Reduce the distance between developer and user
Currently information passes through too many departments which means information and context can be lost. A more direct link between developer and user improves the communication. Think of it as a "whispering game" with six parties: the final message is never the same as at the beginning.
Changing to a purpose-driven team will also be a step in the right direction. At present, teams are very task-oriented which means new features are constantly created. Unfortunately, this does not yield the best possible result. By setting goals together with the client, teams can give their interpretation on how they want to achieve the goals. This ensures more creative and better solutions, a motivated team and direct lines between developer and user.
By focusing on the 'outcome' instead of the 'output', the most relevant tasks are picked up first. If combined with the frequent release of features in short periods, it makes it possible to continuously measure and adjust. This ensures the process is based on rationality instead of gut-feeling.
During the eFinancials event, different companies shared their knowledge and experiences. Below is a selection of methods applied at various organizations.
Bunq explained the method they use and how this method differs from other banks. Important in this process is the community, a platform to share knowledge with customers, ask questions and discuss new wishes. By assigning "votes", value is given to, for example, new features. This way the distance between developer and user is reduced.
Banking app for youth
The Belgian KBC bank shared their experiences about the banking app which they have specially launched for young people. This app is completely adapted to the ‘Facebook zeitgeist’. To promote communication with young people, the team has deployed chatbots. This allows young people to ask (banking) questions on a daily basis. Instead of expanding the 'standard bank app', a very conscious decision was made for a different approach: "How do we make banking attractive to young people?". This is very much a purpose-driven approach, which is combined with a fast validation cycle and yields interesting insights. For example, something that KBC did not expect: young people talk to the chatbot every day and not just about banking, but sometimes to share their emotions".
MoneYou has introduced a new bank account, in which an app is essential. The entire process of applying for a payment account can be completed in this app. During the realization of the app dozens of conversations were held with the focus group 'millennials' and many concepts have been validated from these sessions. By continually validating with the target group, ABN AMRO's subsidiary develops a product in which every choice is substantiated.
A fair fight!
Fintechs are distinguished primarily by the method in which products are developed. This is precisely where banks could learn a lot. Divisions of banks already apply methods such as 'purpose driven' and 'outcome based', which can be seen at MoneYou and KBC, among others. But if banks really want to welcome the rise of fintechs, then a company-wide embrace of these new methods is essential.