The IT-powered future of financial services (I dream about)

I do a lot of work in Financial Services nowadays. Taking part in projects is one thing, sharing opinions & discussing visions with plethora of people who do the same...

4 years ago

Latest Post Mixing warsaw.ex by Sebastian Gebski

I do a lot of work in Financial Services nowadays. Taking part in projects is one thing, sharing opinions & discussing visions with plethora of people who do the same is very important as well - they provide a lot of insight that is not necessarily aligned with what I personally think.

But honestly, majority of them keeps telling the same stuff:

  1. Banks, insurance companies, etc. should focus on keeping their customers on their WWW sites / in their mobile apps as long as possible: to increase the probability of additional financial product (credit, investment, insurance) sale

  2. To make sites / apps more attractive, these companies should utilize social media ideas / integrate with existing social media platforms ("collaborative banking", gamification theory, etc.)

  3. As they can't force the customer to verbalize his non-articulated needs, more & more product offers should be presented - maybe user will find at least one of them appealing enough. Just make them unskippable to make sure that user notices them & reads as much as possible.

  4. Internet / mobile channel should be perceived as a modern replacement of traditional branch - in other words: all what you could get from a real person in branch, you should not have available in browser's window / your mobile phone

This really is NOT how IT (to be precise - software) could aid financial services business in a meaningful way. At least this is not my way of thinking about it.

Not that kind of end-user product

For a typical person, financial product is not a target itself, it's usually a mean to get the actual target. A burden that has to be dealt with to enable options / achieve goals. It's like damn logistics or delivery service - you want it smooth, efficient & cheap, just to forget about it ASAP after the interaction. Unpleasant necesity to be kept to minimum level because:

Of course it doesn't mean there's no hope: they key is to make finacial services more convenient, faster & simplier (without or with limited sacrificing the security - vide PayPass or other contactless payments). To make banking more cool, you have to hide it deeper ;) - make it more an engine that runs other (external) services. Like a cable TV provider - doesn't have to be cool itself, but has to serve as a frictionless medium that provides the cool content.

Software is capable of much more

Just imagine ...

All of the ones above have a one thing in common - they aren't just innovative & clearly beneficial to the consumer, but also can be achieved thanks to smart application of software products / service.

Sebastian Gebski

Published 4 years ago

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