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I recently got to speak with an enlightening analyst from Gartner - Rajesh Kandaswamy – who specializes in the Financial Services vertical. He mentioned an insight from an FSI CEO which I’m going to paraphrase (his comments prefixed with [CEO]) and I’ve added my own commentary (prefixed with [DC]):
[CEO] “The opportunity for ‘digital’ and particularly ‘mobile’ in banking revolves around Service, Spend & Sell”:
If you look at the modern customer experience for purchasing a product or service, it breaks down like this and the banks need to align themselves to this sales process:
DO NOT ASK ME TO START ALL-OVER IF I MOVE BETWEEN DEVICES OR CHANNELS…or you’ll never get to #4.
Doing a good job of APPLY is hard if you are relying on the IT department to build it for you OR you rely on your core banking / loan management systems vendor to deliver it for you. Both of these options tend to build from the database up. So the restrictions of your core systems are imposed upon the customer experience. The better approach is to design from the customer experience down and then meet in the middle with the core system(s).
Compare your purchase experience to Amazon.com – a company with a relentless focus on the customer experience:
So many banks have invested heavily in making their most important sales transactions (credit cards, personal loans, checking accounts…) available online…then they were frantically getting to market with mobile apps for mobile banking…now they need to make those online account opening capabilities responsive. But the frameworks they’ve been using for browser development aren’t mobile responsive. ARGHHHHHHH!!!! I can hear their collective cries of frustration from my desk.
The good news is that there are emerging technologies in the area of Systems of Engagement that may aleviate some of the pain associated with banks trying to move at the pace of their customers' devices and digital engagement experiences. Another area worth researching is the work of Forrester regarding Low Code Platforms. I'll aim to write more about these emerging technologies in the coming weeks.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Scott Dawson CEO at DECTA
02 July
Frank Moreno CMO at Entersekt
01 July
Pete McIntyre Financial Services Director at Planixs
Alex Kreger Founder and CEO at UXDA Financial UX Design
30 June
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