The new banking distribution layer

There’s a great deal of discussion and debate around what will ultimately happen to banking as a result of the massive changes in connectivity, utility, mobility and customer experience taking place right now. One thing is for sure, the world is changing. We see PayPal owning online payments, with others like Stripe hot on their [...]

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 [...]

Your Internet Banking sucks…

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.

Mobile Data Plans are all wrong…

In a Wired article back in 1993 George Gilder predicted that Bandwidth would eventually be free. I believe that bandwidth will eventually be so cheap that it is effectively free, but right now operators need to understand that charging for the pipe, and not the data is how they can both enable business and future revenue…

Retail Bankers – Wake up to the 21st Century already!

Why have banks been so slow to adopt mobile banking, improvements in internet banking, customer experience and social media engagement?

Is it cost? Is it technical or platform integration issues? Or is it something more intractable.

Banks need to wake up to the 21st Century and fast. But as Albert Einstein said, problems aren’t going to be solved by the same thinking that created them.

Brett King: I'm on the move, therefore I am…HELP! (HuffPost)

Mobility is such a basic requirement for the connected, networked executive today. I travel about half of my time promoting my book, BANK 2.0, and working with clients around the globe. When I land in any country I’m visiting, the first thing I generally have to do once I get on the ground is ‘check-in’, and I’m not talking about FourSquare. When I get off the plane from a 6 or 7 hour commute, the need to quickly check my emails is pretty critical these days because alot of stuff I deal with is increasingly time sensitive. But the experience of such a simple task is often frustrated…

Banks are losing the customer and innovation battle (HuffPost)

Last week I released a blog article and an infographic to stimulate discussion on Innovation in the banking and financial services sector. The blog received a lot of comments and discussions on Twitter and blogs, some taking exception at my supposed “left-wing” political leanings based on the fact that I published the article here on Huffington Post. The blog article was in no way a definitive statement on the issue of innovation in financial services, but was more focused on asking the right initial questions about the state of play. However, given the amount of discussion, I’m going to put forward a more detailed opinion based on some simple analysis…

Mobile Apps Force Retail Banks to Rethink Their Roles…

I see a lot of banks tacking on mobile internet banking apps at the moment – call it the me-too trend of mobile banking. Max McKeown in his book The Truth About Innovation (2008, London, UK, Prentice Hall) wrote that innovation is a new way of doing something or “new stuff that is made useful”. Banking on your mobile is hardly new, although admittedly earlier derivations based on WAP or surfing your bank’s normal webpage on a mini-browser have not exactly been hugely successful or highly usable. So mobile banking applications don’t really provide any new ‘stuff’, but they are definitely serving up content and functionality in a more user friendly manner. When I talk about innovation in mobile banking, however, what I’d really like to see is a number of initiatives that innovate my experience through an iPhone or Android App beyond just simple usability. Let me explain….