Reboot

This needs to be more organized. Nature abhors a vacuum, and I have sucked.

Banking is or will be affected by three major trends. These are themes I intend to explore.

Technology: The everywhere internet and web 2.0 pervasiveness are driving the industry to become more open. Consumers are getting used to constant, clarion access. The current meager online banking options will eventually be replaced. Look out for new services, like this from chase, to get more popular.

Evolution into Service Provider: Online banking, check cards, and id protection can be thought of in terms of service because they are provided to you for use of the bank. With a service provider mentality, they will feel entitled to make money in different ways and help lower the cost of service for more access. Some future offers might be:

• No or discounted overdraft fees in exchange for being able to sell your shopping info to advertisers.
• Enhanced online banking abilities in exchange for ads relevant to recent purchases aired inside your online banking account
• Specially outfitted cell phones with temporary card number generation in exchange for GPS triggered local ads beamed straight to your phone

Advertising needs a new partner: Twenty-somethings will eventually not see Viagra ads, and the elderly will be not informed about about the latest flavor of caffeinated Budweiser. The era of national ad campaigns is dying. The better option is targeted web advertising. It's easier to track, more effective, and can be more enticing with whole websites acting in support of the ad.

Banks, in exchange for services or discounts, can make money by providing information to help target customers in this new advertising world.

I envision them replacing broadcast networks as the major target of ad purchases, maybe through partnerships with telecoms. That is a fun topic for another time.