Bank 4.0: Banking Everywhere, Never at a Bank

by Brett King

It is pretty clear that if you are a bank targeting millennials, your primary interface day to day for nurturing that relationship is your mobile app, and you had better offer streamlined account opening online and via mobile, without the requirement for a face-to-face visit to the branch or a signature card. If you can’t, you have definitely already lost business—whether you assert that you still have millennial customers using your branch today or not. Statistically, there is no other conclusion to reach. There are definitely millennials who came to your webpage, saw they’d have to visit a branch to open an account, and simply moved on when it came to deciding which bank they’d choose. For post-millennials, the problem will be even more acute. Generation Z are growing up in a mobile, ubiquitous technology world. Not just internet access through a computer, but they will grow up with computers you talk to; supercomputers you carry in your pocket, gaming consoles, digital video cameras and the nexus of much of their social interactions; computers that recognise them by their face and voice; computers that predict their needs and behaviours, that monitor their health, and that are even a daily companion.