How's your credit union's branch faring these days? Well, it may not be there for long. That's according to best selling author of Bank 2.0, Brett King, who says the traditional branch we see today may be on its way out. We wanted to know more so we invited Brett on the show to explain his prediction, which happens to be laid out in detail in his new book -- Branch Today, Gone Tomorrow: The Case for the Death of Branch Banking. The primary reason, Brett points out, is the advent of technology coupled by consumers' changing behavior, which causes "friction" with today's rigid banking processes and procedures. He provides plenty of historical examples of changing consumer behavior killing companies that didn't adapt in time and sees the FI branch headed down the same road.
This is only the tip of the iceberg in Part 1 of our fascinating discussion with Brett, who also is Founder/Owner of the first mobile-centric, cardless and branchless bank,Movenbank. We get into this discussion in Part 2 next week, so stay tuned!
For now, we are very grateful that Brett took time from his busy schedule to share his many thought-provoking insights on today's financial services world. Enjoy -- and don't forget to check out the book!
What you'll learn...
1. Your new book is out and it's entitled: Branch Today, Gone Tomorrow. Can you give us a quick overview?
2. Do you think credit unions are on the same road as banks in regards to branches becoming obsolete?
3. In the book you give a number of examples of technology advancements and consumer behavior killing companies and relating them to the branches' looming demise. Can you provide with a couple?
4. You call consumer behavior the killer app. Why?
5. You talk about Moore's Law in the book. How does it relate to branches becoming history?
6. One of the more compelling chapters for me was the one on Steve Jobs and Apple's influence over the financial industry. Can you explain what you mean by Apple's "detaching banking from the bank"?
7. In the book you talk about friction and your saying, "Friction kills advocacy." What does this mean?
8. You mention the single biggest reason for branch decline is ... what is it?
9. Overall, what do you want the reader to take away from your book?
Branch Today, Gone Tomorrow
Brett King @ TED -- Bank 2.0: Modality Shift
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.