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1.4 Key Message

The paradigmatic change in the banking sector from a buyer's to a seller's market is almost complete. If the business models are to be sustainable, future customer preferences must be anticipated as accurately as possible and applied consistently as guidelines for the transformation. This is possible as long as the thought traps that emerge from continuing previous thought and explanatory patterns are detected:

• Customers are not only rational and informed. They decide on the basis of heuristics, in order to reduce complexity.

• Understanding their needs in the here and now is not a sufficient basis for developing future-viable service configurations.

• In future, customers will visit bank branches much less frequently.

• They interact on all available communication channels in parallel.

• They use the most modern devices and technologies available at the time and expect the same of their advisors. Banks' internal IT can at best (co-) design in part the consulting environment.

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