Extractable : delivering data-driven and user-centered digital strategy
The financial services industry is evolving at pace , driven by new and innovative technologies and a focus on delivering customer-centric , personalized experiences that add value . In order to remain competitive in such an environment , businesses — whether they are incumbents , fintechs , credit unions or insurers — need to develop and implement a robust and forward-looking digital transformation strategy .
Extractable , a San Francisco-based digital consultancy helps companies to do just this . The business works closely with clients in financial services ; from banking , investment management and insurance , to accelerate transformation and provide tailored digital experiences to customers . It does this across three core areas : digital strategy , data analysis and experience design .
“ Our work is really around applying our actual research , knowledge and experience to ensure that those FSIs we work with get the most out of their digital channels ,” explains Craig McLaughlin , Extractable ’ s CEO . “ For us , customer experience and user centricity are essential . So , we look to bring together first person user research in terms of who the FSI ’ s customers are , marry that to the overarching business unit goals and holistically manifest that into an actionable digital strategy .
A lot of the time , what ‘ digital ’ is trying to do is not necessarily the same as what the organization is looking to do more broadly ,” he continues . “ So , we typically spend a lot of time with CEOs and others in the FSI to understand what the traditional strategy looks like and then develop ways in which we can manifest that into the digital realm . It ’ s about bringing all the disparate teams and departments together into a unifed strategy that is shared and laser-focused on measurable outcomes . This has never been more important for banks and credit unions as fintechs are entering their markets .”
The need for such a strategy , says McLaughlin , is being driven by the broader trend in the sector that sees customers shift from using brick-and-mortar financial services , such as bank branches , to their digital counterparts . This has been accelerated by the impact of the global COVID-19 pandemic , he explains . “ People have been shifting away from visiting branches for some time , but we ’ re now seeing that they just can ’ t do that even if they want to . So , for companies in the industry , whatever their learning curve was around switching to a digital-first strategy that ’ s being pushed and accelerated . A lot of us , as a result of COVID , will adapt to and adopt the digital world , and that really changes things for organizations .
“ With that in mind , I couldn ’ t imagine being a CEO of a bank today and saying ‘ our strategy hinges on the building of branches ’ in lieu of the digital experience ,” says McLaughlin . “ Really , they should be considering how they stand for something unique , how they manifest that uniqueness into a digital experience that can be delivered at scale , and which is centered around product and UX design .”
Craig McLaughlin , CEO at Extractable , discusses the development of a member-driven digital strategy with Visions Federal Credit Union
Among Extractable ’ s customers is Visions Federal Credit Union , a New York based financial institution that offers a host of services including savings , checking , loans , mortgages and investments , and online banking . Visions is currently in the midst of a member-focused digital transformation , working with Extractable . “ It ’ s a fantastic credit union with a very clear vision in terms of growth ,” says McLaughlin . “ One of the great things about the company is its culture and leadership , which is instrumental when you ’ re driving a strategy of growth .
“ Where we come into that process is carrying out the first person research into the organization ’ s members and
prospective members , with a view to developing that cohesive digital strategy ,” he adds . “ Every credit union we work with has something different or unique , and Visions has a great opportunity for growth . We ’ re impressed with the organization ’ s ability to prioritize and focus on good leadership and using the information we provide to guide the transition . It also has an environment where every department is focused on the ‘ whole ’ or the singular goal , which is really important .”
The transformation at Visions is still in its early stages , with Extractable focused on the discovery and research that informs the development of the strategy . This , shares McLaughlin , includes developing an understanding of each department ’ s role and the specific areas of focus for growth . “ It ’ s really about ensuring we can better serve the needs of the organization and its members ,” he says . “ Then , how can those experiences be supported with the right digital technologies . Technology never comes first , regardless of what it is or how innovative - understand the goals of the organization and what its members or customers want and go from there .”