Digital banking is now an integral part of our everyday lives. We’re happy using internet banking to pay our bills or request a loan. Likewise, apps to check our account balance, withdraw cash from the ATM or to order a new credit card. But what’s the real purpose behind digital banking? According to Colin Payne, VP of Capgemini Invent, for this we need to drill down to underlying customer motivations and seek out their core priorities:
“Banking is not a subject area, which fills people with inspired thinking and makes them want to switch on their phone and access their bank account immediately. People want banking that’s transparent and simple. They want it to be really invisible, because honestly, who of us really want to engage with banking products? Getting a mortgage is not about mortgage products but about buying a home. It’s a major life experience.” – Colin Payne
This is something Colin calls ‘inventive banking’ – being there for the customer with the right product at the right time, harnessing technology to deliver seamless, painless services. And, to move towards inventive banking, banks need to use data. To truly engage with clients and make a difference, a bank needs to know its customer base and tap into the granularity of customer data to understand their habits and priorities.
“The right trajectory for banks is to serve individual customer needs. We have to know who they are and then we can start talking to them about what they need. And once you’ve identified the need, just serve it.” – Colin Payne
The key is to strengthen relationships:
“To serve your tribe or community through using data, you can surprise the person on the upside through providing just what they had in mind. If you can have a relationship with someone who identifies in a certain way and you can likewise subtly channel that sense of community and bring that on board, you can have a conversation which engages in a much more direct, understandable way. This is humanizing banking.” – Colin Payne
To find out more about inventive and humanizing banking and how to best harness customer data, listen to our new Banking on Air podcast episode featuring Colin Payne of Capgemini Invent – Available on Apple Podcasts, Breaker, Google Podcasts, Overcast, Pocket Casts, Spotify or here:
Here’s a rundown of this episode:
- 0:45 Colin’s professional journey
- 03:00 Potential of digital banking
- 07:15 Changes happening in banks and inventive banking
- 15:00 Importance of data
- 21:00 Community banking
- 32:00 Covid challenges
Links from the episode:
Colin is an accomplished Vice President, with over 25 years of experience designing and delivering digital solutions that transform customer experience and deliver successful outcomes for clients. He is a specialist in open platforms, ecosystem partnering, and innovation at scale delivering success for a wide range of recognizable global brands.
Having worked within financial services, retail/eCommerce, and big tech, he now brings these threads together and leads NextGen FS for Capgemini, bringing technology and business together to deliver cutting-edge propositions globally. A focus on ‘beyond banking’ and the creation of the unique GTM offer Inventive Banking has ensured Capgemini has carved a valuable and credible niche into this competitive market.
With an award-winning track-record of delivery, he is considered both a thought leader and expert practitioner in this rapidly evolving market.
‘Banking on Air’ is covering the challenges, opportunities, perspectives and opinions that matter in the world of fintech, digital and community banking, payments and technology. Our hosts Helene Panzarino and Marcel Klimo will look under the hood of the changing face of tech: the acceleration in all things digital, the impact of regulation and disruption, the need for genuine collaboration, and the specter of competitors old and new as it plays out in fintech and financial services around the world.