FinTech Magazine June 2019 | Page 56

MOBILE PAYMENTS

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Whilst most banks recognise the value of delivering a great user experience in order to win and retain retail banking customers , business banking has been left largely untouched by the disruption triggered by the entrance of mobile-only challenger banks . For many years , the wisdom has tended to be that most business banking users are not necessarily the corporate decision makers , and therefore they don ’ t have a choice in who they bank with . As long as the fees are competitive , it didn ’ t seem to matter that the digital experience was poor . The accounts stuck . Inertia prevailed .

That ’ s set to change , and the pace of that change will be rapid for two reasons . The first is that the lines between retail banking and business banking are blurring . Business users are consumers in everyday life , and their expectations of what makes a ‘ good customer experience ’ is maturing – they expect to find this in all parts of their life . Secondly , challenger banks are setting their sights on business banking customers , and will bring their customer-centric recipes for success with them . Banks need to take a fresh approach to the products and services they offer to business customers , and restructure their internal teams and working cultures to bring better conceived and delivered experiences to market before their customers vote with their feet .

JUNE 2019