If you work in a bank and the thought of the future of digital banking overwhelms you, we get it.
You may have questions about what to do, who to work with, and what to be on the lookout for. Don’t worry—we’ve got you covered.
We sat down with our CEO, Adrian Moise, and Director of Product Design, Matthew Corstorphine to get their expertise on all things related to banks, the digital age, and what you need to know about what 2017 has in store.
Welcome to Part 1 of our sit down interview!
So, first question, what do you think is the biggest opportunity in 2017 for banks with their digital products and software?
Matthew: Integrating AI, proactive alerts, and chatbots—and none of this is unknown territory. They’re commonplace. Especially with the major players like Google, Amazon, Facebook, and Apple. It’s happening now and it can easily translate into FinTech.
Adrian: With chatbots, like Matthew mentioned, they’re becoming assistants rather than just shooting out information. Google and Amazon created Allo and Alexa that are helpers and interact with your daily life. There’s a huge opportunity for digital banking apps to incorporate this style too.
What does it mean to be a lean and agile organization for a banking institution? How does this benefit a bank?
M: Oh, great question! It is a pretty generic term. It depends on what you apply agile and lean to: Your people? Your process? Your tools? Your products? You can scale it for larger organizations and use it in everything, from team huddles and scrums, down to the people in production and across all departments.
A: Banks need to have a team that consistently checks how products perform and how to refine them. When you stick with agile and lean principles, you’re constantly making iterative tests to see what works and what fails to make a product that best suits your customers’ needs. You make a better quality product, and you make it fast.
How do you ensure that speed does not compromise quality when developing digital products?
M: It’s all in the process. Make sure you have the right decision makers in play. That’s how you start with quality. Break down every micro-moment throughout the day—whether it’s the structure of a meeting or the way a design team communicates to the development team. Look at where you can refine these interactions to make your processes more efficient—this is where speed comes into play.
A: With the micro-moments that Matthew just mentioned, you want to analyze your team and how they react to them. Then, parlay that information back to the other team leads.
Knowledge is everything.
And that’s what our team at Aequilibrium is working really hard on right now too. We’re growing fast, and it’s really important that we set this standardized model where we all feel confident talking to each other about successes and failures, and we can constantly challenge ourselves to make the whole company more efficient.
We know user experience is important for banking institutions, but where do banks go wrong with UX? What can they do better?
M: Most banks don’t apply UX to the current education level users have with other apps. It’s not about creating a better way to apply for a mortgage, it’s about what you can do for your user before and after they apply for a mortgage. Make how you offer your service as easy as possible and customers will stick around longer.
A: Banks need to challenge these conventional views on user experience. Think about the relationship between Tony Stark from Ironman, and Jarvis, a highly advanced AI in the shape of a bot. He speaks in Tony’s context and can prepare him for his day because he knows his daily goals. Now, translate that into a banking app. It should look out for my best interests and offer me relevant services all while I’m out grabbing lunch. This is the new way people are interacting with their devices.
How can banks benefit from partnerships with other organizations?
M: One word: specialists.
Banks get access to experts who have the in-house capability to deal with things at a velocity they’re accustomed to working with, which banks have never had before. Normally, when change is needed, is happens at a snail’s pace.
But there are organizations, like Aequilibrium, out there who work to create APIs for banks because they know the banking system and they know the chatbot AI system whereas banks don’t have that same knowledge base.
A: And don’t forget that banks have benefits they bring to a partnership as well. They have stability, trusting customers, and scale.
They have people in Head of Technology and Head of Product roles who are advocates for change. What they don’t have, is an internal team that can champion these changes like outside specialists can. We move from having multiple silos to bringing the biggest parties together for better outcomes.
And that’s the end of Part 1! Stay tuned for Part 2 of the interview series next week. If you want to ask Adrian or Matthew a question, please submit it to email@example.com. You can also ask us on social at @AequilibriumInc.
Aequilibrium is a digital design and software development studio. Speed, craftsmanship, and user experience are at the helm of our creations. Get in touch to work with us or to say hello—new friends are always welcome!
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