In the world of banking, historically change has been driven by regulation and large, traditional, monolithic banks. Yet, since the recent financial crisis, consumers are demanding more from the organisations they entrust with their hard earned money, which is having a knock on effect across the financial services world. This is being reflected in the products and services being offered by financial institutions yet those same organisations are battling internally to understand how they can provide greater flexibility for the consumer by providing those services to the customer, on the customer’s own terms.
Many modern day financial organisations have been built as a result of this and have created themselves with the customer at the centre. Peer-to-peer lending has seen huge growth as a result of this approach with loan volumes doubling every six months in the UK. A number of the high street banks are finally starting to wake up to this by providing their customers with greater touch points and a more seamless experience as part of their drive to position the customer at the focal point. Barclays made a statement move to spearheading this by appointing their current CEO Antony Jenkins from their customer focused retail division.
As a result, digital banking is core to most of their transformational strategies with mobile and online experiences being the bridge between the consumer and the bank to provide a single channel experience anytime, anywhere and on any device. Since this is what the customer wants and this is what the banks are working towards, eventually this will be the expectation of any type of financial services interaction. Leveraging technologies such as e-signature have shown to have a tangible impact on the customer experience while helping to deliver this single channel model. Let’s be honest, how many of us look forward to receiving that loan application form 3 days after we’ve requested it only to fill it out, return it then wait another week or so for the loan to be approved and issued. Commonwealth Bank of Australia are a great example of how they’ve used DocuSign to condense this into hours, and advertise this enhanced experience to their customers as part of their competitive strategy.
So what’s turning the industry inside-out? Well it’s the likes of yourself who is reading this on your mobile or computer, demanding to do more with less and therefore forcing banks, building societies, investment managers and other financial intuitions to rethink the way they’ve been doing things for many years. Isn’t it then appropriate that you looked at your own organisation in much the same way.