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1.2.6 Thought Trap: The Banks' Internal IT Defines Device Usage

In specialist discussions about the use of IT in banks, the focus is usually placed on the bank's own IT. Talks revolve around the gradual technological advances in banking IT, with tools that support consultation comprehensively in direct dialogue and which have standardised the advisory process.

Yet much more decisive for the future is the development of the use of the latest devices and IT outside the banks by customers and advisors. Enormous technological quantum leaps have been made in the last few years, especially in the areas of mobile phones, mobile internet, tablets and many other forms of technology—and at an increasing tempo. Nowadays the customer has a complete little “mobile bank” in his or her pocket, with a technological performance comparable to that of super computers only very recently. Customer advisors are expected to keep up with this development. They therefore also use the same devices and IT, which are usually much more modern than the current technology of the banks. It is understandable that employees and customers do not wish to forego their “much-loved constant mobile companion” in the bank and during consultations. With the phrase “bring your own device” (BYOD) there are discussions as to how these can be integrated into the banks' IT architecture and then used in advisory dialogues. Connected to this are security concepts and data management systems, which need to be developed in order to ensure the risk-free use of mobile devices. Customers' little technological helpers can already take on the functions of the previously necessary bank IT, the simple processing of transactions and to some degree also the function of personal customer advice, all at the same time.

Banks can exert very little influence on this development. Ultimately, they will be confronted in future with complete and integrated technological solutions for all bank transactions on the customer side. It is likely that we will see a similar development as with travel agencies, which first faced competition from web portals, but not in the field of advice. Now, travel web portals also offer advice and provide the entire service. Furthermore, in future “personal financial management” (PFM; see Chap. 2) will grow in importance for more complex consultations in the area of pre-sales. There have always been well-prepared and informed customers, but this aspect attains a whole new and larger dimension with PFM. Linked to this, beyond device competence, are much greater challenges for the expertise and particularly the social competence of the advisor.

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