Comments on: Building the Bank of the Future – 2 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/ Tracking the evolution of financial institutions Tue, 14 Feb 2012 15:54:46 +0000 hourly 1 http://wordpress.com/ By: Fay Afshar http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-26310 Fri, 07 Nov 2008 00:28:01 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-26310 What an interesting topic! Ive been asked by a bank to help them create ‘a more community feel’ among their customers, and i can see that your article is still very relevant. It would be great if we could use 1 login to access all our bank accounts and bank statements, but unfortunately banks still have a long way to go. I myself have a booklet to keep track of all my bank logins and details, not to mention all my other logins for every other site i use on a regular basis

]]> By: Colin http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-26191 Wed, 08 Oct 2008 00:21:33 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-26191 Scott … thank you for stopping by, and nothing I can add, other than I will subscribe to your blog. Its a sad state of affairs that an 18 month old post remains relevant in this supposed fast moving world.

]]> By: Scott Oppliger http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-26190 Tue, 07 Oct 2008 22:36:10 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-26190 Colin,

I realize that your article is now a year and a half old, but there is still a great deal of relevance. I’ve been in the banking equipment business for nearly 20 year with several Internet startups mixed in for good measure. Branch construction is where our company thrives – supplying alarms, video, vaults, drive-up systems and ATMs. We’ve done a great deal of thinking about the future bank.

I think there are many factors that impact the horizon of the banking industry, but the main driver is the simple fact that less and less people (less every year) physically enter the bank. We’re all banking online – paying bills, checking balances, transferring funds, etc. The “branch banking” aspect is what we call Retail Banking. The face of retail banking change dramatically in 20 years. This is, of course, bad for me unless we can recognize and help shape the future bank. Most young people today see their bank as adding zero value and view financial institutions as a provider of a commodity that they can get anywhere.

The successful bank of the future will recognize that value must be added in some way that goes much deeper than the pitiful Internet banking and bill-pay applications deployed today (supplied in most part by the banks core processor). People don’t want to be held hostage by their bank, which is exactly what happens when you use their online bill pay. Protocols have been developed that allow FI’s to exchange account data in a common format, but for the most part they’ve got kicking and screaming. Once again, I blame the core processors. Most banks don’t own the software used to track their customers accounts – they outsource it to companies (called core processors) like Jack Henry, FiServ and Metavante. These companies have very little interest in allowing third party applications access to their data.

Our research says that users want to own their account data in real time, and that they want the freedom to choose any bill pay or Internet banking software they want. For anyone under 30, these applications ARE the future bank. They are what defines the banking experience. It’s not the number of plasma’s in the lobby or the number of drive-up lanes under the canopy. It’s the applications we use to control our money.

Scott Oppliger
President
Oppliger Banking Systems
oppliger.typepad.com

]]> By: Hi boys! http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-25053 Fri, 01 Feb 2008 14:29:26 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-25053 Thanks boysdb2f8c7f951209d08d54ed7275a96719

]]> By: FAY NBG GREECE http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-13793 Tue, 24 Jul 2007 06:43:35 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-13793 Very interesting. Pls send me relative bibliography, if possible.
Thanks.

]]> By: Bank 2027 « Alternative marketing thinking http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-13008 Fri, 13 Jul 2007 05:00:36 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-13008 [...] the world won’t need the reassurance of visiting physical branches anymore. Read more at The Bankwatch. Posted by icontract Filed in [...]

]]> By: Ed Terpening http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12875 Wed, 11 Jul 2007 15:37:50 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12875 i think your assessment of our current situation and projecting outward based on that is spot on. FI’s need to understand how to decouple their services and offer best-in-class vertical solutions. this is going to be a huge challenge, particularly as large banks are trying to fix their problem of silos, largely created by growth through acquisition.

Great food for thought. Thanks!

]]> By: Colin http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12773 Tue, 10 Jul 2007 14:45:50 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12773 @banker … don’t give up! Some banks will get it, and those that do first will gain. But I know its a hard sell.

]]> By: banker http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12770 Tue, 10 Jul 2007 14:25:16 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12770 Colin…spot on. I have been trying to get the bank that I work for to participate in Facebook’s F8 platform. That is build an application in Facebook and get some experience in working within a social network platform. Sadly, it has been a tough sell

]]> By: Colin http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12438 Fri, 06 Jul 2007 21:48:22 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12438 Hi Nishad ….. thanks for stopping by and commenting. Who knows 20 years out, but at least we can think outside the box a little that way. The other thing is that 20 years isn’t actually that long …. 10 years since online banking began, and not much progress, from Banks.

]]> By: Ken http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12426 Fri, 06 Jul 2007 19:46:30 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12426 Two simple ways banks could implement some web 2.0 services right now is in their online customer documentation and in how they provide their rates and other product information.

The online documentation never seems to improve. In a web 2.0 system, it would continue to improve (both in the amount of content and in the organization) as customers interact with the customer service.

All rate and product feature info should be available in XML which would allow services to automatically gather data for rate/feature comparison databases.

]]> By: marty http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12419 Fri, 06 Jul 2007 17:25:14 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12419 have you seen this ?

http://www.goamplify.com/products/services/moneytracker.cfm

a clear step in the “web 2.0″ direction…

]]> By: icontract http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12375 Fri, 06 Jul 2007 03:43:39 +0000 http://thebankwatch.com/2007/07/05/building-the-bank-of-the-future-2/#comment-12375 This is a brave attempt Colin

But do you really want to imagine banks across a 20 year horizon? Will social networking and aggregation be at the same level that we see today? Don’t you think we will be having holographic thought managers following us around giving us realtime price comparison and investment advice on just about everything? Will banks be institutions the way are today or will they become some sort of a repository of our collective consciousness/needs, and run by someone like EFF, Visa or a mobile company using micropayments that we pay everytime we transact?

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