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Bank 2.0 by Brett King

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The Three Phases of BehaviouralDisruption

There are three stages or phases to the disruption occurring within retail financial services (Figure 1.5). Each stage is disruptive enough to be a “game changer”. However, by the time the third phase impacts retail banking around 2015 (or perhaps earlier), the changes will be complete and irreversible.

The first phase occurred with the arrival of the Internet. While many banks denied it at the time of the dot.com bubble, the Internet changed forever the way customers accessed their bank and their money. As we discussed in the psychology of customer behaviour, this gave them control and choice that was not available previously. Suddenly, customers were thrust into an environment where they could access ...

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