Bank 2.0, Bank 3.0 or Bank No.O?

by Mark Arnold

I recently had the opportunity to interview Brett King, author of Bank 2.0 andBank 3.0 and founder/chairman of Movenbank. We covered a wide range of topics, part of which we explored in the post Banking & Branching Changing Forever. Below are King’s insights into a myriad of relevant subjects for financial institutions.

(1)        What is premise of Bank 2.0 vs. Bank 3.0?

Bank 2.0 is about consumer behavior changing (our interface has to change).Bank 3.0 merged into a book about how the distribution layer of banking is fundamentally changing. The subtitle is “banking is no longer a place you go; it’s a thing you do.”

(2)        What are three things financial institutions must do to stay relevant?

First, they must enable the community digitally. Secondly, they must maintain close dialogue with consumers (social media is great for this). Third, they must collaborate and cooperate (we are not on an island anymore).

(3)        How are pre-paid debit cards going to change payment systems?

Ron Shevlin coined a phrase called the “de-banked.” Prepaid cards will get combined with mobile wallets, which will optimize their utility. The industry is built on signature and that is going to have to change quickly. Signature has no value in the new eco-system.

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