Social Banking is Upon Us
By Mark Cameron
The new bank has a mantra of “no paper, no plastic, no hidden fees.” It means that they are placing mobile banking at the centre of their customer experience. The owners of Movenbank see the adoption of mobile payment systems—they use Near Field Communication (NFC)—as an opportunity to change the way banking is done. NFC uptake is currently focused on New York and San Francisco, but this technology is likely to be quickly and broadly adopted. Movenbank is developing a future where the bricks and mortar model of banking is a thing of the past. As the bank’s Chief Mobile Officer said in a presentation in Singapore, Movenbank’s customers can be “always banking, never at a bank” (see the presentation here).
It won’t be long before this kind of model is rolled out in Australia, probably by one of the major banks (which have been early adopters of online and mobile banking), but possibly a new entrant to the market. The time seems right. The digital natives are now becoming decision makers and business owners, and the idea of ‘digital and new’ is capturing the market’s imagination.
The global financial crisis has placed a lot of stress on retail bank customers over the last few years. They will be amenable to a disruption that delivers them a better way to manage their affairs and a higher quality service.
Mark Cameron is CEO and lead strategist of social media conversion and commercialization agency Working Three. While his agency is based in Melbourne, Australia, he works for some of the world’s most innovative and forward-thinking brands. As a regular speaker and writer on social media and digital strategy, Mark stays focused on customers and outcomes, not the technology, leading to simple strategic conclusions.