Truly Digital Manifesto

The most successful financial services businesses of the future will be truly digital. Being truly digital means building products and services with the full possibilities of the modern digital landscape in mind. It's moving beyond digitised, to truly digital.

Digitised ≠ truly digital.

Truly digital services align with Digital R.I.C.H.E.S

R
I
C
H
E
S

Real-time - We’ve all become accustomed to an interconnected world where we can shop, communicate, learn, consumer media etc. all in real-time. The expectation of financial services is no different. Products need to surface updates, insights, rewards and offers in real-time, to help customers make decisions in real-time too.

Intelligent - Use customer data to create intelligent services that focus on customer journeys, not a single service. People don’t want a mortgage. They want to buy a house. A truly digital product is built with a conscious decision to play a meaningful role in this journey.

Contextual - Knowing where your customer is, what they’re doing and who they’re with are all pieces of information about the context they’re in. Truly digital services use this to create convenient experiences, for example, offering someone travel insurance knowing they’ve just purchased flights.

Human - Digital experiences don’t have to feel impersonal. The world of truly digital services makes it entirely possible for business to offer personalised products and services, at scale.

Extended - Truly digital products and services can and should deliver end-to-end experiences through powerful APIs, curated marketplaces where the best of breed players offer their capabilities, and integrated platforms where integrated products and services solve a group of interrelated problems.

Social - We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

Truly digital services align with Digital R.I.C.H.E.S

< Explore the RICHES >
R
I
C
H
E
S

Real Time - We’ve all become accustomed to an interconnected world where we can shop, communicate, learn, consumer media etc. all in real-time. The expectation of financial services is no different. Products need to surface updates, insights, rewards and offers in real-time, to help customers make decisions in real-time too.

Intelligent - Use customer data to create intelligent services that focus on customer journeys, not a single service. People don’t want a mortgage. They want to buy a house. A truly digital product is built with a conscious decision to play a meaningful role in this journey.

Contextual - Knowing where your customer is, what they’re doing and who they’re with are all pieces of information about the context they’re in. Truly digital services use this to create convenient experiences, for example, offering someone travel insurance knowing they’ve just purchased flights.

Human - Digital experiences don’t have to feel impersonal. The world of truly digital services makes it entirely possible for business to offer personalised products and services, at scale.

Extended - Truly digital products and services can and should deliver end-to-end experiences through powerful APIs, curated marketplaces where the best of breed players offer their capabilities, and integrated platforms where integrated products and services solve a group of interrelated problems.

Social - We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

Truly digital services align with Digital R.I.C.H.E.S

< Explore the RICHES >
< Explore the RICHES >
R
I
C
H
E
S

Real Time - We’ve all become accustomed to an interconnected world where we can shop, communicate, learn, consumer media etc. all in real-time. The expectation of financial services is no different. Products need to surface updates, insights, rewards and offers in real-time, to help customers make decisions in real-time too.

Intelligent - Use customer data to create intelligent services that focus on customer journeys, not a single service. People don’t want a mortgage. They want to buy a house. A truly digital product is built with a conscious decision to play a meaningful role in this journey.

Contextual - Knowing where your customer is, what they’re doing and who they’re with are all pieces of information about the context they’re in. Truly digital services use this to create convenient experiences, for example, offering someone travel insurance knowing they’ve just purchased flights.

Human - Digital experiences don’t have to feel impersonal. The world of truly digital services makes it entirely possible for business to offer personalised products and services, at scale.

Extended - Truly digital products and services can and should deliver end-to-end experiences through powerful APIs, curated marketplaces where the best of breed players offer their capabilities, and integrated platforms where integrated products and services solve a group of interrelated problems.

Social - We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

R
I
C
H
E
S

Real Time - We’ve all become accustomed to an interconnected world where we can shop, communicate, learn, consumer media etc. all in real-time. The expectation of financial services is no different. Products need to surface updates, insights, rewards and offers in real-time, to help customers make decisions in real-time too.

