Ethan Li

Project Manager

December 4, 2015

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Bank 3.0 : What’s the Holdup?

Challenges bank might face to hold back technology innovation

businesswoman hand holding a phone with mobile wallet onlain sho

Nowadays people are getting used to use bank service via all kinds of digital channels, such as online websites or apps. Bank 3.0 is an inevitable trend as the evolving of technological advancements. Instead of walking into a physical bank branch, waiting in a long line to open an account or deposit money, consumers use banking services much like they shop online. From bank management’s perspective, moving toward digital services could also help to branch out touch points of reaching more customers but reducing operating costs.

However, what are the constraints to hold back the innovation of bank 3.0? Following are some unspoken challenges:

  1. High IT security requirements: The requirement of accurate financial numbers, near real-time system updating frequency, and high firewall security in banking industry is much higher than other businesses. Bank IT departments tend to be very cautious of any new upgrade within its current operating system. They will ask for formal documentation to thoroughly understand technical details before rolling out to the organization, which will help reduce unexpected “surprise” and ensure compatibility with existing technology after implementation.
  2. Paradigm shift in mindset: Besides technical issues, the mindset of some managers remains traditional. Some are unwilling to embrace the digital banking concept. It’s difficult to transform the whole organization immediately. Evangelizing the old schools gently about the new trend could be the best way to convert people.
  3. Organizational politics: It’s never easy for an enterprise to develop new processes across multiple divisions without a long painful transition. The larger the organization is, the tougher the change would be. Therefore, how to implement the new technology smoothly is truly a leadership challenge internally that solution providers could do little as an outsider.
Ethan Li

Project Manager

April 23, 2015

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Leverage the Best of O2O Retailing to Win Customers

Deliver the Omni-channel, consistent shopping experience

Starbucks,_Westport,_CT_06880_USA_-_Feb_2013

With the smartphone penetration rate rising, the customer shopping behavior in retail market has changed dramatically and impacted the traditional business model. According to a survey on online retail market in UK, mobile commerce has increased 254% between 2010 and 2011, and risen by a further 300% between 2011 and 2012. 69% of tablet owners make a purchase on their devices every month. The trend happens in emerging markets right now. Consumers have gradually adopted the new Omni-Channel shopping approaches, such as ordering from online shopping websites or App portals.

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Joshua Roberts

Creative Director

October 23, 2013

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Tmall Shopping Spree

China's e-commerce store to offer US$48.4 million in gift coupons.

tmall-china-online-store

Tmall, the B2C unit under China’s largest e-commerce company Alibaba Group, yesterday said it will offer 300 million Yuan (US$48.4 million) worth of cash vouchers and encourage consumers to share gift coupons with friends to allow more participants at its annual shopping spree on November 11. Read the rest of this entry »

Kuni Ding

Project Specialist

August 8, 2013

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3 Things Driving New Competition For Retailers

How the competitive landscape has changed over time.

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Porter’s Five Forces would definitely ring a bell to any business school student who has taken entry-level management classes. The Five Forces analysis was created by Michael Porter and The Monitor Group, the consulting company founded by Michael Porter which filed for bankruptcy in 2012. Read the rest of this entry »

Sam Ho

SVP, Data Intelligence

August 1, 2013

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3 Reasons Online Shopping Won’t Kill Brick ‘n Mortar

Why in-store shopping might actually be the future of retail.

3 reasons on-line wont kill retail

It’s all the buzz these days. Watch your social feed on Twitter or LinkedIn and you’ll see it eventually.  Headlines foretelling the rise of internet shopping through use of mobile devices. These conversations often predict grim futures for traditional brick-and-mortar retail shops which has many retailers spiraling into “strategy panic” as they frantically consider their next moves. Read the rest of this entry »

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