Top positive review
3 people found this helpful
very comprehensive and well researched book
on 2 July 2010
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. Brett makes practical suggestions many of which could easily be implemented.
The last section provides a glimpse into the future, showing how some cutting edge innovations currently in development in various areas are coming together and completely changing the landscape of the financial services industry. These areas include technology but also social networking and advertising.
Bank 2.0 is a very comprehensive and well researched book which should be read by everyone responsible for - or interested in - innovation in banking.