue going to come from? Mobile use is exploding in the banking scene. If you are a retail bank today in the developed world and you don’t have an app for your customers, you are increasingly becoming an exception. Certainly almost every bank in the world today has some form of Internet website [...]

Branches have a strong future as alternative channels

We're going to see a lot more of these in the next few years

Back in 2008 I started talking about the BANK 2.0 concept and the consumer behavior shift that would result in the bulk of customers in developed economies abandoning branches over the coming decade. The pushback to this concept was fervent with most bankers calling it a ludicrous suggestion, others being not so kind. In 2011 [...]

Banks can’t compete with digital for advice

This is the way we used to give advice...

There’s a long held premise that branches are great channels for advice, that this is the one differentiation that bank branches provide that the Internets could never compete with. There are three problems with this assertion that should rightly challenge the superiority of the branch channel in bank operations today: Customers rarely get advice in [...]

How to Transition to the new Branch Reality

Lending-Club-April-2012

I guess with a title like Branch Today, Gone Tomorrow it’s no surprise that a lot of people think I’m anti-branch. I’m not anti-branch, I just don’t drink from the branch kool-aid fountain that goes something like “if only we could find the right formula we’d reverse this trend of not visiting the branch and [...]

Lessons from Apple – great stores don’t bring customers back

AppleStore_UWS

The new iPad just launched to the usual hype, anticipation and fanfare. Every time a new Apple product comes off the assembly line, it gets put under the biggest magnifying glass imaginable as crowds of onlookers parse the announcement with scholarly intensity, hoping to piece together a picture of what might emerge and what the implications [...]

The Modality Shift of Banking – Conclusion

As we detach ourselves from physical artifacts associated with traditional businesses, traditional distribution models rapidly fail. The fact that you own or participate in a network or virtual monopoly that supports an outmoded distribution model is of no benefit when that network is surpassed by a generational leap in technology delivery at the front end [...]

The Modality Shift of Banking – Part 4

The Widening Gap between Behavior and Capability In 1980 the average bank in the developed world would receive a visit from a customer once or twice a month, making an average of 20-25 times a year. As ATM machines started to emerge, by the end of the 80s average branch visits per customer were already [...]

The Best–Practice Engagement Bank

Recently when I posted on reforming customer journeys in the banking space I got some push-back for using Apple as an example of best practice. Surely there are banks I could have used as an example of best practice??? Well… not really. There’s no bank, and believe me I’m looking everyday, that has the whole [...]

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If your bank is opening branches – get worried

In my recent book Bank 2.0 I posited that I wasn’t against branches and that rather than advocating the wholesale closure or departure from branch networks, that I was interested in seeing branch focus/form change. The reality is though, the more and more I look at what is wrong with the whole retail banking business [...]