The Future of Financial Services (In A Mobile World)

During this year’s NetFinance conference in Phoenix, I participated in Digital Management Inc.’s closed session with seventeen financial industry experts to discuss the impact of digital and mobile technologies on the future of financial services.

This white paper below is the product of that discussion.

It was a great conversation with much agreement on how quickly the space is changing – but with varying opinion about the winners and losers from ongoing innovations, shifts in consumer behavior, and the overall impact on the banking business model.

Welcome to Bank 2.0. It’s Different Here.

4 thoughts on “The Future of Financial Services (In A Mobile World)

  1. will you fall in love with each and every person who looks and acts
    exactly that way, too. The catchy song I Won’t Dance was originally written for
    a now forgotten musical called Three Sisters.
    Nervous or ill-at-ease people make others feel uncomfortable.

  2. Nice blog here! Also your website loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my site loaded up as quickly as yours lol dbgfdcecfgbe

  3. Thanks for your comments Serge. Much of the conversation revolved around offers and rewards through mobile, and how to capture more of the payment / top of wallet – but I see your points about cost deflection and shifting service toward digital. I certainly have been focused on those conversations outside of this piece (as have you as seen last week with your participation on Brett King’s Breaking Banks). While I think there were a few gems in the report around how digital (mobile specifically) is changing our relationship with our customers – many of the banks involved seem to be taking a ‘wait and see’ approach for investing in some of the 2-3 years away ideas…my feeling is that some were keeping their thoughts to themselves because competitors were in the room. But overall, it was great to experience a refreshing conversation among peers and build some consensus around themes that NetFinance and DMI helped us explore.

  4. Interesting presentation but really very little in terms of strategic outlines or tactics as to how Banks can leverage Mobile to drive loyalty, revenue or ROE. Many of the ideas presented have been discredited (for example, considering OBM and mobile deposit as value-added and charging for these services) while others are conceptually interesting but implementation is likely at least 2-3 years away (for example, pay to remove annoying advertising from online and mobile, and merchant funded offers that are relevant to the consumer).

    I am also surprised that no one focused on the cost savings opportunity of online & mobile. There is an opportunity to save 30% – 50% of a typical Bank’s operating expense through Branch consolidation, and relocation of high-end production offices (think wealth management offices) into off-street office locations to serve high-value customers, and provide advisory services on high-complexity products.

    There is a real need for fresh thinking.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s