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Lafferty Retail Banking 2020
Lafferty Group, June 2010, Pages: 72
The magnetic stripe plastic transaction card revolutionised the delivery of retail banking services and services in other industries. The addition of the electronic chip resulted in the smart card, dramatically increasing capacity and functionality. However, according to bank card technology pioneer, Jerome Svigals, the significance of these new banking technologies goes beyond functionality: they have forever altered customer behaviour. And for the future bank, the new bank card is not a card - it is a mobile device.
In “Retail Bank 2020: A Roadmap to the Future”, Svigals sets out his vision of the retail bank in 2020 and the three pillars upon which it will be built - cell phones (especially smartphones), the internet and intelligent banking applications. The good news is that previous successful adoption of bank technologies such as the plastic card has effectively trained the bank customer in self-service and an acceptance of the internet-connected devices that are the infrastructure of banking in 2020. But the retail banker of the future must plan for new customer profiles, must “catch up” with the emerging customer set - and at a speed equal to that of the youngest, most active customers.
Retail Bank 2020 traces the evolution of bank technology and the parallel changes in customer behaviour to arrive at the bank of the future. And while many of the core technologies are already in extensive use, the challenge for the future banker is to devise a coherent, unified strategy and delivery infrastructure supported by a qualified, motivated management team.
Who should read this report?
- CEOs
- Heads of and Senior Management in:
- Retail Banking
- Small Business Banking
- Branch Operations
- Delivery Channel Strategy
- Cards
- IT
- Branch/Network Premises
- Strategic Planning
- HR
- Sales
- E-channels
- Marketing
- Consultants, Analysts and Industry Observers
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