In the past 10 years, a number of sectors have seen rapid evolution and disruption in the business model, the leading brands, and service providers although there has yet to be any seismic shift in the UK banking sector. In a three-part investigation, John Devlin wanted to test the claims of many financial service providers that they are digital entities.
Note, this project was commissioned by Mitek. You will be redirected to read the blogs on their website.
Part I – Are Banks Responding to the Digital Challenge?
There have been great advances in terms of the solutions that can aid banks and consumers alike. Much is based on mobile and it is notable that the incumbent and neo banks are all touting their digital successes and mobile advances. Much is centred on traditional banking replacing web-access and paper-based communication and information with their mobile apps – which have seen great success in terms of customer touchpoints and use.
Though has it really progressed to transcend the traditional services and mindset to become digital-first operations throughout?
Part II – The Rise of the Neo Bank: End-to-End Digital Service as a Competitive Advantage
The UK has seen several prominent launches in the past year or two. The likes of Atom, Monzo, Revolut, and Starling have been attracting much attention for their mobile-first, branchless approach. What stood out for me when signing up for their accounts is how seamless the process is. They have foregone the Internet (that is just for providing information), instead, they are all about their apps. Install the app, add your personal details and away you go.
Part III – Key Differences Between Incumbents and Challengers
There are some mitigating circumstances, e.g. legacy systems, breadth of services offered, multiple organisations within one, but there were some very clear differences between the traditional banks and the challengers. The challengers obviously have an advantage in being able to start from scratch and build from the ground up. However, the biggest differentiator would be a digital-first mindset and recognising that this stretches across the entire organisation.
About P.A.ID Strategies
John Devlin is the Principal and Founder at P.A.ID Strategies, a leading provider of information and market intelligence on global and local technology markets designed to deliver insight and understanding to its audience. It specialises in assessing go to market strategies, acceptance and uptake of new and disruptive technologies, assessing both the technology and commercial carriers and drivers. John’s focus is on Payments, Authentication, Identity (P.A.ID) and the Security and Connectivity of people, devices, objects and transactions in an increasingly digitised and connected world.
In 2021, John joined forces with Valour Consultancy to support our existing work in mobility sectors and expand our research coverage into a wider array of industry verticals. Learn more >>
