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Bank 2.0: How Customer Behaviour and Technology Will Change the Future of Financial Services
DIAMOND
RATING
RATING
Brett King, Marshall Cavendish, 2010
Senteo’s Review 
A comprehensive manual on the changes occurring in the banking world, with a focus on the three main disruptive forces which are dramatically changing the financial services industry – arrival of the Internet, emergence of the smart/app phone and the move to mobile payments.
The author categorizes the coming change impact into 5 arenas (platform, channel and distribution, customer intelligence, marketing and metrics), with sub-categories of changes necessary for banks over the next five to ten years. In discussing the many changes to come and their impact on the customer experience, the author introduces the concept of the “prosumer,” a producer and consumer of information, and how Web 2.0 and social networks will transcend and transform banking. For tech lovers, there is a chapter devoted to deep impact technology, disruptive innovation and Moore’s Law.
While a comprehensive, textbook type manual for banks coping with the momentous industry change, the author at times seems to caution against the demise or even extinction of banks as new technologies take hold. An example is the discussion of P2P (peer –to-peer) lending and the inroads made in Europe, while banks have supported regulations in the U.S. which have prohibited it. The author questions whether social networks will find a way around inefficiencies in the banking network, warning that such social networks “will be much more efficient at providing trusted advisory services than the bank.” The question is who will hold the ultimate customer relationship, and regardless of the channel or medium, the best and strongest banks should ultimately master this and other challenges. The author paints a very grim picture of the future of banks, while in the end we believe that the banks will still possess the power to add value in the lives of their customers. Despite their slow response to industry trends, we still believe that banks will be the ultimate holder of the customer (banking) relationship.
The financial crisis is just beginning for retail institutions. Ninety to ninety-five per cent of bank transactions are executed electronically today. The Internet, ATMs, call centers and smartphones have become mainstream for customers. However banks still classify these as alternative channels and maintain an organization structure where Branch dominates thinking. Continued technology innovations, Web 2.0, social networking, app phones and mobility are also stretching traditional banking models to the limit. BANK 2.0 reveals why customer behavior is so rapidly changing, how branches will evolve, why checks are disappearing, and why your mobile phone will replace your wallet all within the next 10 years.
This is a comprehensive book (or even textbook) for understanding and, to some extent, evaluating where your bank stands in meeting the future of financial services. Bank practitioners will enjoy the numerous diagrams illustrations, checklists and examples of project roadmaps. Consultants will find this to be essential reading for measuring bank preparedness for the technological changes at hand. For more on this subject, see the Senteo review for Infinite Possibility.
Senteo Subject Category
This book provides a good overview in theory, while also devoting a fair amount of analysis on tactical application and implementation.
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PLUS magazine talked about many topics with Michael Ruckman, Founder and President of Senteo, a boutique consultancy with an impressive track record in business transformation.
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