What Are The Future Forces of Banking? [Survey]

Future of Banking graphic - Cartoon of banker staring into the future

We could use your help in spending five minutes to complete this quick survey (HERE) so that we can collect your opinion regarding the future of banking. In exchange, we will not only be eternally grateful, but you will be the first to receive the survey results as well as a presentation on the future forces of banking. CenterState Bank, in partnership with CS Consulting Group, is interested to find out your thoughts about the future of the economy, bank competition, branching changes, technology and bank performance. Your individual results and contact information will be kept private and we will only make the aggregated results public.


More Mobile


For the past 20 years, banking meant branches, person-to-person meetings and online access. Mobile will end all that. Smartphones are cheaper, more ubiquitous and more capable than computers. Mobile banking provides banks with more information to customize the bank experience for the customer, is safer (it can be geofenced, bio-authenticated, is unique, etc.) and creates less friction. You might be away from your computer, but you are rarely, if ever away from your phone.


Less Call Centers And Email


When you are on your phone, email becomes less important, thus banks are evolving to more texting, social media, messaging apps and photo messaging apps. Bank call centers must now adapt. While your current customer set might not agree, email and phone usage are now the least used channels for those under 26 years of age.


More Visual


Now that smartphones abound, digital photos have become one of the main mediums for communication. Consider that for the first six months of 2015, more photos were taken on phones than in the history of film in its totality. Banking has always been word-heavy and now must change. More pictures of customer engagement, more graphics and more interactive dashboards. Do you doubt us? Try this - have one of your friendly staff use Snapchat or send a selfie via text with the requested information and watch the response you get. Your customer service scores will go up. Human’s like putting a name with a face and mobile easily allows that.




Banks need to rethink their entire geographical community business model. By leveraging technology, banks can now spread costs over many more customers. A good branch might serve 2,500 customers while average technology can service 150,000+. Every analyst that criticizes Amazon for not consistently producing profits doesn’t get it.  Amazon, compared to Walmart, has been around half the time, has just 7% of Walmart’s employees, carries 60x the number of products and has 2.5x more customers. Amazon is growing revenues at 20% clip per annum versus Walmart’s 2%. With that scale and revenue growth, wouldn’t you invest every spare dime in expansion? We will also add that 60% of Amazon sales come through their phone. Recent YouGov, Harris Interactive and several other polls rank Amazon as one of the most highly rated service companies in America with one of the best reputations. Walmart isn’t in the top 25 in most of those polls. You can say your bank needs to look the customer in the eye to deliver superior service, but Amazon, Zappos and others prove that good service needs to be leveraged through technology.


Banks need to find ways to spread their great service over a wider geographical area in order to increase their scale. “Community” needs to be redefined. Every rural bank needs to rethink their strategy about how to stay relevant in ten years. We have just discussed just some of the many changes that we believe are coming to banking.


Your Turn


Books are not going away, but paper books are. The gasoline engine isn’t going away, but Tesla has made it so it won’t be a growth industry in the next coming decade. Nurseries have survived very nicely without a change in their business model over the past 100 years. The question is - what will banking do? We ask a small set of questions in order to figure out what is ahead for next year and the next ten years. Answer what you can and gain the collective knowledge of some of the best bankers on the face of this earth.


Please give us five minutes of your time and the value of your intellect by going HERE.  We will cut off the results at the close of Thursday, midnight ET. We thank you in advance.