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The Bank Model Is Dead
The document discusses the inadequacies of the current banking model, highlighting that 80% of operational costs are related to branches and staff rather than technology. It emphasizes the necessity for banks to adapt by investing in technology and social engagement to remain competitive in a rapidly evolving digital landscape. Key recommendations for transformation include being personal, transparent, proactive, and utilizing modern technology for improved customer interactions.
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The Bank Model Is Dead
- 1. Reinventing Financial Models: Revenue Mix, Pricing, Distribution Chris Skinner www.thefinanser.com
- 2. The current banking modelis dead 80% of operational costs are in branches and staff It should be in technology
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- 17. Facebook from 100to 200 million users in less than eight months March 2009: YouTube reaches 100m monthly viewers Twitter yearly growth rate: 1382% May 2009: 742m people worldwide access a social networking website
- 30. 150 bank channelsin 25 countries
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- 40. Content is dead… … context is all
- 47. 684 Financial Institutionson Twitter in September 2009 (compared to 54 in March) in 38 Countries with 225,000 Followers http://www.clanglois.blogs.com/internet_banking/blog_index.html
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- 78. Population of Earth: 6,676,120,288 Internet Users, Q2 2008: 1,463,632,361 Internet Users, Q4 2000: 360,985,492 Mobile Users, Q2 2008: 3, 352,237,974
- 79. Population of Earth: 6,676,120,288 Internet Users, Q2 2008: 1,463,632,361 Internet Users, Q4 2000: 360,985,492 Mobile Users, Q2 2008: 3, 352,237,974
- 80. The current banking modelis dead 80% of operational costs are in branches and staff It should be in technology
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- 84. 2000 $800,000 Meetings Mailing 40 UK 10,000 people 8 Ireland Twice weekly 6 CEE $300,000 $150,000 Newsletter Brochures 10,000+ 1,000 people daily Annual update Text only Website $100,000 Non-interactive $150,000 Custom-build $100,000 85
- 85. Today Free Meetings Mailing 40 UK 10,000 people 8 Ireland Twice weekly 6 CEE Free $150,000 Newsletter Brochures 10,000+ 1,000 people daily Annual update Multimedia Website $149 Non-interactive Gone Custom-build $10,000 86
- 86. “We can moveinto a new country with credit cards with an investment of $1-$2 million, mainly on marketing, because we don’t have to build all that infrastructure.” Case Study: http://thefinanser.co.uk/fsclub/2008/12/-hsbc-banking-on-the-network.html
- 87. Summary • Be there • Be personal • Be everywhere • Be social • Be predictive • Be integrated • Be proactive • Be open • Be reactive • Be transparent • Be 24*7 • Be honest Don’t be constrained by legacy (systems, thinking, people)
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- 89. Reinventing Financial Models: Revenue Mix, Pricing, Distribution Chris Skinner www.thefinanser.com