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Lorrainne,

Thanks for your response. I don't have any doubt that the video you guys produced was focused on comms. In fact, my issue isn't as much with the site (as I haven't yet actually seen the end product), but with the focus on the video being very much about reinforcing old behaviors. In that sense I hope the video isn't representative of what the site delivers.

I would have been much more keen to see how this new TSB website makes my life better as a TSB customer - how it helps me everyday. Instead, it reinforced that the site is all about TSB - your branches, your products - how and what I get from TSB.

I would have really loved to know how TSB is going to help me everyday, and how the website is part of that solution. If the only way TSB can help me is through the branch, that's just not enough.

Which is why when the video also told me that "we're not doing anything to change Internet Banking" I think what I actually heard as a customer is that TSB is not actually going to help you with your money better than TSB already is, TSB is just going to try to sell you more stuff.

I know that feedback is important to the process, and I have a long history with your agency Foolproof who I have learned helped you with the site - so I'm actually pretty confident the site will be great. I think the video didn't demonstrate that potential at all, however. 

That was the nuanced view of the video

Thanks for taking the time to respond! Good luck with the launch...

BK 

Steve,

So you feel the "tells" are that this is a one time iteration and they don't see the channel as inherently strategic?

BK 

I agree there is some pressure on TSB to focus on their traditional demographic and that they are lumped with 600+ branches. It also quite possible that the website is actually not as badly designed as the video leads us to believe. 

At the end of the day, however, if the key metric is indeed drive to branch my view is that this is functionality built for existing customers who actually already know where their branch is, or at best case might use this functionality once or twice, but it won't get me regularly using the website. In which case means that TSB has spent a bucket load of money ostensibly to improve CX, but undoubtedly seeking ROI, neither of which would be achieved by this design 

There are still a lot of false positives here because a large % of banks require face to face for account opening in the UK, not due to regulatory framework, but bank policy related. I think once there is clear differentiation on this from Moven, Atom and others on this front, you'll see dramatically different numbers on channel use.

The data I'm seeing from UK banks is actually different to what this survey tells us. The actual channel data shows that average UK visits to a branch annually is 1.6-2.5 times PER YEAR across the customer base. This number has been steadily reducing since 1995, and nothing in the data suggests that this is slowing or reversing. So I don't see how this survey correlates with that actual behavioral data. 

Great article.

BK 

Ketharaman,

Clearly we need to go back to passbooks and hard currency. Better yet, let's go back to clam shells and buck skin

BK

Nice in theory, but it is an extremely expensive way to house remote customer service or product specialists. Mortgage is one of those decisions that will require advice on an ongoing basis, but if you pull mortgage advisory out of the branch, why else would I go to a branch. Ergo, why would I need physical spaces?

I think the argument is flawed 

I hope Coin card is reading this...

Ketharaman/Alex,

We both know where you guys stand. You know where I stand. My view is that there is no way that we will meet in the middle, but I will meet you at the cardless destination...

The fact is clear. Uber, Starbucks, iTunes and other mobile wallets or payment apps have shown that mobile payments are mainstream and are increasing in velocity faster than any other transaction modality. Using the US as a case in point is crazy because they are 10 years behind the rest of the world. Let's talk UK, Australia, Singapore, Hong Kong, even Poland for goodness sake and contactless is already well established.

My points on value add before and after the payment being the threat to the swipe has been absolutely consistent. In fact, read BANK 2.0 authored in 2009 which details this, including the predicition that by 2016 mobile payments (mobile wallet, P2P, dedicated payment apps, etc) will overtake card payments in terms of net number of transactions.

There is not a universe in which I am going to agree that cards and cash will stick around indefinitely, because that is just crazy talk.

BK 

Alexander,

Saying "I'm happy to swipe my card" is not correct. Gregory's Coffee doesn't have a contactless POS so I can't use NFC there. Moven is card free for 25% of transactions in the US, which is more than 25x the national average of contactless transactions. 

My advice on payments has been absolutely consistent. We don't need sexy payments, it is what happens before and after the payment which will be the game changer. Remember the disappearing payment post?

My line on this has never changed. Please don't twist my words to fit an argument you are making, which I don't understand.

BK