New research comparing user customer experiences for banks
This study caught my attention since it highlights the digital disruption caused by challenger banks and how some industry incumbents have improved their performance, but others haven't.
This painstaking usability research involved competitor benchmarking where Peter Ramsey of Built for Mars each click reviewed different activities like opening an account was logged and compared.
The findings are shocking... Look at the difference between the 10+ days for an account to be active from existing banks in comparison to the 2-3 days for an account to be active from challenger banks like Monzo, Starling and Metro.
Kudos is due to the traditional banks like Barclays and Lloyds who have revised their back office process using STP (straight-through processing) so that they offer a 2-day turnaround process.
In terms of digital experiences, the challenger banks perform even better...
It took 5x as many clicks…
To know how to adapt, you must first identify the so-called ‘disruptors’ that are set to change the world of digital marketing as you know it
Perhaps you’re familiar with the often-misquoted Darwin aphorism, "It is not the strongest species that survives but those that are adaptable to change." While this concept largely impacts the field of biology, it may also be applied to technology and the different fields that use modern tech in making improvements.
One industry that is set to go through massive changes is digital marketing. Those who dabble in this field should be aware of the changes influenced by modern technology to stay relevant. But to know how to adapt, you must first identify the so-called ‘disruptors’ that are set to change the world of digital marketing as you know it.
Cloud technology has blown the doors of businesses wide open when it comes to gathering massive amounts…
Key lessons from the Strategy and Innovation World Forum
Robert Jones, our research analyst and I headed off to London last week to go to the Strategy and Innovation World Forum, set up by World Forum Disrupt. The Innovation Directors were attending in force, and with talks from the global heads of innovation from Santander, BT, UNICEF, Vodaphone and other world leading businesses there were plenty of interesting lessons to be gleaned.
With over 32 different speakers over the two days of the forum, it would be a bit of an information overload, if I tried to convey everything that was discussed at the event. But it did offer some great insights into the cutting edge of innovation strategy, so I've tried to distil the top 8 talks into just a few bite-sized takeaways that you can learn from and implement when developing your own innovation strategy.
Setting Strategies for uncertain times - …
Five recommendations for approaching digital innovation in order to serve the customer better
Through using digital technology and media, customers have found new ways to communicate, consume and share. They now measure the performance of organisations and the brand experience based on the standards set by ‘digital natives’ such as Amazon or Uber. Customers expect the same rapid response times, a seamless omnichannel experience and real-time information from every other organisation they do business with.
While most traditional organisations now have customer-centricity and enhancing the customer experience high on their strategic agenda, they’re at a distinct disadvantage as few of these organisations have been built around the customer’s needs or with an ‘outside-in’ approach. Digital start-ups, on the other hand, have customer-centricity at their very core which gives them the edge on customer experience.
Why digital disruptors have the edge…