Welcome to the Future
On April 1, 2008 Bank of America announced a multiyear collaboration with the Massachusetts Institute of Technology’s Media Lab. Located on campus, the new research center is called The Center for Future Banking, and it will serve as an innovation engine to transform banking for social, economic and information environments that are undergoing rapid and constant change.
Together, researchers, scientists and Bank of America associates are examining a wide range of physical and social scales, from one-on-one customer interactions to global transactions. We’re asking questions like “How can every customer be empowered with the knowledge and tools to take better control of their financial future?” “How will banking interactions evolve as a customer’s physical and virtual worlds become seamlessly intertwined?” and “How will social networks and mobile platforms transform customers’ banking experiences, making it easier, more convenient, and better integrated with their daily lives?”
The world has become a different place, even in the brief period since we launched the Center for Future Banking. September 2008 will be remembered as one of the most disruptive periods in the history of the global financial services industry, with unprecedented market activity, the end of the independent investment banking industry, the reemergence of universal banking (and validation of Bank of America’s business model), and central banks taking historic steps to stabilize global markets. Every day brings news of ongoing changes, and no doubt substantial evolution in the financial services industry is still to come.
That evolution will stir discussion and debate on increased regulation, transparency, new forms of innovation and collaboration. This Future Banking Blog is a place to plan the way forward by focusing on new ways to work together, abandoning cultural silos to create a whole that is greater than the sum of its parts.
The purpose of this blog is to build the future together, and begin the process of cross-industry collaboration to drive the evolution of financial services. I hope you are ready to participate, and I look forward to your contributions to the discussion. Stop by often.
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December 1st, 2008 at 2:49 am
Congrats, Jeff, to you and the team. I’m looking forward to the good impact of your work.
What you didn’t say explicitly in your opening post, but which I hope is implicit, is that part of what the future of banking will involve is a more personal level of trust. As consumers allow banks and other organizations into their personal spaces (digital is now personal) - on Facebook, their mobile device, their email inbox - then we marketers are elevated to a personal level relationship. We will be held to a higher level of integrity and trust than in the past 30 years. It harkens back to images of Jimmy Stewart in “It’s a Wonderful Life.” And that is the the true challenge of the future - it’s not technology, it’s relationships.
We marketers - bankers and otherwise -will be judged by the power and authenticy of the experiences we create.
Thanks and good luck to you and all at the Bank.
- Stephanie Miller
December 2nd, 2008 at 4:24 am
Jeff,
Fantastic to see this blog start, and I can’t wait to see what you writehere. And I notice you’re doing it under the Bank of America brand. That is also fantastic, and way beyond what I’ve been able to achieve thus far at Lloyds TSB.
Best
James.
December 2nd, 2008 at 6:23 am
Hey Jeff - has it been only 8 months? Kudos to you and the team for achieving so much in such a short time.
By the way, I’ve listened to your commentary on NPR … right on the mark. That was a very compelling vision you had painted for many who listened in that day.
David
December 3rd, 2008 at 10:08 pm
Congratulations Jeff- I was so honoured to spend time with you during my global research visit and learn first-hand about the Centre for Future Banking at MIT earlier in October. I hope to collaborate with you not only cross-industry but also across geographies through AMPLIFY- the Innovation and Thought Leadership Festival that we run at AMP in Sydney, Australia. Hope to see you here in June 2009!
December 9th, 2008 at 11:16 pm
Hi Jeff,
This blog is a great idea. I have always been fascinated by technology and its impact on people’s daily lives. The way money is managed touches almost everyone everyday. As such, new and innovative ways to deal with personal finances can have a very positive impact on day to day living. Would you rather carry a load of quarters to a laundromat or simply tap your phone to start the machine?
I have been a BOA customer for years and have seen first hand how the implementation of new technology has impacted my life. From ATM’s IVR systems, web technology and online bill pay, the drudgery of day to day banking chores has slowly been lifted leaving more time for other things. Now that I work in this arena I tend to look even more closely at what is going on in the industry.
I look forward to keeping up with the activities of The Center for Future Banking via this blog and wish you and your team a happy and prosperous new year.
Micheal Gargiulo
January 20th, 2009 at 4:43 pm
Jeff,
I’m curious about what the new administration will do to help us through this tough economic period, but even more eager to see what industry leaders like Bank of America will do to shape banking for customers in the years ahead. What a great opportunity you and your team have to change customers’ lives for the better, and build confidence and trust. Best of luck in 2009.
John
September 16th, 2009 at 8:57 am
Jeff, Havaing just joined the blog, this was the first time I was able to view your message. Your thoughts are very relevant. There are however, from my perspective, some additional, more detailed issues that must be addressed first.
Primarily, banks must put their own houses in order. Internally processes are at best, duplications of what has been done manually for many years. Even with the technology that is now in place, it simply mimics the processes that were done manually. For the most part any financial service entity has given up on trying to improve those processes or effectively manage the risk that they cause.
While I admit process risk is my area of focus, I do not see improvements for customers or investors until a bank or financial service company has a methodology in place to measure and improve processes. Only then will innovation be meaningful. Only when we can demonstrate that our products and services are better than another bank, will consumers and investors have a reason to be confident about the future of banking.