Comments
How to Master the Branch-to-Online Platform Transformation
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plfreegard
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plfreegard,
User Rank: Apprentice
8/9/2014 | 3:56:59 PM
Changing Convenience
I really like your point how convenicne is changing.  Couple this with how expectations are being set by non-banking leaders such as Apple then the banking challenge is imense.  I think that aggregators like Mint, Shrinkmybill and others, accelerated by governmemnt initaitives such as Midata (UK) and Smart Disclosure (US) will fundamentally change our expectations of "convenience".  In banking we need to connect Convenience with Control (for consumers); aggregators are helping consumers in this respect too, my own perception is that there is a major disruption around the corner for banking and it is a major threat to traditional banking.  
Byurcan
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Byurcan,
User Rank: Author
7/18/2014 | 9:20:56 AM
Re: Self-servic
I am one of those people that enjoyes going to the branch instead og using self service. I went to my bank branch 4 times over the past couple weeks, and it wasn't inconvenient at all!
Kelly22
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Kelly22,
User Rank: Author
7/17/2014 | 3:14:33 PM
Re: Self-servic
I think you're right, Bryan. Self-service capabilities are in high demand, but consumers also value the ability to ask questions and discuss complex services with an actual person. Banks will have to determine how they can balance digital with face-to-face interaction in order to provide an optimal customer experience. 
Byurcan
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Byurcan,
User Rank: Author
7/17/2014 | 9:48:09 AM
Self-servic
I agree that obviously banks must cater to the modern consumer, who is attached and addicted to their mobile device, and must increase self-service capabilities. But I do think there will always be a place for face to face interaction, consumers will always want to go over the details of a mortgage, or some other complicated financial product, with a real live person.
KBurger
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KBurger,
User Rank: Author
7/16/2014 | 3:02:02 PM
Re: Technology cycles
I think part of it is that our definitions of what is "convenient" is changing -- sometimes it's about speed, sometimes about real time, sometimes about location, etc. And of course what a boomer defines as convenient isn't necessarily the same as how a millenial defines it.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/16/2014 | 2:59:17 PM
Re: Technology cycles
Wow. You compare that to how fast mobile is gaining adoption today and it says a lot about how much we value convenience and the technology that enables it now.
KBurger
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KBurger,
User Rank: Author
7/16/2014 | 2:39:31 PM
Technology cycles
Good overview, Jasmeet. I feel compelled to point out that in the mid-80s -- when as you note there was resistance to the video phone -- was when ATMs were finally overcoming the legendary "33 percent wall", the 33% of customers who regularly used ATMs. It took a long time, at least 10 years, for that barrier to be surpassed. And when it was surpassed, it was due to a combination of factors: demographics, tech capabilities, ubiquity of ATMs, consumer education, incentives, etc. Obviously today the tech introduction and adoption cycles are much shorter than in the 60s, 70s and 80s. I guess my point is that what is "reality" today won't be in the future -- but we also can learn about the future from the past.


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