M O B I L E PAY M E N T S
or not, and no company can create sustainable value for its customers without a deep understanding of human behaviour. To stand a chance, banks must equip themselves with the people, skills and processes to place themselves in a position to make great user experience and iterate on it. Monzo shows that it’s possible to do this at scale: with almost 2mn customers it still listens to its community to inform product decisions. The challenger bank releases services that 60
aren’t quite finished and feels the backlash, it ships changes to its code base every day. This is only possible with the right internal culture and ways of working. Every employee knows their role is
THE OPPORTUNITY IN BUSINESS BANKING
to improve the lives of customers, and
Business banking is lucrative and funding
teams are not afraid of failing to figure
is making the space more competitive.
out how to do this.
Unless they learn from new entrants,
In contrast, teams in traditional
established players risk falling behind.
banks often have the best intentions
Monzo’s strength in retail banking doesn’t
to serve customers but face organi-
necessarily guarantee an easy or quick
sational silos, outdated processes
win in business banking. But their culture
and needless red tape. Reforming
will ensure that they translate their com-
their internal design processes and
mitment to the customer into the busi-
transforming their culture should
ness banking domain, and that business-
be a priority if banks want to improve
es can look forward to useable, painless
the experience they deliver.
and exciting products and services.
JUNE 2019