New ways for banks to embrace successful digital innovation without ignoring old problems.
The dynamism of the digital customer experience is putting customer experience ‘resets’ on a daily basis. In a challenging environment with firms like Google, Amazon, PayPal, and an uprising world of legacy-free startups to attacking the status quo, banks need to achieve velocity – speed and direction – in the development of their own digital offering that fits and is specific to their own client base and needs.
Banks need to defend their revenue in key areas such as payments, loans, and investments as well as to build customer satisfaction and resist the loss of market share. Above all, in a digital world, they need to become and remain digitally relevant to a newly developing client demands. But they face a unique set of challenges that “non-traditional” brands do not typically have to deal with. These include legacy technology, multiple internal stakeholders, and complex organizational silo structures and hidden agendas and interests. Often these factors combine to delay development and deployment of new banking offers in core and adjacent spaces.
Key programme activities
Define problem statement and validate against future business strategy & aspirations, customer segment assessment, current, and future competitors, business & brand opportunity exploration
Ideate on use cases that correspond to aspirations, assessments and competitive needs (incl. existing & target customer personas, key functionality & interactions, user journey mapping, etc.)
Build propositions that apply to the selected use case, iterating to exceed customer expectations (Wow! moments) with customer testing and validation taking a “fast fail” approach
Conduct prioritization of customer and business objectives supported by iterative customer testing through sketching and prototyping
Rank ideas against business, segment, and competitive KPIs and run supporting business case development and validation activities
Continuous scouting and validation of tech partner portfolio and managing long-term idea parking lot
Utilize The Glue platform API and technology framework to integrate to core systems & channels using open, reusable API standards & structures accelerating customer journeys
Embedded teams to deliver iteratively, stay focused on business value while working within required banks unique IT, risk, and security requirements
Drive DevOps organized for accelerated deployments, automated testing (accessibility/ compatibility), performance engineering, etc.
Design testing support, implementation guide, operating model changes (functional, operational, organizational)
Facilitate internal and external change management (training, communication, operating model, etc.)
Coordinated market launch and campaign to maximize launch and marketing to deliver ROI, business case aspirations, etc.
Ability to rapidly operationalize innovative digital products, and defined use cases, by reusing existing legacy platforms, front-ends and channels
Effective and efficient ‘readiness’ preparation for a bank to exploit new markets, opening up potential new revenue streams
Delivery of individual use cases to be quickly prototyped for back-testing with clients (fail fast), then rapid launch to market
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