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Bank 2.0 by Brett King

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5 Web—More than 10 Years Old ... and Still Broken

 

ALTHOUGH the Internet or “Web” has become an essential part of banking and commerce for most consumers in developed economies, the channel itself is still often limited in terms of potential because it is seen primarily as a cost saving mechanism by most retail institutions. There appears to be a widely held belief by many banking executives that while the Internet as a channel may supplement revenue, it is never going to be a serious sales or revenue channel. However, there are various facts that absolutely contradict that assertion, if not now, most certainly in the medium term. So the question is why do some make this assumption?

Many organisations that we’ve spoken to over time have argued ...

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