How collaborative consumerization is impacting the Future of Banking

24 Jun 2015

During recent years Thinque has worked for a number of clients within finance and banking. I personally believe it's a mesmerizing industry where a lot of creative financial technology startups and technology giants like Apple, Google and Amazon are challenging traditional banks. For more insight and inspiration into how you can be a thought leader within your industry read this interview blog post with Matt Janssen one of our blog readers and clients. Today's video blog post, however is about how the collaborative consumerization of technology will impact banking in the future - both B2B and B2C.

The technology we like to use socially is now making a move into the corporate space which means that business to business clients are no longer wanting to fly and pay in business class, but have an economy class experience.

They don't want to trade superior social technology for worse corporate interfaces when they do their banking and this is the argument that these technology trends are not just consumer trends, but through consumerization they are also highly relevant for businesses in B2B banking.

We are not just digitizing our minds, our minds are also increasingly mobilizing. Let me share some quick research about how we think about our money when we listen to our gut feel. The Australian Bureau of Statistics and the Australian Productivity Commission who conducted the study asked the research participants "how much money do you spend on XYZ in your household". Then they audited what people actually spent. So for example when people said they spent $100 on transport, the real audited amount was $104, but it gets more worrying, see the graph above. When we say we spend a $100 on the pub last night, we actually spend $158. And finally when we say we spend $100 on gambling, we actually spend $735. So when we listen to our gut instinct in the context of money and as consumers we suck.

This is why Mobilized Real-Time Data for your clients in beautiful interfaces are going to be key in the future. Or as the banking world calls it PFM - or Personal Financial Management.

The consumer of tomorrow is expecting better digitization and visualization of our finance and our daily lives. We know that seamless technologies are coming in over the top and disrupting higly regulated industries like the taxi industry. You have probably all heard of how Uber is disrupting the taxi industry. They offer their customers a beautiful interface in real-time and on-demand and therein helping their costumers to make smarter decisions.

Through mobile interfaces and mobile user experiences our customers, be they B2B or B2C can start making smarter decisions that are financially empowering them into the future. This is my and Thinque's future insights into how collaborative consumerization will shape the future of banking. Check out the video to get a real-time insight from one of our banking client's recent Nordic leadership conferences.

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