Brett King is a futurist, best selling author, award winning speaker and host of a globally recognized radio show. He is also co-founder and CEO of Moven, a New York-based $200m mobile banking startup with over a million users. He is widely regarded as one of the top 5 global influencers in financial services, and his book Augmented was cited by China's President Xi Jinping as recommended reading on artificial intelligence. He advised the Obama administration on the Future of Banking, and has spoken on the future in 50 countries in the last 3 years. Brett focuses on how technology is disrupting business, changing behaviour and influencing society. He has fronted TED conferences, given opening keynotes for Wired, Singularity University’s Exponential Finance, The Economist, SIBOS and many more. He appears as a commentator on CNBC and has appeared regularly on the likes of BBC, ABC, FOX, Bloomberg and more. His radio show, Breaking Banks, began in May 2013. It was the first global show and podcast on FinTech, and has grown to be the most popular with an audience in 140 countries/ 3.6 million listeners.
If you think about the way we have digital banking and web presence structured today, it is actually wrong. Most banks today already have a well developed ‘public’ presence in the form of www site, and a separate ‘secure’ portal as a transaction or services platform “behind the login” – normally called “Internet Banking”. The problem is, that this basic structure is not the optimal configuration for customers, nor for the bank moving forward.
Everyday we’re making choices in the digital and physical worlds between one brand and another. Sometimes we choose a brand because they provide us with great service, but sometimes it’s simply because they provide adequate service and there isn’t really a better option. Mostly the choice of the interaction isn’t about great service at all; it’s about convenience. Generally speaking it’s not because of their products or their so-called services. It might be the way in which they connect me to certain products or services, but it isn’t generally what they produce.
Since the emergence of online banking there has been a fundamental assertion from high-net-worth bankers that their clients aren’t digitally focused, they don’t use social media or mobile banking, and that they prefer to pick up the phone and engage their banker because the nature of their interactions is defined by their wealth – they want the highest-level of service that only comes from engagement through a personal banker.
We’ve been discussing at many organizations what it takes to get innovation done in large businesses with embedded behavior and practices. One side of the coin is obviously the impact of disruptive technology, but the other is purely the issue of innovation management or creating an organization that embraces or assists innovation.
I was in India a few years ago speaking to the Reserve Bank and most of the primary Retail Banks about the impact of mobile and social media on the industry there. The former RBI Governor, Raghuram Rajan, had ruffled some feathers with his unconventional approach but he had his work cut out for him with a very traditional market, with very traditional views.