I am so grateful to Skandia for their move to provide on-line advice through video as the first bank in Sweden. My gratitude is not merely advocacy for financial customers but also for saving my face. I have argued for several years that video conferencing provides a unique user experience where you combine trust built from the personal interactions with the convenience in using Internet. From my stand point, video banking has always been the definition of a perfect “Blue Ocean”-strategy where you define a new market, without competitors, by combining traits from two different markets where competitors are killing each other (the red oceans). It will be interesting to see whether the other “sharks” will enter this market. Though, it is evident from my discussions in the industry that the competitors have observed this move. Alea iacta est – the dice has been cast.
It will be interesting to see what happens. But one thing is for certain, I have now been reinforced in my conviction that no bank can become best in class in customer satisfaction by excelling only in one customer channel, you have to provide support for the multichannel customer when he/she wants to traverse the channels.