Key Takeaways from MoneyNext 2024 Banking Transformation Summit

After a jam-packed two days at this year’s MoneyNext's Banking Transformation Summit, we’re buzzing with the latest insights from industry leaders and engaging Roundtable discussions. We’ve taken time to unpack all we heard - here’s a rundown of our key takeaways.

A Customer-centric approach

We heard from Sally Davenport at NatWest Group & Ben Taylor at Aldermore Bank, who shone light on the importance of customer-centricity throughout the lending process.  Both Sally & Ben raised the important point that brokers should also be considered customers, rather than a pure focus on the end customer who receives the loan.

If the customer-centric design mindset is extended to the broker, and as a result they have a positive, seamless, experience, they will then pass that on to the customer they are assisting.  Ultimately, the service provider is then more likely to retain both the intermediary relationship and the end customer. 

Sally & Ben also highlighted the importance of user-testing to achieve true customer-centricity.

On a separate panel, Robert Wint from Temenos highlighted how keeping things simple is ultimately the key, but reminded us that tech does not automatically equal simplicity. This resonated greatly with us - by bringing users into the design process as early as possible, you avoid running with unvalidated business hypotheses which do not truly answer customer needs, or risk overcomplicating the journey, wasting time and money developing a redundant ‘solution’.

At Hi Mum! our extensive experience in user testing, specifically within the banking industry, means we are experts in championing the voice of the customer for financial institutions of all shapes and sizes.

External influences driving innovation in Financial Services 

Across many of the panel discussions, it was clear that players and experiences outside of financial services have had an increasing impact on users’ expectations.  Whether this be customers or colleagues, users are expecting experiences within their personal banking apps or internal platforms to mirror the standard of ease they are accustomed to from different sectors.

With this in mind, NatWest Group’s Ian Crawford urged financial services to start considering what the market is doing to them, rather than what they can do to the market. Posing the question “who can solve the jobs for customers that financial services can’t?”, Ian highlighted the importance of considering players adjacent to financial services, who may be well positioned to plug a gap.

Andy Chakraborty from Santander mirrored this sentiment, stressing how players within financial services currently find themselves as followers rather than leaders - caught in a cycle of playing ‘catch-up’.  When asked his key takeaway, Andy emphasised the need to look outside of financial services for innovation.

Underpinning these discussions was the appreciation for the level of risk involved in innovation, and how this is often a barrier for larger, traditional organisations.  Ian Crawford, however, reminded us that being risk averse itself is a risk, and will hinder these businesses longer-term.

On a similar note, Stephen McNamara MA shared how Skipton Building Society has looked to Amazon's customer journey for inspiration, and embraced rapid innovation processes to catapult their ambitions to become a digital first building society. 

Stephen, similar to Ian, emphasised that in order to win in the future, you need to take the risk by innovating today. 

This viewpoint deeply resonated with our experiences working with in-house teams at traditional high street banks.  Where teams are often occupied with business as usual, we are able to help them think longer-term and can take on the role of testing hypotheses without disrupting their day-to-day.

At Hi Mum! we’ve helped build a rapid innovation framework that tests innovative concepts in just 8 weeks.  With a focus on co-creation, blended teams and wide stakeholder involvement, we consider the operational and technical realities upfront to arrive at confident, validated propositions - ultimately minimising risk.

The growing need for personalisation  

The word personalisation featured heavily across the event. That said, it did not feel like a  buzz-word but something very much at the forefront of minds across the sector. 

During a Roundtable exploring how banks can meet tomorrow’s digital expectations and consumer demands, we had an excellent discussion with attendees from Lloyds Banking Group, HSBC & Barclays, exploring the challenges associated with successfully embedding personalisation within traditional banks.

Our conversation turned to the challenge around customers being multi-banked, and how it is becoming increasingly difficult for banks to embed a truly personalised experience when they do not have full visibility on their customers’ spending and habits.  It’s a complicated topic, and one that will vary dramatically across varying customer segments. 

Our team of strategists have been interviewing both leaders in financial services and consumers to explore the role personalisation should play in shaping the sector’s future.  Ultimately, for consumers and businesses alike, personalisation is starting to feel essential, rather than a luxury credited to disrupter services. Much like an analogy of a tailored suit, if a customer is looking for a service that is the same price as another, they are bound to choose the bespoke version. 

With that in mind, our specific focus has been on how to strike the balance between building deeper, more meaningful relationships with customers, without “going too far" in the eyes of some customers.

If you’d like to chat more about our personalisation research or any of the themes mentioned above, we’d absolutely love to share more.