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 [...]
If you think about the way we have digital banking and web presence structured today, it is actually wrong. Most banks today already have a well developed ‘public’ presence in the form of www site, and a separate ‘secure’ portal as a transaction or services platform “behind the login” – normally called “Internet Banking”. The [...]
Business Internet Banking can become the platform for so much more leverage with Business clients, but today it is a very basic transactional platform for the bulk of customers. We need to shift it to become the PFM of business banking – a toolset that enables the bank to help your business when you need the help, not only when you ask for it….
Is it just me or have you noticed that the pages behind the login for your bank haven’t changed much in the last 5 or 6 years?
The assumption that internet banking behind the login is about transactional costs savings for the bank is a very bad assumption. It assumes that customers are using the channel to save the bank money, when customers are actually using the channel for convenience and to increasingly engage the bank on the fundamentals of day-to-day banking. The increase of online banking usage just doesn’t want to slow down because of this behavioral shift, and unless banks understand and adapt to this shift, their internet banking platforms will increasingly isolate customers who want more convenience and control.
Internet banking fundamentals are going to have to change, and change quickly to cope with the demands of the multi-channel customer of today and tomorrow.
There’s a lot of excitement about Apple’s new iPad. This week it was reported in various news sources that two banks in Australia were releasing an iPad app to capitalize on the iPad fever. Now… you’d normally find one of the first to jump in and hail such an announcement as an indication of real progress in the fight to innovate the retail banking space. But on this occasion, well I’m not jumping…