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Archive for November, 2014

According to American Banker, last week 97 million people banked online. Only 7 million visited a branch. These are powerful statistics which speak for themselves. We all know that technology is becoming a part of almost every facet of the business world. Apple Pay allows us to pay for almost anything using our phones, Samsung has a similar program. Just this week The Washington Business Journal posted an article all about Wells Fargo’s venture to “switch from “last century” password security to new voice and facial authentication for smartphones.” Banks now have apps. Many are downsizing branches and upgrading their technology, but are banks truly keeping up with the times? Yes, No? The answer is somewhere in the middle.

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I talked about this issue with the owners of A J Consultants and here is what they had to say:

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“I really don’t believe that my children will frequent a branch, unless it is to get lollipops, said John Morris, however, being a business owner, I know that there will always be a need for face to face interaction with a banker.”

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“People need to realize that just making a few changes does not mean that the [banking] industry will go away. Just look at the music industry. When Napster first started and CDs became less popular, people believed that the music industry would crumble. Instead, music adapted by releasing less expensive digital versions of their songs, and actually benefiting from the changing times,” said Adam Eckels.

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This same notion goes for many changes that have occurred due to technology in the recruiting industry. When MONSTER first arrived, many predicted the end of headhunting as we know it. Instead, it strengthened our industry as it actually muddied the waters and enhanced the need for a connected headhunter. When Linked-In and “social media recruiting” came into play some people thought we were done for. The truth is, we use these as tools and they actually occasionally help us to do our job. However, human contact will always be the most important aspect of recruiting and is why recruiters work.

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Recently we have been working with clients currently making key adaptations to grow with the times in mobile and digital banking. These banks range from money center players to community size, all the way to a few billion dollar regional banks that are taking the hint. The moral of this story is this. Just like everything else, banking needs to evolve with technology, not completely change because of it. Humans are social creatures by nature and that will never change. Adaptation may be the key.

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evolution pic

 

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