A bank so appreciated that we don't even notice it's presence

The New Bank
With initiatives to set up banking services such as Google Wallet, Movenbank, Crowd Funding etc. we now have a Dutch initiative which appears to be specific. Aegon's initiative, now known under the concept name "Bank of Tomorrow" in 2012 seems to be born. I am very curious which values ​​will be affected in the Aegon promising concept.


The current Banks' image
70% of Dutch adult consumers are not positive about banks. Amongst youngsters this number only shows 17% (source: GFK Market Into commissioned by ASN Bank in Holland).

The top 3 bank valuation elements:

1. Simplicity in online payment (70%)
2. One address for all financial products and services (41%)
3. Confidence (39%)

The valuation norms mentioned above are indicated by the current bank customers. These clients answer questions from their current frame of reference; the current image of a bank, the building, neat bank employees. I mention this because the client's frame of reference will also change as rapidly as the worlds' dynamics. As Einstein answered the student from the exam at University Square after he asked him, "but the professor the questions were exactly the same as last year...?" "Yes my son the questions were the same, but the answers have changed"

Bank of the Future
Many initiatives in the banking industry are based on technological developments and the opportunities it generates. An example is Google Wallet. The factor "confidence" in financial services is often directly associated with the "human" factor. Here, a shift must take place by the trust linking to "technical safety" and "brand trust".

Simplicity should be the driver at technical improvements 
What strikes one first is simplicity. Simplicity is connected to but not identical to operation speed. Simplifying the technology is a KSF. Now new technology to the innovators and early adopters is definitely "hot and kicking", but still too complex in usage for the average consumer. Think of the complexity of a remote control. It is made for convenience but with al those buttons and combinations hard to handle. Apple soon will launche a TV with Siri voice controlling, based on ease and convenience.

The new bank as a supplier or still advisor?
I'm curious if the bank of the future will only offer products and services in the supplier role or still remain the financial advising job in the financial life event planning role. (One address for all financial products and services)

Initiatives based on Mission and Vision?
By the developing technology and new initiatives, the temptation to the "how" organisation focusing is a fact. The distinguishing power of the new bank in my opinion is focus on the "what" identification, so the Mission. Banks are mainly thinking about the end product which the customer declines. Now it is crucial for the new bank to maintain an extra dimension in her thinking and acting. Specificly the process which the customer passes before the purchase or transaction. The new bank has to meet and understand the customer's behavior, public opinion and the new technology. Display the essence of the bank. Acting the mission in public and thereby authentic behavior. That's the reason I replace the term customerfocus for customer-relationship. (Confidence)

Focus
If we add the valuation drivers to some other chances for success for the new bank of the future, we meet the following seven issues:


1. The bank is present and available at moments and places where products and services are needed. This can take place through mobile technology. The bank of the future is not particularly a large building where customers need to go. The services are requested by the customer at location and the bank can "push" services if the customer permits via the LBS technology. The place and time chosen by customers, at home or at POS. The following video gives an interesting impression of the technology and capabilities in mobile banking. But take another look! Why is that lady really into that bank building ....? Only to bump her smartphone to the tablet of the bank employee? :-)

2. Real level of Service (here again, so as in my earlier blogs, the company Zappos once more as a reference)

3. Relationship with connected media. Especially the strength in simplicity and speed of online betting. (Simple online payment)

4. The bank is transparant about the tarifs for products and services.

5. The bank only works with employees who a strong related and convinced abut the Mission statement of the new bank. Because the mission is central to the relationship with the customer.

6. If online replaces the DNA contact, the communication frequency and data sourcing are critical issues. These aspect are not sufficient on target group level but should be at individual customer level. Data Sourcing and usage of social media is a hot but complex subject. 

7. The bank of the future should pursue their own eco-system. In any case, the security of customer data (profiles and data streams) needs strong continuous attention.

It's time
It's time for a bank which is so appreciated that you did not even notice it's presence. The new bank is integrated into our lives. No ties, no bluster, no "save my own ass managers". A bank that operates based on the needs of customers, who can make profits as a normal business. The shape is not so important, the mission and behavior are!
In 1969 it was time, now it's time ....