What Banks Can Learn From Google's Toothbrush Test: Sometimes seemingly mundane insights can help in the digital age, especially since most Swiss banks are «knotty colossi,» as Google Maps co-creator Samuel Widmann finds. fsb samuelwidmann google
Can banks learn something from the US tech giant Google? A seminar at the School of Banking in Zurich set out to explore this question last week with Samuel Widmann , co-inventor of Google Maps.
So much so that those working at the firm in Zurich are dubbed «Zooglers». He has since left Google and is active as an angel investor, advisor to startups, and an active board member.Widmann says he has at least eight banking apps on his phone, none of which he finds convincing. He attributes this to the fact that many banks are «knotty colossi», lacking a North Star, in reference to the brightest star in the «Little Dipper» constellation.
The cancellation of the planned takeover of US digital wealth manager Wealthfront by UBS shows how complex it is to set up and expand a comprehensive digital offering.While younger clientele in particular are appearing as blips on the banks' radar, they don't yet have the necessary means to be sufficiently attractive as digital customers. Accordingly, any commitment by an established bank to the digital world today is a costly bet on whether enough customers can be acquired over time.
Many customers do not want to completely commit themselves to a single bank. Moreover, data protection and privacy pose a high hurdle, especially in Switzerland or Germany, to offering apps that are as comprehensive as they can be, and many Swiss are still unwilling to entrust their data to a financial institution abroad. When a new generation of customers emerges who are more willing to share their data, this may come to pass. But we are still a long way from that.
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