Author’s tweets @brettking:
“…in 1997, 97 per cent of US households had a landline; by 2015, that number will have declined to just 36 per cent. Owning the wires or physical network infrastructure is not enough to save your business from changing behaviour. Owning branches and payments infrastructure is the same thing.”
“…but where you have goods or services that can be easily digitized or where distribution does not absolutely require physicality, then the value chain is disrupted.”
“When you build a great service environment, then there is no need to worry about being transparent.”
In the US, transaction volume in-branch will be down almost 60% between the period 2006-2015. In developed economies, consumer visits to bank branches have been down 80-90%. Yet today most banks spend more than 80% of their channels budget on branch real estate, staffing and support. In a world where the fastest growing interactions with banks are through Internet, mobile phones and social media, what does the bank of 2015 look like?
Publication Date: January 13, 2012
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