Intelligent - Use customer data to create intelligent services that focus on customer journeys, not a single service. People don’t want a mortgage. They want to buy a house. A truly digital product is built with a conscious decision to play a meaningful role in this journey.

Contextual - Knowing where your customer is, what they’re doing and who they’re with are all pieces of information about the context they’re in. Truly digital services use this to create convenient experiences, for example, offering someone travel insurance knowing they’ve just purchased flights.

Human - Digital experiences don’t have to feel impersonal. The world of truly digital services makes it entirely possible for business to offer personalised products and services, at scale.

Extended - Truly digital products and services can and should deliver end-to-end experiences through powerful APIs, curated marketplaces where the best of breed players offer their capabilities, and integrated platforms where integrated products and services solve a group of interrelated problems.

Social - We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

Human - Digital experiences don’t have to feel impersonal. The world of truly digital services makes it entirely possible for business to offer personalised products and services, at scale.

Extended - Truly digital products and services can and should deliver end-to-end experiences through powerful APIs, curated marketplaces where the best of breed players offer their capabilities, and integrated platforms where integrated products and services solve a group of interrelated problems.

Social - We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

Extended - Truly digital products and services can and should deliver end-to-end experiences through powerful APIs, curated marketplaces where the best of breed players offer their capabilities, and integrated platforms where integrated products and services solve a group of interrelated problems.

Social - We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

Social - We are a social species, yet traditionally banking has isolated our finances to a single person / account. In reality, we live in families, groups, tribes and societies. Successful digital services make this easy.

Truly digital businesses obsess over these things
Customer needs
Working constantly to understand the brutal realities of customers’ lives
Cost to serve
Keeping the cost of opening new accounts below the cost to create and maintain those accounts
Speed
Moving quick enough to go from new idea to being in the hands of the customer in 8 weeks
Decision making
Empowering product managers to make decisions that bring the product closer to the customer
Incentives
Aligning company values closely to performance management systems
Customer satisfaction
Putting the satisfaction of customers before the volume of customers and keeping customer satisfaction scores above 80%
Cost of change
Keeping your cost of change low enough to allow constant testing and change
Customer experience
Optimising onboarding processes to make it so smooth customers will want to tell a friend about it
Org design
Organising teams around how customers consume products rather than how they buy them
Revenue streams
Having emerging revenue streams in the pipeline that aren’t based on net interest margin
Solving customer problems
Providing intelligent digital services aligned to customer outcomes rather than dumb analogue products
Digitised ≠ truly digital
>>
Digitised ≠ truly digital
>>
Digitised ≠ truly digital
>>
Digitised ≠ truly digital
>>
Digitised ≠ truly digital
>>
Digitised ≠ truly digital
>>
Digitised ≠ truly digital
Digitsed to truly digital, in action
Bank statements

iTunes was a purely digitised music platform. Instead of buying an album at a store and playing it in your CD player, you could now buy an album on the internet and play it on your computer. Spotify took music consumption to a new level, building a service and business model born in a digital world.
Bank statements

iTunes was a purely digitised music platform. Instead of buying an album at a store and playing it in your CD player, you could now buy an album on the internet and play it on your computer. Spotify took music consumption to a new level, building a service and business model born in a digital world.
iTunes x Spotify

iTunes was a purely digitised music platform. Instead of buying an album at a store and playing it in your CD player, you could now buy an album on the internet and play it on your computer. Spotify took music consumption to a new level, building a service and business model born in a digital world.
Bank statements

The monthly stack of bank statements you would once receive by post, are now offered online by incumbent banks. A monthly digitised version. Neobanks have re-considered this approach and instead offer truly digital, real-time information on your spending as well as offering useful insights.
It's time to become truly digital

With the landscape changing as rapidly as it is with new technologies, new competitors and new forces impacting consumers' lives, it's more important than ever to act. The challenge is clear, as is the opportunity. So here's the lay of the new land. How do you measure up? Let's evolve and learn together.

More on truly digital