Digital Banking Solution - mobile banking network. business people using mobile phone with icon application online payment.

Getting your digital banking solution right first time

Author: Dale Eastham

You’ve no doubt been hearing more and more about how important it is to deliver products and services that make the grade on their first release. But what does that mean when it comes to multi-channel banking?  

Customers are becoming more demanding and FinTechs are eroding traditional banks’ share of the market. They must get all new customer products and services right first time. Failure in the multi-channel banking arena is not an option.

Failure in the #multi-channel #banking arena is not an option Click To Tweet

Growing customer expectation

First and foremost, getting it right first time is about ensuring your digital banking solution meets customers’ ever-changing needs and growing expectations.

With FinTechs and technology giants continually raising the bar when it comes to usability and convenience, end customers expect your services to make their lives better and easier. They expect their online experience to be slick and uncomplicated. They expect your services to be accessible in whatever format they need them – whether on the desktop, tablet or smartphone. They expect them to be readily available whenever they need them.

Understanding the multi-channel banking customer

But just don’t rely on the myth that “If you build it, they will come.” You only have to look at the Sinclair C5, Betamax video and Rabbit mobiles to see that this saying has no foundation.

Instead, gain a clear understanding of what your end customers need from multi-channel banking, what they like and dislike, and their diverse behaviours. This insight is key to delivering compelling new services that deliver meaningful value. Why not involve your end customers in your design processes by running focus groups, for instance.

Black box thinking

Don’t just explore one potential solution – be open minded. Delve into different possibilities. After all, highly successful Dyson made more than 5,000 vacuum cleaner prototypes before getting it right – but what he eventually unveiled to the world was a true market breakthrough.

Don’t be afraid to test out multiple ideas on customer test groups before making any decisions on how to move forward. Use A/B testing to compare different ideas and find out which works best for the end customer. Learn from what does and what doesn’t work – sometimes referred to as ‘black box thinking’ – to ensure that when you do release a solution, you get it ‘right first time’.

Worth doing well

There are also other aspects to getting it right first time that are equally important. One of those is quality. Any digital banking solution must be fit for purpose. That means it must be secure, resilient and high performing. After all, it is looking after the finances that are critical to end customers’ daily lives.

Quality is assured through thorough testing. Unit testing, function testing, integration testing, stress testing, performance testing, usability testing: every facet of the digital banking solution must be put through its paces before being released.

Easy to maintain

We should also not forget what needs to happen behind the scenes to ensure a high-quality customer experience. Solutions need to be managed and maintained on a daily basis. Operations teams busy themselves doing backups and restores, adding new users, fixing any issues, keeping hardware up and running, and a lot more.

Building a digital banking solution with manageability in mind from the start is critical to getting it right first time. After all, complex maintenance leads to overstretched operations teams and delays in responding to user requests. More than that, it can lead to performance degradation and availability issues – which only result in a poor end-customer experience. 

Systems that last

We also want our digital banking solution to be future-proof. With new multi-channel banking technologies emerging faster than ever before and today’s tech-savvy customers quick to adopt the latest innovations, ensuring solutions are extensible is critical.

After all, we don’t want systems to become tired. That would only lead to customers becoming disillusioned with your brand potentially turning to the FinTechs, with their fresh ideas and ability to deliver levels of usability and convenience never seen before.

Getting it ‘right first time’ is now more critical than ever – especially when it comes to a digital banking solution.

Digital Banking Solution - mobile banking network. business people using mobile phone with icon application online payment.
29 Sep 2017

Author: Dale Eastham

You’ve no doubt been hearing more and more about how important it is to deliver products and services that make the grade on their first release. But what does that mean when it comes to multi-channel banking?  

Customers are becoming more demanding and FinTechs are eroding traditional banks’ share of the market. They must get all new customer products and services right first time. Failure in the multi-channel banking arena is not an option.

Failure in the #multi-channel #banking arena is not an option Click To Tweet

Growing customer expectation

First and foremost, getting it right first time is about ensuring your digital banking solution meets customers’ ever-changing needs and growing expectations.

With FinTechs and technology giants continually raising the bar when it comes to usability and convenience, end customers expect your services to make their lives better and easier. They expect their online experience to be slick and uncomplicated. They expect your services to be accessible in whatever format they need them – whether on the desktop, tablet or smartphone. They expect them to be readily available whenever they need them.

Understanding the multi-channel banking customer

But just don’t rely on the myth that “If you build it, they will come.” You only have to look at the Sinclair C5, Betamax video and Rabbit mobiles to see that this saying has no foundation.

Instead, gain a clear understanding of what your end customers need from multi-channel banking, what they like and dislike, and their diverse behaviours. This insight is key to delivering compelling new services that deliver meaningful value. Why not involve your end customers in your design processes by running focus groups, for instance.

Black box thinking

Don’t just explore one potential solution – be open minded. Delve into different possibilities. After all, highly successful Dyson made more than 5,000 vacuum cleaner prototypes before getting it right – but what he eventually unveiled to the world was a true market breakthrough.

Don’t be afraid to test out multiple ideas on customer test groups before making any decisions on how to move forward. Use A/B testing to compare different ideas and find out which works best for the end customer. Learn from what does and what doesn’t work – sometimes referred to as ‘black box thinking’ – to ensure that when you do release a solution, you get it ‘right first time’.

Worth doing well

There are also other aspects to getting it right first time that are equally important. One of those is quality. Any digital banking solution must be fit for purpose. That means it must be secure, resilient and high performing. After all, it is looking after the finances that are critical to end customers’ daily lives.

Quality is assured through thorough testing. Unit testing, function testing, integration testing, stress testing, performance testing, usability testing: every facet of the digital banking solution must be put through its paces before being released.

Easy to maintain

We should also not forget what needs to happen behind the scenes to ensure a high-quality customer experience. Solutions need to be managed and maintained on a daily basis. Operations teams busy themselves doing backups and restores, adding new users, fixing any issues, keeping hardware up and running, and a lot more.

Building a digital banking solution with manageability in mind from the start is critical to getting it right first time. After all, complex maintenance leads to overstretched operations teams and delays in responding to user requests. More than that, it can lead to performance degradation and availability issues – which only result in a poor end-customer experience. 

Systems that last

We also want our digital banking solution to be future-proof. With new multi-channel banking technologies emerging faster than ever before and today’s tech-savvy customers quick to adopt the latest innovations, ensuring solutions are extensible is critical.

After all, we don’t want systems to become tired. That would only lead to customers becoming disillusioned with your brand potentially turning to the FinTechs, with their fresh ideas and ability to deliver levels of usability and convenience never seen before.

Getting it ‘right first time’ is now more critical than ever – especially when it comes to a digital banking solution.