Changing banking consumer preferences demand that banks evolve
BANK 2.0: How Customer Behavior and Technology will Change the Future of Financial Services, by Brett King, Marshall Cavendish/Business, 397 pp., 2010
The preface to Brett King’s new book, BANK 2.0: How Customer Behavior and Technology will Change the Future of Financial Services, begins: “A staggering 90 per cent 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 cheques. Those who still classify the Internet, ATM and iPhone applications as ‘alternative’ channels will be playing catch up for the next decade, while intermediaries will increasingly capture niche service opportunities. This is where BANK 2.0 starts.”
The author is direct and to the point.
The second paragraph begins “Let us be clear. This book is not for traditional bankers who want to stick to the status quo.”
Brett King raises the bar very high for this book. At 397 pages, he delivers. My Twitter- style review (140 characters or less) of this book is:
“If you are a banker, buy @BrettKing ‘s book BANK 2.0 - http://amzn.to/a781Ex ”
But now on to more specifics.
The rest of my review can by found at the ABA Banking Journal website.
The full article was posted on July 29, 2010, on the website of ABA Banking Journal, www.ababj.com, and is copyright 2010 by the American Bankers Association.