Your Phone is Now Your Bank: Are You Ready for Disruptive Innovation?

In his book Bank 3.0, Brett King explains that the mobile phone, in conjunction with the internet, is causing a shift in bank practices and distribution models like nothing that has come before. Traditional models of delivering goods and services through branch offices will soon be replaced by a highly mobile, portable banking world. Banks that fail to adapt and use digital technologies to facilitate seamless mobile financial transactions will be replaced by industry outsiders that have no investments in branch assets. To prepare for change of this magnitude in the industry, businesses should stop resisting social media, examine their assumptions and expand their data sources.