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The mechanics behind the innovative user experience

On September 27th, 2018, Frank Roessig, Head Digital Solutions for Finance at Telindus, participated to IT Days, sharing his vision on the future of banking and highlighting the necessity to create an innovative user experience to satisfy the ever-changing needs of hyperconnected customers.

Frank Roessig started his speech by giving a brief history of banking 1.0: "Banks used to force you to adapt to them. You had to do business their way and they were seen as an unavoidable intermediary". Then, years or even centuries after, came several wake-up calls, from the famous Bill Gates quote – "Banking is necessary, banks are not" – to the financial crises and of course, the many technological innovations that have surfaced in the last 20 years. Therefore, it only makes sense that people started to ask themselves: how are we going to deal with banks?


What's driving change in the finance industry?

According to Frank, there are several reasons that explain the current relationships customers have with their banks/bankers. "First of all, client expectation has become central. In such a digital and hyperconnected environment, customers need their solutions to be real-time and easy to use, while being able to access them anywhere, at any time. They actually want to be in control", the digital banking expert stated. There are also new market frameworks, with regulatory changes, PSD2 being one of the most recent and striking examples, as "banks do not own the client anymore". Customers are actually going directly to a platform and sometimes do not even know who the provider is. Here, one expectation remains, as the Telindus expert explained: "they better onboard customers fast!". Frank Roessig continued with the example of onboarding, stating that the process which used to take months a couple of centuries ago. Now, thanks to technology, it only takes minutes. He defined it as a big leap, having a huge impact on cost and on efficiency.

Moreover, the competitive landscape has also changed over the years, with startups providing clients with new solutions and big players, such as the GAFAs and their innovative business models, probably waiting to enter the finance industry. "They actually already own the clients. One question remains: when are they going to start?", he highlighted.


Providing clients with innovative and customized experiences

Insisting on the importance of providing clients with a positive design and user experience, Frank Roessig asked the following question: "Why shouldn't be banking as cool as using an iPhone?" As user-centrism has become a key element, he highlighted the fact that users simply won't use the service/product, if they actually don't like and enjoy it. Moreover, observing customers and the way they interact or use an app has proved extremely useful when it comes to offering customized and personalized products or services. "If a customer takes a pretty long time to register and needs to have a look at the FAQs or uses the chatbot for help, offer him/her to invest in classical equity funds. But if the customer only needs 30 seconds to complete his/her registration, its means he/she could be tech-savvy. Why not present him/her with funds related with innovation, tech and startups?" underlined Frank Roessig.

The Head Digital Solutions for Finance ended his presentation with a focus on the importance of design thinking, starting with the necessity to look deeply into clients' needs. In this respect, he advocated the adoption of a holistic approach which aims at bringing together people (user experience), structure (process and procedures), compliance (legal and regulatory) and technology (architecture and tools). Such an approach will therefore enable an enhanced user experience, the optimization of operational efficiency and will also ensure regulatory compliance: a win-win situation for banks and their customers!


Alexandre Keilmann

Photo: Dominique Gaul