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Convergence!

It’s all coming together! Hooray! (I think)

Obvious and mediocre won’t be found here—but “Why didn’t I think of that?” will! Challenging the banking status quo is Dan Fisher’s personal mission. Obvious and mediocre won’t be found here—but “Why didn’t I think of that?” will! Challenging the banking status quo is Dan Fisher’s personal mission.

All banking will be mobile! All devices will be wireless! All computing will be cloud based! All payments will be real-time! All new accounts will be opened online! All loans will be originated online!

Alexa will monitor you, and Amazon will buy Apple and Google and will start offering a diaper interface that will tell you when junior needs a change and who changed him last.

Your car will relay your bad driving habits to the police. And it will send in the fine before you get a ticket.

None of this has to do with the recent CES (once known as the Consumer Electronics Show), but everything already mentioned is just a matter of time.

Converging on convergence

So how far could this go?

Here’s a thought: Your driver’s license was suspended, so you buy a driverless car to get to work! Hmm…

General Motors has an autonomous vehicle manufacturing strategy. Question: Can you get a DWI for sitting in an autonomous vehicle drunk? (Can you “Passenge While Intoxicated”?)

From Bolt, the electric car, to PVV, or in other words, my Personal Vehicular Valet!

“Dude … your ride is here!”

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 Convergence is upon us!

Converging on payments too

Soon all payments will be real-time … regardless.

ACH, check, and wire transfer were previously limited by technology, timing, and cost. Today, with the Internet of Things no limitation exists. Real-time is now just a matter of enablement and access.

Is your bank prepared and expecting to purchase a real-time-capable system?

If your next system upgrade does not include this, you have just purchased a virtual boat anchor!

Self-serve was formerly perceived as a downgrade from Full Service. Today, the impatient and busy consumer would prefer to order online than stand in line. They have better things to do, frankly. If your institution is not fully engaged with the internet, then web surfing consumers and small businesses are oblivious to your existence.

Remember, financial services have morphed into “on-demand” services. If you are not online in a meaningful way, then you have fully resigned your organization to diminish and fail.

And then there are other questions…

• Do you still offer paper statements as a standard?

• Do you require face-to-face contact to prove that an applicant is a real person before you open an account?

• Do you require that a customer be a customer for a year or more before you will activate mobile capture on their smartphone?

In order to remain relevant to consumers and businesses you need to deal with change, accept it, and get on with it.

Let’s face it, the Internet of Things is running at the speed of life!

(Great phrase, but I did not come up with it.)

Banking all the time…

The reality is that all things internet will sooner than later enable all things.

Yes, Jeff Bezos is the richest man in the world. He used to be behind Bill Gates then … BAM! Smartphones made it happen!

Jeff is ready for prime time! Is your bank ready?

Question: What is the opposite of convergence?

Failure to adapt will result in the same calamity that befell the dinosaur!

—The Wombat!

Dan Fisher

Dan Fisher is president and CEO of The Copper River Group, a consulting firm headquartered in Fargo, N. D., that focuses on technology and payment systems research and consulting for community financial institutions. For nearly 30 years, Fisher has worked in the financial industry using technology to improve the bottom line. He was CIO of Community First Bankshares (now part of Bank of the West), has served as a director of the Federal Reserve Board of Minneapolis, the chairman of the American Bankers Association Payment Systems Committee, and was a member of the Independent Community Bankers of America Payments Committee. Fisher has written numerous articles on banking technology and the payments system. He has authored or co-authored six books and recently published a book titled, "Capturing Your Customer! The New Technology of Remote Deposit." You can contact Fisher at dan@copperrivergroup.com or at 701-293-6222.
P.S. To understand Dan's nickname, check out "About the Wombat" on his website.       

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