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Great quotes! They really reveal the interesting conversations going on in the industry these days. One in particular invites a little push back.
Don Musso’s contention that “Once mobile banking really hits the industry, brick and mortar will be like Blockbuster Video stores” is the kind of statement that gets your attention; but is not really supported by current and projected trends in consumer behavior.
At the present time, research shows that mobile channels serve to reinforce older delivery channels rather than replace them. Of course with mobile banking users estimated to grow to 86 million by 2015, mobile will continue to shape consumer behaviors and their expectations of their financial institutions. So brick and mortar must continue to evolve to stay in alignment with consumer behaviors – but to say it is on the same trajectory as Blockbuster Video is a bit of an overstatement.
Not only must brick and mortar continue to evolve, but so must the bankers that inhabit them. As Dave Martin of NCBS recently noted, “the same technologies that may make branches less relevant to customers also allow us to expand the potential territories of the bankers who call those same branches their base. Regardless of what the branches of the future look like, the ‘banker of the future’ will almost assuredly be the human interface of an online operation.”
Thanks for the comment. I agree that any comparison between banking and Blockbuster is hyperbole, although I’ve seen a number of consultants make that analogy lately (e.g., “innovate or die like Blockbuster.”)
Gen Y does not want cool, I agree. Gen Y can see straight through marketing aimed directly at them. Banks and Credit Unions should focus on branding that is overall attractive to Gen Y, rather than creating a sub-brand that is Gen Y targeted.
I don’t need to see my bank trying to act cool. Leave that to MTV.
Thanks Jeffry – Ah well, I supposed we all use a little hyperbole from time to time. And I know that, based on Don’s work, he is aware of the points I raised. Your Notably Quotable blog just gave us an opportunity to discuss the topic! Keep up the great work.
Some interesting comments here..
Like any medium before it.. It is the effectiveness of the campaign that is valuable and not the platform on which the campaign is launched and while social media is potentially extremely valuable for the brands that use it correctly it is certainly not, in my humble opinion, the death of any brand that chooses not to engage in it.
Only time will tell though and watching things unfold is certainly interesting !
I completely agree that Gen Y doesn’t want a bank to be cool. But that’s not really the point of these pulled quotes is it?
Moreover, these quotes represent a troubling trend in the industry.
Being out of touch. Not recognizing the value of social media. Being shortsighted about relationship building.
Yes, Gen Y doesn’t want a bank to be cool. What they want is a bank to be useful. Helpful. Utilitarian to their financial needs.
And this can and should be done with social media.
You need to start realizing that Facebook isn’t just another site on the internet, but rather Facebook is becoming the internet.
Facebook/Twitter/Any SMN isn’t just about being cool. That’s not why over 500mm people use ‘em.
And that quote about BlockBuster… hate to break it to ya, but it’s true.
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