It is time for the blog post that I rank as number three. It is probably the most neglected of my blog posts, but I didn’t select it just to give it some additional exposure. No, I selected this blog post since it represents many of the values that I want to offer you readers. My ambition is to provide you every week with a new blog post pertaining to the financial services sector that is original, innovative, thought provoking and interesting. The high ambitions often cause me severe cases of writer’s block, but on rare occasions I experience an epiphany. This blog post is the result of one of those rare epiphanies.
Some time ago, I got very provoked by reading the book Bank 2.0 by Brett King, He argued that the branch network would not be needed in the future when we all use ATMs and mobile banking. It was not the demise of the brick and mortars that got me started but the fact that he totally ignored the advisory services. He regarded retail banking as a commodity and transaction engine without the need for any person-to-person touch points. When considering his future for the retail banking, I realized that we have another industry that experienced a major disruption that had the customers to ask for cheap commodity services all of the sudden. This epiphany had me to look into what happened in that industry and it was really interesting with statistics on the shake out that followed. I certainly think that there are lessons to be learned from this industry.
I have always been a great advocate of looking at other industries to get new ideas. As I argued in one blog post, you have to look for influences in other industries if you aim for defining and not merely following the best practice in the industry. So, I hope that you will enjoy this blog post; back from the future in retail banking.