The most successful financial services businesses of the future will be truly digital. Being truly digital means building products and services with the full possibilities of the modern digital landscape in mind. It's moving beyond digitised, to truly digital.
Digitised ≠ truly digital.
Truly digital services align with
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.
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.
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.
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.
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.
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.
With the landscape changing as rapidly as it is with new technologies, new competitors and new forces impacting consumers' lives, it's more important than ever to act. The challenge is clear, as is the opportunity. So here's the lay of the new land. How do you measure up? Let's evolve and learn together.