Brett King is the author of “Bank 2.0”, a futurologist, a banking sector specialist and founder of Movenbank. An author that practises what he preaches. When he wrote Bank 2.0, he was ahead of the curve and with “Bank 3.0” he jumps even further.
Moore’s law, Gilders’ Law and Metcalf’s law
Banking is of particular interest to us (we have a lot of clients in the financial sector), but I think this book is relevant to any industry or business. Brett King takes all the changes in
- customer behaviour
- social media
and explains how that impacts on banking. All these changes are also impacting on your business. Change at a neck breaking speed. Moore’s law. Gilders’ Law and Metcalf’s law (faster, cheaper, smarter combined with network effects) are ensuring an explosive mix of not only a lot of new technology but also ensuring much quicker adoption of new technology by consumers.
Key question 1
How to sync the adoption rate of your clients with your own organisation. Customers don’t care about your million euro legacy system.
Intelligent, non-intrusive permission marketing
Customer service. Digital. Driven by convenience and relevance. Without friction. When and where they want. In context and with an ability to predict, and be precognitive. Preferably on a mobile device and as an app. “New Normal” by Peter Hinssen indeed. With a social media engagement layer on top. Engagement and dialogue as part of the customer service mix are critical. Why? They are talking about you anyway. And engaged clients spend 30% more. Not pursuing a social media strategy will be more expensive than not.
Key question 2
How delightful, frictionless and social media savvy is your customer service?
- By 2015 mobile device will dwarf PCs (you have 2 years left)
- People spend 72 minutes a day on apps
- 2/3 of American sleep with their mobile phone
- Only 4% of people under 18 years old use e-mail
- Every minute 100,000 tweets are generated
- 2011 created 5 exabytes (one exabyte is a billion gigabyte) of unique content
Key question 3
Are you and your organisation ready and digitally competent?
To finish with paraphrases from Bank 3.0.
Bank 3.0 (=Business 3.0) is about change. Change that is inevitable. Change that is speeding up. Change that is extremely disruptive. You may not agree with the predictions. You hopefully agree that consumer behaviour is changed and you are amazed how many people use iPhones, Android devices and tablets. Or how many people are discussing Facebook and Twitter.
Keep talking to your clients. Innovate and experiment. With the current adoption cycles, you can’t afford to wait. Create a team that is both an advocate for customers and enabling advocacy by customers. Create great customer journeys. Give these resources huge support. They are your future.
If you don’t adapt, customers will pass you by at warp speed. Get on board or get out of the way.