If you think the branch is really where your bank's future lies, settle in for mediocrity.
Sound harsh? Brett King is trying to wise up banks about their future, not make them feel good about themselves.
"Every channel is important‚ÄĒbranches are just one," says King, a banking consultant and futurist.
In his book BANK 2.0: How Customer Behavior And Technology Will Change The Future Of Financial Services, King warns:
"A staggering 90% of daily transactions are executed electronically today. Institutions that hold on to the belief that physical branches remain at the core of what the brand does, will not adapt easily to the customer of tomorrow who rarely visits a branch or the customer who sees no need for an over-the-counter transaction with cash or checks. Those who still classify the internet, ATM, and iPhone applications as ‚Äėalternative' channels will be playing catch up for the next decade, while intermediaries will increasingly capture niche service opportunities...."
"Understand one thing. Customers are not going back to the old ways of banking. They are moving forward. If you are not moving forward with them, then they will pass right by you-at warp speed."
Talk like that led ABA Banking Journal to interview King and put his story on the cover of the September edition. You can find a link to that story below. But savvy bankers will want to hear that whole conversation, not just highlights. You can do that here, and learn more about King's book.
Touch The Future: Keep Your Bank Relevant
Hear the conversation between Brett King and bankers from Ohio Valley Bank [Jodie McCalla (l.), Bryna Butler (c.), and CEO Jeff Smith(r.) ] about how smaller banks can adapt and take advantage of shifts in customer behavior. The full discussion behind the September article.
Brett King Speaks On Bank 2.0
When BANK 2.0 was released in the U.S. this summer Brett King gave a press conference presentation about it. Hear him lay out his key arguments.
Topics: Retail Banking,