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If you need an example of digital disruption, you can’t do better than the retail banking industry. A byzantine collection of rules and regulations plus the overhang of many legacy systems have conspired to prevent banks from becoming more involved with their customers.
Even innovations like the ATM, which entered the scene several decades ago, only serve to distance banks from their customers. This leaves plenty of opportunity for upstart technology vendors to disrupt the applecart.
Combine this with a generation of potential customers who were raised on digital products and services, and the result is that an important demographic is now up for grabs, setting the stage for disruption.
Making It Easy
Not long ago, Salesforce recognized those dynamics in play and moved to develop vertical applications for selected industries — including banking, where large institutions need to address the requirements of large customer bases. It came up with the Financial Services Cloud for Retail Banking, announced last week.
Some of what Salesforce…