Brett King, technology futurist and acclaimed author of Bank 3.0, predicts that we are entering a new era for financial services, where banking will no longer be “somewhere you go, but something you do”. As we leave era 1.0 and 2.0, which was typified by the shift from brick and mortar branches to e-banking, we enter a new age of fully mobile real-time services environment, which can provide virtual services focusing on people without any physical infrastructure. To meet the demands of modern customers and stay relevant banks must adapt to key behaviors of mobile internet users, which can be characterized as real-time, on-demand, all-online, DIY and social.
In terms of bank 3.0, this means a pioneering shift will be made from a business-centric financial model to a consumer-centric one, and in doing so completely redefine the user experience. In the front office, at the point where customers interact with banks, there will be a real time awareness of changing needs and fully customized services. In the back end, banks will need to revamp their operational management flow, and focus on integrating backstage platforms and resource sharing in order to provide as powerful support to the critical front office as possible. In order for banks to offer a fully customer-centric service, they will need to respond to their consumers’ needs immediately.