Manuel Schreurs of Backbase kicked off day 3 by reiterating the mantra that we are moving from digital-on-the-side to digital at the core. Banks need to be in the driver’s seat, with a digital team that understands customer needs, technology, and agile delivery. These strengths must be built into the core, so a key success factor in any digital transformation is to invest in training. So how do we make training efficient? Manuel outlined the 3 W’s of best practice.
- When – Train in small blocks along the way, rather than a huge block of training in the beginning.
- What – Align training to the role of trainee. This makes it more meaningful.
- How – Make it real. Be personal and social, build a community of trainees, and set challenges along the way.
Technology is a key enabler, but the business proposition is the differentiator
Having noted that legacy banks still offer what they have, rather than what the customer wants, Discovery Bank built a brand new, mobile-based bank. They believe that customers should not need to visit a bank or contact a call center, so dived into all of the relevant technologies and agile best practices. KYC is fully automated and compliance occurs in the background without interfering with new product launches. The facial recognition available on Backbase platform is used, along with other smart technologies – all done to make life easy for the customer. Jerome Frey of Discovery Bank noted shared their vision of a small, lean organization – a few million customers, handled by a few hundred employees. This is a behavioral bank, one that uses big data to gather deep insights on customer behavior. They use this information to reward good financial behavior with points towards lower premiums. Creating a circle of value in this way optimises the relationship for both client and the bank.
Ultimate control over the customer experience
Niels Mouthaan and Jose Cortés of Backbase looked at how widgets are built and used on the Backbase platform. Superior usability, the capacity to build and alter views and screens, clients that let developers interact with capabilities, or native APIs – all help banks to take control of the customer experience and tailor it. Jose looked at dynamic FAQs and other smart content possibilities for marketers via the content APIs on the Backbase platform. Security is always covered as Backbase Identity gathers information, authenticates and allows all of these flows to happen in a safe, frictionless way.
Empowering customers by becoming digital
Antoine Abirizk, Rania Mouawad and Stephanie Aboujaoude of SGBL outlined the wins that come from uniting IT and the Business on the Backbase platform. They brought customers in the Lebanese market enhanced experiences, better security and transparency, easier navigation, and new functionality. They empowered customers so much with technologies like multi factor authentication they even played an educational role in showing them the benefits. With a strong foundation in place, their journey continues and 2019 will see new release every 4-5 weeks.
Getting rid of the ‘Double Coincidence Problem’
Etienne Yuan of Ikano Bank examined transaction costs. He introduced the ‘double coincidence problem’ – a situation where the success of a project rests on the success of so many others. How can a company keep a host of interconnected projects going without killing innovation? APIs are a perfect solution to this problem, along with small teams, which are more efficient. Etienne mathematically refuted the theory that scale works, because the cost of coordinating people raises project costs exponentially. He suggested selecting the right competencies for a project to reduce the amount of resources spent on simply managing it.
Co-Creating Superior Experiences
Gabrielle Lovering of Backbase discussed how so many companies strive to deliver the most superior UX design possible. They bring in the best design agencies to create amazing designs, but there is a fundamental flaw to this approach. The finest agency out there can never truly understand the complicated data and platforms of the banking industry. Even internally, a gap exists between designers and developers. The connection of these two parties is part of the Backbase DNA. Gabrielle looked at the challenges of ensuring design consistency at scale and how a design system can tackle them.
How many steps to your product’s wow moment?
David Arnoux of Growth Tribe Academy brought us into the world of growth hacking, with insights on the wow moment – that point when someone feels a product will make their life better. Their research showed that getting a new bank account number is a wow moment for onboarding. This information lead to removing 90% of the steps in an onboarding process, and a 22% increase in signups. He outlined some strategies to fast-track growth – creating a funnel of ideas, scoring them, constant experimentation and welcoming failure. This is backed up with giving people the automony to experiment. He talked about T-shaping people – ensuring they have a specialized skill, but also a broad knowledge of other areas. This means they have more tools available to make decisions and can speak the language of other areas. The compound growth arising from a series of experiments over time is the secret to fast-tracking growth.
Choosing results over Rituals
Quy Nguyen of Central 1 showed us how things change when the focus moves from rituals to results. Their systems talk to all of Canada’s core banking systems, so a strong platform was needed. They launched a new banking app and public website on Backbase 6. Quy noted that the MVP is not the finish line, it’s a step on the road to constant learning, a launching pad for ongoing progress and improvement. Their digital transformation provided some key learnings. They saw a need to size and frame the MVP around validated learning, so used the Backbase roadmap to define their own. Adopting DBS capabilities, co-development and having a clear focus were also key. They consolidated and re-distributed development and support into cross-functional groups. Business requirements became user stories and the customer perspective was brought into agile sprints. Actions like these launched them further into the digital space.
Backbase Connect 2018 then drew to a close, but the networking continues. Attendees and the Backbase team alike moved to the drinks reception and rounded off an incredibly successful 3 days.