I may have peered into the future of banking channels today, and it is a very different world. Kapitall is a web 2.0+ investment/collaboration site who’s iPad app recently made the top ten on iTunes.
First of all, please forgive the Karl Marx reference – but this application is highly focused on collaboration and say what you want about Marx you must admit he was pro collaboration. I’ve never considered sharing my investment portfolio on facebook or tweeting my latest trade (I wouldn’t want to depress anyone) but this is part of the Kapitall experience and I know that there are many people that want network awareness of every aspect of their lives. This is a very interesting example of an intersection point between banking and social media.
Here are some of the ways that Kapitall is transforming the concept of banking channels:
- Kapitall offers an investment desktop with a rich collection of tools. The new channels are more about tools than simple transactions and it takes more than eye candy to make a strong channel it takes feature/functionality innovation and Kapitall understands this.
- The web experience and the mobile iPad experience are aligned. The iPad is a great investment management device, and Kapitall has a rich and capable interface.
- The commercial aspect is low key: this is important because consumers are savvy and if the sales pitch is overt and annoying they will simply go elsewhere. Kapitall understands this and leads with functionality and follows with an offer to help with some the handling of the transactions.
- Functionality is modular and can be simple or advanced as directed by the user – a self selected user experience with integrated “apps” that can be run against equities in the portfolio.
I believe that future electronic banking channels will be more like this and offer a collection of highly relevant and collaborative tools through multiple devices. The end result is a strong pull of customers to a single point where they can “mash up” information, tools and advice — the resulting value comes from the platform and the tools and the execution of trades or transactions is more of a generic utility.