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Bank 2.0 by Brett King

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Customer Empowerment

These changes, both in regard to psychology and consumer adoption cycles, have empowered and liberated customers, but represent a real threat to industry. As Evans and Wurster discussed in their book Blown to Bits (Wurster, 2000), the threat for traditional intermediaries in particular, is that their business faces potential deconstruction if they cannot encapsulate their place in the value chain in new ways by utilising technology and innovation. This is increasingly why traditional intermediaries such as travel agents and stock brokers are facing an impossible task to maintain margins and restrict churn11 or loss.
Online stock trading, first embraced by Charles Schwab and the likes of E*Trade, was phenomenally successful ...

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