One of the big questions for the long-term impact of this extraordinary event is which user behaviors, having been hit by a once-in-a-lifetime mass change in expectations, stay changed the day after.
-
-
Show this thread
-
Banks are pretty obviously betting "Twenty years of websites and mobile apps didn't get the bulk of our deposit base to enthusiastically adopt online banking to the exclusion of higher cost channels... but twenty weeks of stay at home orders might just do that."
Show this thread -
"Higher-cost channels?" In order of costs per transaction, with an order of magnitude gap: Branch network. Human-assisted telephone banking. ATMs / automated telephone banking. (Bank by mail barely relevant to this discussion due to relative volumes.)
Show this thread -
"Bank by mail?" Oh that's a thing. The overwhelmingly most common use cases are depositing checks and opening accounts. (Historically used to be huge in credit cards but, thankfully, online account applications are eating most of it.)
Show this thread -
(Also still a surprisingly huge chunk of mortgage payments, which are a huge portion of the economy. Sophisticated financial instruments rely on thousands of hours of people opening envelopes and making sure that checks are properly entered against the right account.)
Show this thread
End of conversation
New conversation -
-
-
... In the middle of c19 I've been helping a 84 year old friend deal with no-branch-banking. Her comments are interesting and instructive to anyone involved in creating UI's (web and voice menus) and I suspect not only relevant to Octogenarians 4/n
-
I'm very curious about this. Could you provide some examples?
- 1 more reply
New conversation -
-
-
... Another unexplored option is actually paying people to use lower cost channels instead of punishing those who wouldn't. Obviously tiny sums would have been involved but it could have been "your favourite charity" blah 3/n
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
.... Would love to know how many such people the banks have ever asked about their user interfaces. 5/n
-
it isn't about the interfaces. people who have had their bank account wiped by malware, and the banks blamed them. never ever do online banking on a PC. BoA blamed a guy for a 100k loss. never again.
- 3 more replies
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.