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Bank 2.0: How customer behaviour and technology will change the future of financial services [Hardcover]

Brett King
4.5 out of 5 stars  See all reviews (8 customer reviews)

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Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do
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Book Description

31 May 2010
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 centres and smartphones have become mainstream for customers. But banks still classify these as alternative channels and maintain an organisation 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 behaviour is so rapidly changing, how branches will evolve, why cheques are disappearing, and why your mobile phone will replace your wallet all within the next 10 years.


Product details

  • Hardcover: 360 pages
  • Publisher: Marshall Cavendish International Asia; 1st edition (31 May 2010)
  • Language: English
  • ISBN-10: 9814302074
  • ISBN-13: 978-9814302074
  • Product Dimensions: 23.7 x 16.3 x 3.1 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Bestsellers Rank: 40,179 in Books (See Top 100 in Books)

More About the Author

Brett King is the Author of the Bestselling book Bank 2.0 and strategic advisor to the global financial services sector. He is an International Judge for the Asian Banker Retail Excellence Awards and for the Middle-East Business Achievement Awards.

A keynote speaker at leading global events for financial services and innovation, King is an acknowledged expert on innovation, customer experience and channel distribution strategy. He publishes regularly in his role as industry advisor on Huffington Post, Internet Evolution, FinExtra and his own personal blog Banking4Tomorrow.com. He has been featured on Bloomberg TV, BBC, CNBC, Wall Street Journal, Financial Times, The Economist, The Asian Banker Journal, SBC (Greece), etc.

King also runs User Strategy, a boutique consultancy focused on improving customer interaction for leading financial services companies and businesses. King previously led the Asia division for Modem Media/Digitas (part of the Publicis group) and the E-Business service line for Deloitte (Financial Institutions Industry focus). His clients include HSBC, Citigroup, UBS, Standard Chartered, Abu Dhabi Commercial Bank, EmiratesNBD, BNP Paribas and many more.

Product Description

Review

As overused as the word "innovation" may be, it's still an important concept to the financial services industry, where nimble newcomers can easily crop up and steal market share with the clever use of new technology and new communication outlets such as Twitter and Facebook. The innovators in these pages may not be the next Mark Zuckerberg or Steve Jobs. With a few exceptions, they're bankers and financial services executives who are adding new elements, such as crowdsourcing, mobile text alerts and context-aware computing, to more traditional financial services. But they're enhancing their offerings in a way that provides much-needed convenience, simplicity, debt assistance and faster access to credit. Our first choice, Brett King, stands out from the rest. He's one of the few who is not a banker, but on the contrary a bank critic. He doesn't have an actual product or working service yet. But the disrupter compay he plans to open this summer, Movenbank, will be closely watched by all in the industry. At a recent conference, King showed a video in which his toddler daughter was shown a magazine and practially cried as she tried to click on it and got nothing. Then she was offered an iPad and she began merrily clicking and swiping around on the user-friendly device. This is what banking needs to be like one day, King says: Frictionless, easy and fun. Will Movenbank make it so? We look forward to seeing what King accomplishes. --AmericanBanker.com, 2012

BANK 2.0 represents a view of the future of bank retailing and channel strategies for the next decade. The fact that banks take so long to respond to these changes to the status quo means that any bank acting upon the key recommendations in this book will be a step ahead of the competition, and that surely is no bad thing. Now think what you could be if you acted upon all of the recommendations --Chris Skinner, Chairman, Financial Services Club

BANK 2.0 is informed by Brett King's analysis of trends in banking over many years... I've worked with Brett and I have seen some of the results; they explain why Brett is highly sought after as an authority on banking and how the industry is likely to evolve into the future --.- Dr. Richard Petty, President, CPA Australia

About the Author

Brett King is the founder of the International Academy of Financial Management, one of the fastest growing professional associations and training institutes in the world. A regular speaker at top global conferences, he is an acknowledged expert on wealth management, customer experience and retail channel distribution strategy. He also runs User Strategy, a boutique consultancy focused on improving customer interaction for leading financial services companies and businesses. Brett previously helmed the Asia division of Modern Media and the E-Business service line for Deloitte. His clients include HSBC, Citigroup, UBS, Standard Chartered, Abu Dhabi Commercial Bank and many more.

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Customer Reviews

4.5 out of 5 stars
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Most Helpful Customer Reviews
3 of 3 people found the following review helpful
5.0 out of 5 stars very comprehensive and well researched book 2 July 2010
By ivarvd
Format:Hardcover
Technological innovations are introduced and accepted with increasing speed. While it took television 22 years to reach mass adaptation, it took the PC 14, Internet 7 and Facebook 2 years. With current mobile developments (iPhone, Android), it's clear that the direction of all these innovations is to give people access to information and services at all times and places.

Result is that the use of technology changes the behavior of people as customers. We have seen this in many areas; we order products like books and tickets online. We expect excellent service, and if we don't get it, we let the world know through blogs and twitter.

Financial Services, and especially banking, is not keeping up with the changing demands of customers. The only reason they get away with that is that the barriers to entry the banking market are very high. This is about to change, as customers become less reluctant to change bank, and new companies like Google, Facebook and Amazon develop the resources and the incentive to enter the market.

Bank 2.0 is a comprehensive book about how these two drivers - customer behavior and technology - are changing the future of financial services. It starts with an introduction which addresses how distribution channels are often still based on the branch as the primary channel, with alternative channels as an addition. But customers demand a consistent experience across the bank and just want to deal with their bank in the most efficient way.

Part 2 of the book deals with various channels and how they can be improved. These include branches, contact centers, the web, mobile and ATM's. Each chapter describes global trends and case studies, backed up with relevant statistics.
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3 of 3 people found the following review helpful
Format:Hardcover
Service in the financial sector is no longer about friendly representatives in the branch, efficient voices at the Call Center, ATM machines that work perfectly every time, websites that are fast, secure and easy to navigate. It is about ALL of these channels, and more - much more every day.

Brett King is the first author to delve deeply into the consequences of this cross channel experience, explaining in clear terms and with global examples where the banking industry is today, and where it is headed in the future. He explains the migration from cash to chips, the convergence of banks and phones, and the transformations that will be required in advertising, technology and organizational dynamics and design.

If you are in the industry and want to know where things are headed, this is as close as you will come to a crystal ball for the future. If you are a bank customer, you will find this a fasinating read that likely puts you ahead of your own bank in preparation, insight and understanding.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Great Book 24 Nov 2011
By Lumo
Format:Hardcover|Verified Purchase
As a professional working in retail banking, I have found this book an excellent guide to the future of the retail environment. Packed with great observations, opinions and ideas this book should be read by anyone with an interest in retail banking and technology.
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3 of 4 people found the following review helpful
4.0 out of 5 stars Essential Reading for all new retail bank CEOs 31 Aug 2010
Format:Hardcover|Verified Purchase
Starting and ending with the customer this book is essential reading for anyone looking to set up a new retail bank in the UK.

In the UK we are seeing a number of new entrants looking at the potential to enter the retail banking market. Not everyone has traditional banking experience but with the significant change over the last decade in customer service expectations, Brett's book clearly states the areas that any new entrant should be looking to understand.

And yes traditional banking board structures and responsibilities are under threat. Compliance and risk officers becoming customer advocates, silo minded product managers driven by out dated KPIs , IT directors working with and reporting directly to senior management and contact centre workers truly empowered to help customers !
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