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With us today we have Ron Sheblin. Ron is the Senior Analyst at the IK Group, where he focuses on helping financial institutions improve the effectiveness and efficiency of their marketing efforts. His research topics include online sales and marketing, marketing analytics, personal financial management, and consumer behavior.
The impact of mobile on the future of retail banking. This is a topic on that's on everyone's radar, regardless of the size of your institution or where you're at with your global strategy. As Ron will discuss, an interesting element of mobile is the changing and evolving needs of the consumer in technological information that addresses those needs. With that, I'll turn it over to
I don't know if you, John, and the attendees on the line have been following what's been going on in the world of financial services over the past couple of years, but it truly is amazing how technology has changed how the financial institution does business, and in particular, how technology has transformed the marketing of retail financial services.
I can't think of a better example of the impact of technology on how marketing's been done than what's happened at this credit union and their ability to use new technologies to change their marketing. I'm just joking, of course. There have been plenty of changes in how financial services have changed their operations, customer service, and marketing, but we're going to see a lot more in the next couple of years, obviously, with the advent of mobile technology. The key thing I really want to get across today is not just telling everybody that they'll be lots of changes, but to explain the impact of those changes on the industry, and in particular, how mobile innovation is creating a new phase of competition in financial services. It's not simply about providing new services or new marketing opportunities, it's really changing the nature of the competition for financial services, and especially in the retail financial services area and changing the basis by which financial institutions like banks and credit unions compete with each other.
To play out my theme here, what I'm going to do is pose and address 3 questions today. The first thing I'm going to do is talk a little bit about why we're going to see this change now. It's not simply enough that we're seeing technology change, there's another big driver and it's called economic imperative. I'm going to talk a little bit about why this is happening today, we can then get to the next part of the presentation and talk a little bit more about how mobile's going to change the financial institutions. I'll look into the future a little bit and talk specifically about how mobile's going to change what financial institutions markets, where they market, and when they their products and services. Then we'll wrap up, bringing this all together and talk a little bit more about what this new phase of competition really looks like.
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