FINANCE
“We wanted their personality to shine through, not their financial credentials. We were looking for a different type of employee.”
Amazon sets the bar high for businesses “Customer expectations are no longer being driven by other
banks,” says Steve Smith, managing director of customer development and innovation at Lloyds Banking. “If I want to book an appointment, I don’t think what do other
banks offer, I look to other retailers. If Amazon can get an item to me in four hours if it really matters, why can’t a bank do the same if I lose my debit card?” This “relentless rise in customer expectations” means financial
services companies are having to rethink their entire business models. “Digital is breaking down the silo thinking,” he says. “Financial
services companies need to be a bit paranoid and think outside the industry.” New regulations governing the way organisations can collect
and use data, known as GDPR, will also affect banks. “It is making customers think – who do I trust with my data?” he says. “Historically you were pretty much trapped but an open data world will force us to think hard about what customers want us to do with their data.”
HOW IS BANKING CHANGING?
redeployed elsewhere in the company as part of career development. “This does make people valuable in their market,” she says.
“The challenge for these agile organisations is to retain their staff because they are valuable and other companies want them for the skills and the mindset that they will bring.”
Empowering staff – and customers Another example is a building society in the UK which saw that
younger customers didn’t expect or want to have a savings book stamped at a bank branch. Instead, it trained up cashiers to be consultants who were better able to provide great advice on house purchase and not just on mortgages or savings. Meanwhile, Helen Page, group innovation and marketing director
at CYBG, cites the launch of the bank’s digital-only brand “B” as an example of a carefully researched and agile company aimed at younger customers. “We built B with 10,000 customers and 250 colleagues,” she says.
“We spoke directly to customers to build a picture of their needs, and one of their questions was, ‘Why does my bank have to be so dull?’ “They wouldn’t come to a branch, didn’t want face-to-face
interactions, and so we set out to change how customers interact with their money and found ways to help them use their data to manage their money better.” B is a current account, savings account, and a credit card provider
which offers touch ID, face ID, cheque photo pay in, Applepay, Google pay, and is Open Banking ready. “B doesn’t act like a bank,” she says. “We are building a brand
that will attract future customers. Customers don’t really want a relationship with a bank, they want a relationship with their money, and our communication had to change.” This included a new approach to physical spaces, including
changing some of the outlay and uses of branches. It also involved an interview process for call centre staff which, unconventionally, encouraged candidates to get up on stage and tell a joke, rather than the traditional interview process. “We asked them to tell a joke, dance or sing,” Helen Page says.
• 22 million people in the UK regularly used banking apps during 2017, a 12 per cent increase on the previous year
• Each person with a mobile banking app logged in 275 times in a year. That resulted in 5.5 billion logins in 2017 – a 13 per cent increase from 2016
• Banks held over 5.5 million webchats with customers in 2017 – a 24 per cent increase on the previous year, and equivalent to 622 per hour
• Half of all mobile banking app customers paid bills using their phone, and 62 per cent transferred money
• Some apps now show pending transactions, allow customers to freeze their bank card, order a new card, notify the bank that they are going abroad and set up standing orders
• Voice command technology means users can now order replacement bank cards and view recent transactions on screen when using some apps
• Customers can now withdraw up to £100 using their Android smart phone
Source: UK Finance EY report The Way We Bank Now, May 2018
For more insights on agile organisations, visit
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14 | Relocate | Summer 2018
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