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The future of banking – redesigned for digital disruption

Written by: Nick Rappolt

Published on: December 9, 2015

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Today we’ve published a new white paper entitled ‘Taking friction out of banking’.

Software is having an impact on everyone’s lives and as an experience design group, we’re fascinated by its impact on user behaviour and the knock on effect this has on products and services. Building on our existing financial sector expertise we wanted to fully understand how user behaviors are changing in the banking industry.

Customer experience is a key battleground in the fight for banking relationships, and as new digital players move in on their customers, retail banks are set for a period of intense competition.

Our paper uses new research from the US and UK to measure the threat digital competitors pose and reveals that the pressure is on for banks to improve the digital experience or lose out to their rivals.

Our key finding is that over half of the population of the US and UK would consider digital-only services for all their banking needs. This rises to over three quarters of the US and UK population for those with multiple banking services.

That means we’re probably heading for a branchless society as digital channels revolutionize our needs.

The white paper maps customer expectations and finds that as customers get used to intuitive, seamless experiences from the likes of Google and Apple, expectations are rapidly growing more sophisticated.

It reveals that consumers would consider banking needs from technology providers not currently in this space, as well as four key areas in which customers want improvement from digital banking: security, personalization, speed and ease of use.

Where incumbents will lose and entrants win is the speed of change. This is highlighted as a key challenge for banks, as both customer expectations and digital technologies continue to evolve at pace.

To find out more and our recommendations to start redesigning the banking experience, please find and download the white paper here.