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Why not a “banker on call” app? “Uberize” business banking to maximize service By Pierre Naudé

“H

ere we go again,” says anyone who follows the long-running debate about the future of the bank branch. It seems as if the future should be here by now. Maybe it is. The answer comes in two parts: retail and business banking. In retail banking, online and mobile channels can and will suffice for 99% of interaction required by the bank. Portal development, more sophisticated websites, and electronic handling of documents and signatures will contribute to this. Therefore, the branch footprint can shrink significantly. In business bank ing, the “ banker on demand” concept comes into play. H ig h-ne t-wor t h sm a l l bu si ne s s or business-lending customers represent significant value to the bank. Rather than pushing these customers toward interaction in the branch, why not visit them in their business or at a coffee shop? Instead of having a network of physica l branches that (most) customers loathe visiting, why not provide them with an app they can open on a tablet and see where bank cars—coded for different specialties—are in their area, and then simply request one? Why can’t we integrate this ease-of-use

concept into banking? If customers need a banker to sign a document; need a wealth manager; need to take out a business loan; or to deposit large amounts of cash, why not order a banker or cash collection ser vice, much like we call upon Uber? That company is evolving the way the world moves by seamlessly connecting riders to drivers—and now services—through its platform. Here is my challenge to the marketplace: Start planning today for a new wholesale and retail strategy. Your retail strateg y needs to start maximizing electronic interaction and transparency across the omnichannel and ensure millennials want to bank with you—they are tomorrow’s customers.

For your wholesale strateg y, think about the best way to prov ide your customers with personal services—commercial lending, wealth management, and cash collections—that are available at the tip of their fingers. Banks need to return to the days of the “doctor on call,” ensuring that they are able to meet with customers on an as-needed basis. And they need to do this in a 21st century way that leverages technology to make the service more efficient, cost effective, and convenient for banks and their customers. Pierre Naudé is CEO of bank technology company nCino. A longer version of this article appears online at http:// tinyurl.com/bankeroncall

Passwords becoming passé Usernames, too, as folks open up to alternatives

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ignaling a potential change in a long-standing, widespread practice, consumers are interested in alternatives to usernames and passwords to protect online security. New research from Accenture, based on a survey of 24,000 consumers across six continents, reveals that 60% f ind usernames and passwords cumbersome. Most (77%) would try something new. “The widespread practice of typing usernames and passwords to log on to the internet might soon become obsolete,” says Robin Murdoch, managing 12

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director of Accenture’s internet and social business segment. “Consumers are increasingly frustrated with these traditional methods, because they are becoming less reliable.” Research reveals that openness to alternatives is pervasive in countries in many parts of the world, with consumers in China and India most likely to be open to alternatives, at 92% and 84%, respectively. In the United States, 74% also are willing to consider other methods. “As hackers use more sophisticated and less obvious methods, passwords are

no longer seen as the definitive answers to the security question,” Murdoch says. “Traditional one-step passwords are now being matched with alternative methods using biometric technologies, such as fingerprint recognition and two-step device verification. Within the next few years, we are likely to see many more consumers embracing these and other alternatives.”

Profile for Banking Exchange

September 2015 Banking Exchange  

An information resource for commercial and savings bank managers and executives. Website, print publication, e-newsletters and conferences f...

September 2015 Banking Exchange  

An information resource for commercial and savings bank managers and executives. Website, print publication, e-newsletters and conferences f...

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