Mobilize Your Retail Banking to Make It Truly Wonderful

It’s always around this time of year when I start to think about “It’s a Wonderful Life” — one of the greatest films ever made and my personal guilty holiday pleasure. I don’t remember how old I was when I first saw it, but from the very first watchings I understood that George Bailey cared about people, and Mr. Potter — the evil villain and head of Potter’s Bank, not the young boy wizard most Millennials know — didn’t much care for anyone but himself.
It might be an odd leap into digital disruption in retail banking, but if he were around today, I’d tell Mr. Potter that if he doesn’t start listening to his customers, he’s not going to last very long.Mr. Potter
The reality is that retail banks like Mr. Potter’s have been slow to adapt to a new mobile consumer. And consumers, especially Millennials, continue to raise demands and expectations on banks to move more quickly.
The pressure to transform is very real: Recent reports show that nearly half of those who say the banking experience needs improvement are under 35 years old. What’s more, 55 percent of consumers say they would consider banking with tech giants — like Facebook, Apple or Google — over traditional banks for the convenience and ease-of-use they believe they would offer.
However, all is not lost for Mr. Potter (and I can’t believe I’m helping him out) as retail banks can successfully leverage next-generation technology to develop new customer experiences, and compete with the likes of Google, Apple and Facebook, even as they more aggressively enter the banking industry.
Below are some new ideas and examples to help Mr. Potter mobilize and transform his demanding customers’ experiences in new and digitally forward ways.