The Future of Online Banking: A Culture of Change
In episode four of this multi-part series on the future on online banking, author Tim Bunch shows retail financial institutions the right — and wrong — ways to manage the never-ending cycle of change required in this critical channel.
By Tim Bunch
Thus far in the “Future of Online Banking” servies, we have explored three of principles shaping the future. Here’s a quick recap:
- Part 1 – Your online channel will be the flagship branch of your institution
- Part 2 – In the online channel, you can know who your visitors are and automate cross-selling
- Part 3 – The online channel will be device independent, merging mobile and desktop
These three points are going to require a great deal of change in the ecosystem of banking. The changes required will impact your core systems, your marketing, and indeed the entire banking experience. Financial industry executives need to have a system in place that allows change to not only happen, but also for it to become the new normal. In other words, don’t fear and resent change, embrace it.
Change… and Frustration
When it comes to online banking, nothing frustrates your visitors more than logging in one day and discovering that everything has changed. Their workflow has just been completely interrupted. It’s as if a mechanic accidentally left a wrench under the hood of their car, making a crazy, loud, rattling noise.
How do we introduce change without causing extreme frustration? First off, it’s impossible to please everyone. Let’s just get that out of the way now. However, with the proper approach, you can minimize the amount of irritation your visitors experience.
So let’s explore four specific types of changes and how to deal with them:
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