Industry Trend: The Bank Finds You

Trends

• Trends: What do we look for?
• Technology Trend: Cloud Computing
• Industry Trend: Unbundling of banks – Lending Club
• Regulatory Trend: Deregulation – RBI granting banking licenses
• Industry Trend: Immediate everything – Payments
• Market Trend: Branchless Banking
• Market Trend: New Market Entrants
• Market Trend: Banks Extending Their Reach
• Industry Trend: Bank White-Label Services
• Industry Trend: Dual Strategies
• Societal Trend: Exploding Data
• Technology Trend: Banking API’s
• Market Trend: Digital Natives
• Market Trend: Mobile Adoption
• Technology Trend: Digital KYC
• Potential Technology Trend: Internet of Things
• Industry Trend: The Bank Finds You
• Potential Industry Trend: Mobile Wallets Replace Cards
• Industry Trend: Social & Mobile Payments
• Industry Trend: Virtual Currencies
• Industry Trend: Social Finance
• Technology Trend: Big Data
• Potential Industry Trend: Bank as Data Manager
• Technology Trend: WiFi Availability
• Technology Trend: Fast Cycle of Consumer Technology
• Technology Trend: Biometric Authentication
• Industry Trend: Social Servicing
• Industry Trend: Social Reputations
• Market Trend: Increased Substitution with Capital Markets
• Industry Trend: Aggregator / Comparison Sites

Digital Bank refers to it as “The fifth wave” where “everything communicates in the internet of things to find you.”

I my own experience traditional banks trying to implement this find it complex. The concept is lost on all but the most savvy strategic marketing thinkers.  Pivot points can become the horizon and people lose sight of the ultimate strategy.

The new banks will get it and then the old banks will get it or die. But it will be the future.

Take selling mortgages for example.  How will you get leads?  By waiting until the customer comes to the branch?  No.  By waiting until they come to your Web site?  No.  By waiting until they go to a 3rd party mortgage comparison site?  No.  By finding them when they are looking at homes?  Yes!  You should be all of these places, for sure.  But how can you engage the customer as early in the purchase process as possible?

Another example from the retail industry is finding people in stores and pushing them offers:  When LevelUp added iBeacon support, participating businesses experienced a 22% average increase in customer spend.

Waiting for customers to hit aggregator / comparison sites is a wrong turn on the strategy map for a number of reasons.