Great article from my friend Nick Rappolt, CEO of Bynd on how banks might start to wrestle effectively with the enormous task of reinventing themselves for the digital age.
The statistics must be enormously worrying to the CEOs of the major high street banks that are so very clearly falling behind the curve - as are the big consumer brands in a whole host of sectors. The key must be in driving developments at the margins - making small gains - developing the service iteratively as the best digital start ups do.
Small changes are better than no change at all, particularly when customer expectations are evolving so rapidly. Instead of waiting for a major overhaul, it can sometimes be better to improve digital offerings more gradually. Once transformational adjacent products have been trialled successfully, banks can then apply the innovations to existing core products – the ones that really matter. The research found that the threat from digital challengers is real, and it is substantial. 64 percent of UK consumers would consider an online-only service for all of their banking needs – rising to 79 percent for services like payments and international transfers.