From this side of the Atlantic, the European Union (EU) can seem like a weird thing—most of us aren’t exactly sure when it started, how far it stretches or even what it exactly is. What we do know is that it’s a case study in constant evolution: It dates back to at least the ’50s, when six nations formed the European Coal and Steel Community and, later, the European Economic Community. However, the current European Union actually takes its name and primary structure from the Maastricht Treaty of 1993. The monetary union, the source of the Euro, was born in 1999; the constitutional basis for the EU, the Treaty of Lisbon, arrived 10 years later; and countries are still joining (Croatia became a member only last year).
The day when people leave their wallets at home and use their phones or tablets for all their financial transactions is on the horizon. What the founders of many FinTech companies are pondering, is just when people will reach this horizon and what will get them there. The answer to the latter part of the question, in my opinion, is mobile point of sale (mPOS) Technology.
Everyone in our industry acknowledges banks need to be different, and we’ve explored numerous initiatives on Banking.com, from video transactions to teller pods and community rooms. But how about serving up a cocktail with your account statement?
That’s one way to look at St. Petersburg, Fla.-based C1 Bank’s new branch in Miami’s Wynwood district. Sure, it’s got all the amenities every branch needs, but be prepared for the teller desk to become a bar, and a fully stocked kitchen ready to accommodate a sizeable party of movers and shakers. In fact, the location actually doubles as an event space.
“One of our problems is our long-term employees”, said a banker to me. I have heard this so often that it probably applies to a significant percentage of Jeff For Banks readers. In an era of unprecedented industry change, if your employees embrace change like a cat embraces water, you might have a Problem.
In my life, I have experience in two industries: banking and the US military. Well, I’ve also been in the newspaper business (paper boy), a top chef (Mickey Dee’s), gasoline distribution (Hess boy), and food service (college caf worker). But I wouldn’t exactly call a job designed to earn beer money or to bolster my eight track tape collection experiences worth reflecting on. Note the paper boy gig was not for beer money.
Today’s world of instant gratification is driving a paradigm shift of customer service for financial institutions, where expectations are formed by firms like Apple, Zappos, Disney and Southwest Airlines.
Consumer expectations are being formed by service experiences outside of the financial services industry, where content, interactions, and features are rich, delivering an engaging and rewarding experience.
We are experiencing a customer service paradigm shift. Unlike any other time in history, today’s informed consumer is in the driver’s seat and holds the power to buy or not buy from a business depending on their experience with a product or service. Consumer expectations are shaped by the customer service they encounter across all industries, and they are accustomed to intuitive and easy to use products, positive human and virtual interactions, and getting what they want when they want it.
Today’s banking and credit union customer is hyper-connected, highly informed and demanding a highly personalized approach with regards to communication, product development and customer service. These customers cannot be defined by a specific age or income category or geographic parameter, but by their ability (and desire) to adopt and apply new technologies to meet their banking needs.
Say “Hello” to Customer 3.0.
It’s not that hard to train to someone to be risk-averse; even monkeys can be trained not to chase after rewards and benefits, Mick Simonelli, principal at Simonelli Innovation, said yesterday during a presentation at Celent’s Innovation and Insight Day in New York.
A step-by-step test to understand how your organization can become more innovative.