Tuesday, 3 August 2010

from Metro to Retro Bank?

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Banking is fascinating sector to watch these days and it will be the canny marketer who rightly predicts its direction. Disgruntled of, well, worldwide is a multi-faceted consumer, who is fast recognising domestic banking to be a staple like bread or potatoes: consumers should not have to shop around to avoid the fiscal equivalent of food poisoning...

However, increasingly cashless we shall go, as amply demonstrated by this app for depositing cheques electronically which was brought out by JP Morgan Chase last month. Indeed, whilst Metro Bank sat pretty on its high profile launch in London last week, mobile banking continues to crack on apace and one could be forgiven for thinking investments in prime high street locations a little old school.

Perhaps not? From this tweet via @Geezeo on 21st July, it would seem that: “70% of customers surveyed didn’t know the name of anyone at their bank…” (source: @SapientNitro Customer Survey June 2010).

The intangible qualities of any service are what differentiate it from the competition, yet the financial services sector seems to have forgotten this of late, with everybody doing the automation. Watch out for those fickle consumers we say, for there is no substitute for people power and thankfully, there ain't an app for that!

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