Hardcore bankers feel they have some regulatory barriers to entry that will stop Google, Amazon and Wallmart eating their lunch. I beg to differ. Remember what Gordon Gekko once said in the Glass-Segal or Big Bang era; “Lunch is for Wimps”, especially so now in a 24 hour data driven bank.
Accenture have published today their report on Digital Disruption in Banking.
– 25% of customers would likely consider a branchless digital bank.
– three-quarters of US customers—two thirds in Canada—consider their banking relationship merely transactional (with no differentiated offering).
– More than half of customers want their bank to proactively recommend products or services.
Using 4,000 retail banking customers in the US and Canada, the customer relationship at traditional banks is susceptible to disruption, despite the fact that in the US nearly 40 percent of customers—64 percent in Canada—have been with their current bank for the past decade or more.