Customer experience management
Koplewicz acknowledges that it can be more difficult for conventional banks to introduce innovative digital solutions. “In the world of UX, we often say that producing simple design is very complicated,” she explains. “This is often true [for] traditional banks [that] rely on legacy information systems. Technical aspects and security can be perceived as a constraint to develop innovative journeys.” With this in mind, it’s no surprise that more and more people are turning to online-only banks. According to a survey conducted by consumer research company Attest, 45% of UK consumers are considering opening a digital bank account in the next six months, and 54% said this was because the accounts were easy to use.
The pandemic has accelerated this trend – Attest found that 37% of people who only use a digital-only bank signed up since March 2020, and 41% of neobank customers increased their usage during the pandemic. However, these changes are also driving conventional banks to increase their focus on UX and expand their digital banking offering: “During the pandemic lockdown, our customers could no longer visit their [branches] to carry out banking transactions,” Koplewicz says. “The impact was immediate and we had no other choice but to massively accelerate our digitalisation efforts. To give one figure, the UX design team grew from 15 to 40 people in two months.”
100% human, 100% digital Sleek, simple design; the ability for people to access all their accounts, including those from other banks, displayed in an easy-to-understand pie chart; instant messaging with advisors; budget tracking and estimations; digital authentication and face recognition – these are all features of Crédit Agricole’s Ma Banque app. Alongside this, the bank’s Paiement Mobile app allows customers to make faster online payments, contactless payments in person and transactions to family and friends.
These innovative platforms are typical of a new trend. Established banks are working hard to make their platforms accessible and offer users everything they could require from a physical branch. Koplewicz acknowledges that these developments have been driven in part by the need to compete with neobanks: “The pressure is there – there is no question about it. These innovative start-ups have pushed traditional banks to get up to speed and offer the same level of service.” Koplewicz explains that it previously took 48 hours to declare a new recipient before transferring money. “The process was safe, but not optimised for small, everyday transactions. We now propose instant payment to cover this need.”
Future Banking /
www.nsbanking.com
However, she is keen to point out that this pressure is not necessarily a bad thing. “Personally, I don’t want to see neobanks [as] a direct threat but rather as a positive influence, pushing banks to innovate further. We need to pick up on the good ideas while continuing to communicate to our customers about the security and expertise we offer.” Koplewicz also notes that, while neobanks may offer faster service, there are other areas where traditional banks will retain an edge. “When customers need security, advice or when asking for a house mortgage, a large majority still prefer traditional banks,” she says. She cites the news, from earlier this year, that N26 was sentenced to pay a €4.25m fine by the German financial regulator due to weak money laundering controls. “Neobanks are proposing innovative solutions, changing established conventions and creating new habits. They are attracting primarily the 18 to 25-year-old range. But who knows what will happen when these customers will want to have different types of accounts, take a mortgage or save for their retirement?”
Even if the physical branch is a thing of the past, Koplewicz stresses that customers still expect a personal touch, and some may still prefer to communicate with a person rather than an app. She explains that the company’s core principle is to be “100% human, 100% digital”. This means “digitalising user journeys to give full autonomy and freedom to the users who prefer self-care, while always providing human guidance and support when needed”.
“Neobanks are proposing innovative solutions, changing established conventions and creating new habits. They are attracting primarily the 18 to 25-year-old range. But who knows what will happen when these customers will want to have different types of accounts, take a mortgage or save for their retirement?”
Looking ahead, Koplewicz is excited about what the future holds. “How can we secure our users’ money but also their data and sensitive documents? How can biometry play a role in giving quick yet safe access to bank statements? How could we provide advice around the clock thanks to chatbot technology? What about deploying at scale contactless payment on smartphones?” she asks. “One of my favourites is banking prediction – to help our customers better forecast their expenses and take the lead on their future. That’s the state of mind of Generation Z: they want to understand, think and act by themselves. We need to answer that need.” ●
21 24 Verdict
Clicks it takes to open a
Revolut account. Built for Mars
27%
Adults in the UK that had opened a digital-only bank account as of January 2021.
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