There are digital natives and digital immigrants. Digital natives, having grown up around computers and mobile phones, have radically different needs, wants and expectations. The market trend is that digital immigrants are naturally being replaced by digital natives. The market force is that companies must (at this time) address the needs of both types of… Read More »
There are digital natives and digital immigrants. Digital natives, having grown up around computers and mobile phones, have radically different needs, wants and expectations. The market trend is that digital immigrants are naturally being replaced by digital natives. The market force is that companies must (at this time) address the needs of both types of… Read More »
Closely related to the “Cloud” trend, it makes sense that banking services running in the cloud would be offered for consumption by the computer systems of other organizations (as an API) in addition to humans (as in a mobile app). From Digital Bank by Chris Skinner… “PayPal launched X, a developer-based service for PayPal processes… Read More »
According to Digital Bank by Chris Skinner society now create 2.5 exabytes of data per day. An exabyte is a 1 with 18 zeroes after it, or 1,000,000,000,000,000,000 bytes.
“Organizations will begin pursuing dual strategies: to continue the focus on core business in their primary industries; and to seek growth opportunities in their chosen specialized functions across other industries. Specialization will drive industry convergence as competition expands around specific, common value chain functions.” From IBM’s Digital reinvention Preparing for a very different tomorrow by… Read More »
Accenture notes that “Google Wallet, T-Mobile, PayPal, Simple, and Moven have all relied on the “white-label” services of The Bancorp Bank to provide regulated banking services to their customers.” See The Everyday Bank by Accenture.
Customers are becoming more open-minded about banks providing services beyond traditional financial services. This includes modest extensions from providing proactive advice on spending and investing to dramatic extensions such as finding and researching products. See the 2014 North America Consumer Digital Banking Survey study by Accenture. Accenture comments: “In becoming an Everyday Bank, the bank evolves… Read More »
Customers are becoming more open-minded about receiving financial services from non-banks. See the 2014 North America Consumer Digital Banking Survey study by Accenture. Accenture estimates that “competition from digital players could erode as much as one-third of traditional retail bank revenues by 2020.” …and notes that “Alibaba, China’s equivalent to Amazon, became the world’s fourth largest… Read More »
Customers are becoming more open-minded about branch-less banking. See the 2014 North America Consumer Digital Banking Survey study by Accenture. But most still do use the branch and call center. In fact, the more they use digital channels, the more they use the physical channels. See McKinsey: The Future of U.S. Retail Banking Distribution. … Read More »
Studying customers is of concern whether you are formulating a business strategy or designing a mobile app. It helps to have a clear understanding of profiles, personas and archetypes. Archetype is hands-down the most interesting word. So let’s start there! Archetype analysis studies customers at the edges instead of looking for averages within clusters as… Read More »