THE OPPORTUNITY IN BUSINESS BANKING
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60 or not , and no company can create sustainable value for its customers without a deep understanding of human behaviour . To stand a chance , banks must equip themselves with the people , skills and processes to place themselves in a position to make great user experience and iterate on it .
Monzo shows that it ’ s possible to do this at scale : with almost 2mn customers it still listens to its community to inform product decisions . The challenger bank releases services that aren ’ t quite finished and feels the backlash , it ships changes to its code base every day . This is only possible with the right internal culture and ways of working . Every employee knows their role is to improve the lives of customers , and teams are not afraid of failing to figure out how to do this .
In contrast , teams in traditional banks often have the best intentions to serve customers but face organisational silos , outdated processes and needless red tape . Reforming their internal design processes and transforming their culture should be a priority if banks want to improve the experience they deliver .
THE OPPORTUNITY IN BUSINESS BANKING
Business banking is lucrative and funding is making the space more competitive . Unless they learn from new entrants , established players risk falling behind . Monzo ’ s strength in retail banking doesn ’ t necessarily guarantee an easy or quick win in business banking . But their culture will ensure that they translate their commitment to the customer into the business banking domain , and that businesses can look forward to useable , painless and exciting products and services .
JUNE 2019