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Banks Must Innovate or Die
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
lfb.org / By Douglas French / April 13, 2013
Change is inevitable. Conditions are never frozen in time. As the clock and calendar move forward, people and organizations must adapt to different circumstances. Human thought and creativity is constantly exploring ways to make our lives better. The fruits of technology change our expectations and our demands.
The market is spectacular at adapting to people’s wants and desires. The government, and entities protected by government, not so much. Government attempts to stop time and progress.
Even in a business like banking, heavily protected and subsidized by government and regulation, competition and consumer tastes force changes to a business that, while hated by many, is patronized by the majority of Americans.
Bankers are not known for innovation. For example, In the wake of the 2008 financial crisis, ex-Fed Chair Paul Volcker famously quipped, “the most important financial innovation that I have seen the past 20 years is the automatic teller machine (ATM). That really helps people and prevents visits to the bank and is a real convenience.”
As ATMs evolved, open 24 hours a day, 365 days a year (the situation in Cyprus notwithstanding), these machines became the only bank many people ever need to visit. No employees required. Additionally, in October 1994 online banking was born in the U.S. and over time more and more customers began to do their banking using clicks instead of visiting sticks-and-bricks. Now customers can do their banking on their mobile phones.
Thanks to BrotherJohnF
2013-04-14 15:46:27
Source: http://silveristhenew.com/2013/04/14/banks-must-innovate-or-die/
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