Brett King - Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do

Contents

Praise for Bank 2.0

BANK 2.0 will change the way you think about banking in the future. Audacious, provocative and sometimes controversial, Brett King redefines the paradigm of consumer banking. This compelling book is guaranteed to send your pulse racing and your mind searching for a new strategy for your bank.

Suvo Sarkar,

Executive Vice-President, Emirates NBD

BANK 2.0 represents a view of the future of bank retailing and channel strategies for the next decade. The fact that banks take so long to respond to these changes in the status quo means that any bank acting upon the key recommendations in this book will be a step ahead of the competition, and that surely is no bad thing. Now think what you could be if you acted upon all of the recommendations.

Chris Skinner,

Chairman, Financial Services Club

BANK 2.0 is informed by Brett Kings analysis of trends in banking over many years. Bretts work has led to significant performance improvements in some very large and well-respected financial institutions. Ive worked with Brett and I have seen some of the results; they explain why Brett is highly sought after as an authority on banking and how the industry is likely to evolve into the future.

Dr Richard Petty,

President, CPA Australia

On the Web and on Mobile the customer isnt kinghes dictator. Highly impatient, skeptical, cynical. Brett King understands deeply what drives this new hard-nosed customer. Banking professionals would do well to heed his advice.

Gerry McGovern,

author of Killer Web Content

The impact of the Internet and mobile devices has made the rules in managing channels and how we reach customers a moving target. This book does something that no one I know has been able to do thus farteach us to re-design our instincts first and then our knowledge about how this moving target will evolve. With the correct instinct, we will be able to respond correctly to the rules as they change. I am very grateful to Brett for putting down to paper the instincts that he has been able to hone over the years. Brett is a true international; he is probably one of the few I know who can draw from personal examples from across Asia, where as much and maybe more innovations are taking place in financial services, as anywhere else in the world.

Emmanuel Daniel,

Chairman, The Asian Banker Journal

Creating more value for customers is a hallmark of successful and growing organisations. But the field of competitive battle has changed. What customers value today is different from what they appreciated years ago, and will be very different once again in the rapidly unfolding future. BANK 2.0 brings together Brett Kings incomparable view of technology, strategy, customer value and delivering superior service. His insights are a must read for anyone who wants to attract and keep customers in the incredible years ahead. If you are a bank customer, you will find this a fascinating read that likely puts you ahead of your own bank in preparation, insight and understanding.

Ron Kaufman,

bestselling author of Uplifting Service

BANK 2.0 is a very comprehensive and well-researched book that should be read by everyone responsible foror interested ininnovation in banking.

BlueCoin

Brett King raises the bar very high for this book. At 397 pages, he delivers.

ABA Banking Journal

Copyright 2013 by Brett King and Marshall Cavendish International (Asia) Pte. Ltd.

Published by John Wiley & Sons Singapore Pte. Ltd.

First published in 2013 by Marshall Cavendish International Asia Pte. Ltd.

Published under license by John Wiley & Sons Singapore Pte. Ltd.

1 Fusionopolis Walk, #07-01, Solaris South Tower, Singapore 138628

All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as expressly permitted by law, without either the prior written permission of the Publisher, or authorization through payment of the appropriate photocopy fee to the Copyright Clearance Center. Requests for permission should be addressed to the Publisher, John Wiley & Sons Singapore Pte. Ltd., 1 Fusionopolis Walk, #07-01, Solaris South Tower, Singapore 138628, tel: 6566438000, fax: 6566438008, e-mail: .

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor the author shall be liable for any damages arising herefrom.

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ISBN 978-1-118-58963-2 (Hardcover)

ISBN 978-1-118-58968-7 (ePDF)

ISBN 978-1-118-58965-6 (Mobi)

ISBN 978-1-118-58964-9 (ePub)

To my family ,

my father, who is my biggest fan, and

my Movenbank buddies, who are changing the world

one line of code and one customer at a time

Acknowledgements

ID LIKE to pass on my thanks to the following people who assisted me in pulling together this book.

To the team at HSBC, including Louisa Cheung, Peter Brooks, Martin Rawling, Christina Yung. To Matthew Dooley, Tom Cannon and Michael Armstrong as HSBC Alumni. To Steve Townend at MoBank, Ron Kaufman at UpYourService College, Ben May and Grace Lee for their help with the blogsite.

To Chris Skinner, who is the most prolific blogger I know in the FS space and who always has advice to offera complete banker. To Sean Clifford who remains a great pal and constant balancing force when Im thrashing out strategy.

To Alex Sion, Michael Degnan and the team at Sapient who helped me organise my thoughts on customer journeys and engagement banking, and to the teams at Innotribe and Anthemis, who provide the most amazing peer group opportunities in the space.

I would be remiss not to thank Geoff Bye (a fellow of the UK Chartered Institute of Marketing) and Scott Bales (Movenbanks Chief Mobile Officer) for their contributions to the book. Also to John Lambrides and the innovation team at NCR for their contributions and allowing me access to their top secret innovation centre somewhere near Area 51 (well, New York actually).

To my bloggers and tweeters in arms @rshevlin, @jmarous, @tek_fin, @visible_banking, @petervan, @thebankchannel, @leimer, @venessamiemis, @heathervescent, @Hleichsenring, @copernicc, and many more.

To the team at O2 and CMI Speakers whove become a major support team as I embarked on my Bank 2.0 world tour to change the world of banking. It has been an extraordinary ride, I hope this is just the beginning.

To the team at Marshall Cavendish who had their own transition to make to Publishing 2.0 as we worked towards an e-book strategy and who stuck with me as the demand for Bank 2.0 exceeded all expectations.