Speaking with and gaining insights from senior banking leaders across the U.S., U.K., Canada, Asia-Pacific, and beyond, a consistent theme has emerged: the need to enhance customer engagement.
Challenger banks have done a great job of rethinking the customer experience. Everything from relevant features, intuitive design and display, simplicity of use, and even packaging for physical goods has been approached from the perspective of the customer.
These digital-native banks, unencumbered by legacy technology, have leveraged the cloud, APIs, best-in-class applications, and data to drive these modern experiences in the most agile of ways. Incorporating A/B testing for new features, machine learning to analyze information for next best action, and more frequent software release cycles are all tools that these new banks actively leverage to continuously improve the customer experience.