Welcome!

Big Data Journal Authors: Kira Makagon, Elizabeth White, Dana Gardner, Liz McMillan, Pat Romanski

Blog Feed Post

Speed, Change and Mobile Banking

I am reading an interesting book titled Bank 3.0 by Brett King.  In this book King discusses the revolution and upcoming demolition of traditional banks in light of mobility.  Here are some interesting numbers from the book:
  • In 1980 - credit cards took 14 days to approve, personal loans 7-14 days, home mortgages 30+ days.
  • In 2008 - credit card were instantly approved, personal loans pre-approved/24 hours, home mortgages 24 hours.
The increase in speed between 1980 and 2008 was primarily the result of the internet evolution and e-commerce.  Now jump forward to 2013, and mobility is the cause of the next increase in tempo.  People with mobile devices want instant access to their personal account information.  They want their business relationships and shopping experiences to be wonderful, convenient, digitized and instant.  

My wife is my guide in this area.  She wants a great mobile app from any company we work with.  She directly associates the brand quality with the mobile app quality.

We are quickly coming up on a time when banks need to completely rethink their purpose and retool.  Many of us receive our paychecks electronically.  We receive and pay our bills electronically.  We use debit and credit cards for most transactions, and checks are nearly obsolete.  This is the digitization of banking.  The less cash we use, the less need for ATMs, and the less need for bank buildings. 

Our mobile banking apps become our bank, and banking is a service that is offered by our mobile apps.  Research shows we access our banking information many times more in a year via a mobile app than through our bank branch.  The unstoppable trend is already here.  

King points out in his book, that once banking becomes "unhinged" from a physical building, banking becomes a "thing" that can be offered by many different kinds of companies.  Suddenly banks find themselves competing with a new and massive number of different companies offering a variety of traditionally bank only services.

Traditional banks need to immediately understand the mobile app is the new bank, and services will include mobile banking, mobile payments, e-wallets, financial services, advice, social interactions, guidance, gamification of our financial plans, Big Data comparisons with others in our demographic etc. Competition will come from companies far outside of traditional banking circles.
*************************************************************
Kevin Benedict, Head Analyst for SMAC, Cognizant
Read The Future of Work
Follow me on Twitter @krbenedict
Join the Linkedin Group Strategic Enterprise Mobility
Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and SMAC analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.

Read the original blog entry...

More Stories By Kevin Benedict

Kevin Benedict is the Senior Analyst for Digital Transformation at Cognizant, a writer, speaker and SAP Mentor Alumnus. Follow him on Twitter @krbenedict. He is a popular speaker around the world on the topic of digital transformation and enterprise mobility. He maintains a busy schedule researching, writing and speaking at events in North America, Asia and Europe. He has over 25 years of experience working in the enterprise IT solutions industry.

Latest Stories from Big Data Journal
Software is eating the world. Companies that were not previously in the technology space now find themselves competing with Google and Amazon on speed of innovation. As the innovation cycle accelerates, companies must embrace rapid and constant change to both applications and their infrastructure, and find a way to deliver speed and agility of development without sacrificing reliability or efficiency of operations. In her keynote DevOps Summit, Victoria Livschitz, CEO of Qubell, will discuss ho...
For the last hundred years, the desk phone has been a staple of every business. The landline has been a lifeline to customers and colleagues as the primary means of communication – even as email threatened to render the telephone obsolete. For some purposes, like conference calling, there was simply no substitute. That is, until a few years ago. With all due respect and apologies to Mr. Alexander Graham Bell, the desk phone is becoming just one solution, out of many devices, used for the modern...
The emergence of cloud computing and Big Data warrants a greater role for the PMO to successfully manage enterprise transformation driven by these powerful trends. As the adoption of cloud-based services continues to grow, a governance model is needed to orchestrate enterprise cloud implementations and harness the power of Big Data analytics. In his session at 15th Cloud Expo, Mahesh Singh, President of BigData, Inc., to discuss how the Enterprise PMO takes center stage not only in developing th...
The Open Group and BriefingsDirect recently assembled a distinguished panel at The Open Group Boston Conference 2014 to explore the practical implications and limits of the Internet of Things. This so-called Internet of Things means more data, more cloud connectivity and management, and an additional tier of “things” that are going to be part of the mobile edge -- and extending that mobile edge ever deeper into even our own bodies. Yet the Internet of Things is more than the “things” – it me...
Come learn about what you need to consider when moving your data to the cloud. In her session at 15th Cloud Expo, Skyla Loomis, a Program Director of Cloudant Development at Cloudant, will discuss the security, performance, and operational implications of keeping your data on premise, moving it to the cloud, or taking a hybrid approach. She will use real customer examples to illustrate the tradeoffs, key decision points, and how to be successful with a cloud or hybrid cloud solution.
In today's application economy, enterprise organizations realize that it's their applications that are the heart and soul of their business. If their application users have a bad experience, their revenue and reputation are at stake. In his session at 15th Cloud Expo, Anand Akela, Senior Director of Product Marketing for Application Performance Management at CA Technologies, will discuss how a user-centric Application Performance Management solution can help inspire your users with every appli...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With “smart” appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user’s habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps,...
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed wi...
Goodness there is a lot of talk about cloud computing. This ‘talk and chatter’ is part of the problem, i.e., we look at it, we prod it and we might even test it out – but do we get down to practical implementation, deployment and (if you happen to be a fan of the term) actual cloud ‘rollout’ today? Cloud offers the promise of a new era they say – and a new style of IT at that. But this again is the problem and we know that cloud can only deliver on the promises it makes if it is part of a well...
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, B...