Banks talk a lot about putting customers at the heart of their business. Seren helps them put their money where their mouth is. To come up with five big ideas for the future of banking, we worked with creative consumers from across the globe.
Since the financial crisis, banks’ reputations have suffered. They are no longer the icons of accountability, community-mindedness and trustworthiness they once were. They are also struggling to adapt to a technological revolution that is reshaping customers’ expectations of what banks should do for them.
Spying an opportunity, the tech sector has launched an all-out assault on core banking territory. With a customer-centric, iterative approach, companies like Square, TransferWise, Paypal and Wonga have disrupted international transfers, peer-to-peer payments and lending markets. Global giants such as Facebook and Apple’s iTunes will also pose a significant risk if and when they choose to offer financial services to their customers.
Needless to say, this has caught many in banking off-guard. Now the banks are wondering what’s next.
At Seren, we are experts in building customer-centric organisations. We also have a long history of helping banks deliver innovative products and services to market. So to understand some of the unsolved challenges in the retail banking sector, we undertook our own research.
Over 2 weeks, we worked with 16 consumers from the UK, the US, Japan, Australia and Brazil. We discovered the factors that are shaping their financial behaviour. We also observed the hacks and workarounds they use to get the financial outcomes they desire.
To understand the future of time and data management and decision making, we also collaborated with entrepreneurs in the UK and US. These people are creating the products and services that will shape customer behaviour over the years to come.
Over the course of the study, we uncovered five big ideas that we believe present fertile ground for retail banking innovation.
Download our report below for a summary of the results.