Digital Bank, Chris Skinner
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Chris Skinner

Digital Bank

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389 printed pages
Digital Bank tracks the innovations in banking and how the mobile internet is changing the dynamics of consumer and corporate relationships with their banks. The implication is that banks must become digitised, and that is a challenge as becoming a Digital Bank demands new services focused upon 21st-century technologies. Digital Bank not only includes extensive guidance and background on the digital revolution in banking, but also in-depth analysis of the activities of incumbent banks such as Barclays in the UK and mBank in Poland, as well as new start-ups such as Metro Bank and disruptive new models of banking such as FIDOR Bank in Germany. Add on to these a comprehensive sprinkling of completely new models of finance, such as Zopa and Bitcoin, and you can see that this book is a must-have for anyone involved in the future of business, commerce and banking.
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They designed their operations specifically on the basis of being remote but want you to feel a relationship with their brands by the amazing service you receive. Their remote services are designed to be as simple, easy and convenient as possible, and when you need to talk to someone, the someone you talk to is amazingly impressive. They are customer focused and engaged, and deal with you as a human and not an account number. They work without scripts and think on their feet, and on their handset. That is why these financial providers consistently get stratospheric customer service results.
How would you build today’s bank if digital networking is its foundation, and call centre, Internet, mobile and the branch are just the cream on the top of the cake? Where would you build branches, and how would you build them, if the branches are ancillary and perfunctory to the electronic foundations? Who would you employ, and how would you employ them, if the core differentiation of the bank is its digital base rather than its branch structure?
The key problem for retail banks right now is that they don’t capture revenue effectively through mobile, web, tablet and other channels like most other industries. While there is a role for the branch moving forward as Chris points out, the bias that exists in serving and selling to a customer through the branch is still alive and well. That distribution channel is hopelessly inefficient and overburdened with a ton of process and complexity that simply adds to the cost structure. However, there is strong defensibility of that model because there’s no commitment to alternative revenue streams.

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