The time to become truly digital is now

Truly digital services align with

Digital R.I.C.H.E.S

Real-time

We’ve all become accustomed to an interconnected world where we can shop, communicate, learn, consumer media etc. all in real-time. The expectation of financial services is no different. Products need to surface updates, insights, rewards and offers in real-time, to help customers make decisions in real-time too.

Intelligent

Use customer data to create intelligent services that focus on customer journeys, not a single service. People don’t want a mortgage. They want to buy a house. A truly digital product is built with a conscious decision to play a meaningful role in this journey.

Contextual

Knowing where your customer is, what they’re doing and who they’re with are all pieces of information about the context they’re in. Truly digital services use this to create convenient experiences, for example, offering someone travel insurance knowing they’ve just purchased flights.

Human

Digital experiences don’t have to feel impersonal. The world of truly digital services makes it entirely possible for business to offer personalised products and services, at scale.

Extended

Truly digital products and services can and should deliver end-to-end experiences through powerful APIs, curated marketplaces where the best of breed players offer their capabilities, and integrated platforms where integrated products and services solve a group of interrelated problems.

Social

We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

Truly digital businesses obsess over these things

Customer needs

Working constantly to understand the brutal realities of customers’ lives

Cost to serve

Keeping the cost of opening new accounts below the cost to create and maintain those accounts

Speed

Moving quick enough to go from new idea to being in the hands of the customer in 8 weeks

Decision making

Empowering product managers to make decisions that bring the product closer to the customer

Incentives

Aligning company values closely to performance management systems

Customer satisfaction

Putting the satisfaction of customers before the volume of customers and keeping customer satisfaction scores above 80%

Cost of change

Keeping your cost of change low enough to allow constant testing and change

Customer experience

Optimising onboarding processes to make it so smooth customers will want to tell a friend about it

Org design

Organising teams around how customers consume products rather than how they buy them

Revenue streams

Having emerging revenue streams in the pipeline that aren’t based on net interest margin

Solving customer problems

Providing intelligent digital services aligned to customer outcomes rather than dumb analogue products

See how you measure up

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Digital R.I.C.H.E.S

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Truly digital scorecard

Digitsed to truly digital, in action

Bank statements
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iTunes was a purely digitised music platform. Instead of buying an album at a store and playing it in your CD player, you could now buy an album on the internet and play it on your computer. Spotify took music consumption to a new level, building a service and business model born in a digital world.

iTunes x Spotify
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iTunes was a purely digitised music platform. Instead of buying an album at a store and playing it in your CD player, you could now buy an album on the internet and play it on your computer. Spotify took music consumption to a new level, building a service and business model born in a digital world.

Bank statements
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The monthly stack of bank statements you would once receive by post, are now offered online by incumbent banks. A monthly digitised version. Neobanks have re-considered this approach and instead offer truly digital, real-time information on your spending as well as offering useful insights.