“Monzo’s success in retail banking comes from its culture” — Phil Morton, Head of Strategy, Foolproof
a user-first perspective. This formula for success is what incumbent banks fail to understand and is a big part of why their experiences fall short of the mark.
CUSTOMER EXPERIENCE REFLECTS ORGANISATIONAL EXPERIENCE Everyone knows that incumbent banks struggle with legacy systems which are difficult to maintain and costly to replace. There are many multi-millionpound digital transformation projects to remedy the technological challenges of running a large bank in the modern age. However, just fixing the technology will not allow incumbents to replicate the success of challengers unless they focus on changing the way that they work as well. A customer experience is only as good as the organisation that creates it. Banks must improve their internal team culture, skills and capabilities to help teams put customers first. Only by empowering their teams to make decisions that work for the customer as well as for the bank will they succeed in the long term. Customers ultimately decide whether banks have been successful w w w.f i nte c hma ga z i n e. com