5 min read
"My Bank Already Has An App!"
That’s what 11:FS bank building guru Jason hears when he tells people that he’s just spent the last two years building a new digital bank, and they’re right!
So how will the next generation digital banks succeed, if the big banks are already digital and customers are happy?Through hundreds of customer interviews, leading the product and proposition development at Mondo, I’ve found that most customers do generally think that their traditional banks are OK, But the conversation gets much more interesting when you ask about how they manage their day to day finances. At that point, they give you a shrug, before diving into crazy stories of how difficult it is to manage the glide path between pay-days; deal with overlapping annual, quarterly, and monthly bills; save for holidays, open joint accounts with partners, and try to basically spend less, save more, and keep control of their money. The problem is that what we we think of as digital banking today is actually just digitized banking. In the same way that putting a copy of a newspaper onto an iPad is not digital news, selling ‘albums’ on iTunes is not digital music, and getting fast access to taxi numbers is not digital transportation; looking at a digital copy of your paper statement and account balance on your iPhone just doesn’t cut it any more! Digital is not just a new channel among many; it can turn traditional ‘dumb’ financial products into real-time intelligent contextual services that make customers lives much easier.
“Banks should be less like bad landlords and more like great waiters.”So rather than providing cryptic statements and basic transactions – while making profits from customer’s mistakes – the customer proposition I developed at Mondo follows a different path. Next gen. digital banks will provide intelligent services that make customers lives easier, save them money, and help them feel more in control, while dropping the punitive fees and charges that traditional banks apply. From letting you know that your electricity bill is 30% higher this quarter, to advising that you are likely to run out of money 4 days early; from smoothing bumpy annual bills, to making that habitual balance check on your way to work unnecessary; there is a whole world of new intelligent services that will provide everyone, rich or poor, with the digital equivalent of a personal banker. And of course this only becomes more powerful as banks like Mondo work with a growing community of customers and fintech partners to build additional services: integrating savings, borrowing, investment, and analysis into the banking app through secure digital interfaces (APIs). So yes I tell them, your bank has an app, but you’ll look back in a few years and realise that it wasn’t digital banking. And like any big improvement, you’ll wonder how you ever lived without it. * * * * If you’re curious as to how your bank can test and deliver intelligent digital services, 11:FS has been working with a number of global players on proving next generation propositions. To find out more, reach out to us at email@example.com, or come say ‘hi’ on twitter at @jasonbates.[/vc_column_text][/vc_column][/vc_row]