The Bankwatch

Tracking the consumer evolution of financial services

Why don’t banks get the obvious?

I have been intrigued lately by this new site which is in support of a new book that I am sure is worth checking out (its available on a pre-order basis)

For now we can assess from the web site.  The arguments are well articulated and many have appeared on this and other blogs over the last few years and it makes sense to encapsulate into a book because banks do not get it apparently despite efforts of the likes of netbanker and others to offer guidance.

Bank2.0 | Banking4Tomorrow

Brett King’s new book, BANK 2.0 – How customer behaviour and technology will change the future of financial services (Marshall Cavendish; publication date: March 29, 2010), exposes the massive flaws in the retail banking system due to dramatic shifts that have taken place in customer behaviour and the complete failure of banks to recognize and respond to those shifts. The key message is that the banking system is broken, not because of regulation, but because banks just don’t understand or care about their customers anymore.

However, in my view, the picture is bigger and actually worse than indicated.  The premise noted above would apparently only require banks to ‘get it’ and all would be well.

It just ain’t that simple though.  There are other factors that I have summarised before that are at play and which hinder otherwise rational bankers from doing the right thing in my view.

Written by Colin Henderson

July 4, 2010 at 19:28

Posted in Uncategorized

2 Responses

Subscribe to comments with RSS.

  1. Colin: Too bad you haven’t been active on Twitter lately. The author of the book, Brett King (@brettking), is a pretty active tweeter and blogger and has been been very active in the banking-related discussion online.

    Personally looking forward to the book being published and available in the US.

    Ron Shevlin

    July 5, 2010 at 14:34

  2. Ron … cool and i am looking forward to the book. I will not give up though on my view that there are built in systemic factors that hinder banks ability to deal with Bretts points as opposed to unwillingness.

    Colin Henderson

    July 6, 2010 at 17:49

Comments are closed.

%d bloggers like this: