— Phil Morton , Head of Strategy , Foolproof a user-first perspective . This formula for success is what incumbent banks fail to understand and is a big part of why their experiences fall short of the mark .

Everyone knows that incumbent banks struggle with legacy systems which are difficult to maintain and costly to replace . There are many multi-millionpound digital transformation projects to remedy the technological challenges of running a large bank in the modern age . However , just fixing the technology will not allow incumbents to replicate the success of challengers unless they focus on changing the way that they work as well . A customer experience is only as good as the organisation that creates it . Banks must improve their internal team culture , skills and capabilities to help teams put customers first . Only by empowering their teams to make decisions that work for the customer as well as for the bank will they succeed in the long term . Customers ultimately decide whether banks have been successful

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