We have previously written on how the negative economic, regulatory and competitive dynamics in the banking industry means that retail banks will have to rethink their strategies.
To help banks think through this change, we introduced our Strategic Mobility Framework, highlighting the six pillars which will provide the foundation for banks to reimagine personal banking services in a mobility-led world.
Here, we zoom in on the first of those capabilities, product excellence. Recently, our strategists assessed and scored the mobile products offered by the UK’s biggest banks. To enable us to do that, we asked a group of customers to complete a range of everyday banking tasks on their banking apps, in order to understand how successfully those products are helping customers achieve their desired outcomes today.
We then identify two clear opportunities for banks. The first is to meet customer’s current digital expectations, and then to exceed them with the opportunities presented by the Open Banking Framework. The deck below brings to life an example of how this could play out.