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Excerpt

May 8, 2013

FINANCIAL SERVICES providers may be riding a wave of change in their delivery methods, but the role of the United States remains unchanged as the world’s pre-eminent economic and military power. These were key messages from speakers at the Nebraska Bankers Association’s annual convention last week in the Omaha suburb of La Vista.

Eye-opening trends in how customers prefer to do their banking were cited by best selling author Brett King in his presentation, “Bank 3.0: Why Banking Is No Longer a Place You Go, But Something You Do.” Since 2008, he noted, the Internet has been the preferred financial services channel for most Americans.

Now, the iPhone is the fastest-growing channel ever seen, being adopted five times faster than the Internet. It will become the most popular channel soon, he predicted. At the same time, the number of in-branch transactions is dropping quickly, with the projected number for 2013 less than half the
number in 2000. Brick and mortar branches will continue to be needed, he believes, but fewer of them.

King finds it ironic that the primary account banks sell customers — the checking account — is dying, in his view. “The rest of the world has figured this out,” he said, but the United States still writes two-thirds of the world’s checks. Meanwhile, prepaid and debit card use in 2013 is estimated at $297 billion, up from $202 billion in 2011.

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