We recently presented at the Equiniti Share Registration Conference around our thoughts regarding digital disruption in the Financial Services industry. Check out Andrew's summary of what he presented to attendees on the day.
Financial services is an industry in turmoil, and that looks to become the norm. Many of the large, traditional players are looking to innovate, but that's easier said than done. What direction do you take your business in, and how do you figure out what to focus on? Amidst this chaos, a new focus on user-centred or UX design has emerged, but it remains a bit of a nebulous concept to many. So what is it all about?
A quick fix like moving your services to mobile for the sake of it isn’t likely to solve everyone’s problems.
Webcredible is a UX design agency, but what does that really entail? UX as a term has become increasingly popular, but it's often poorly understood.
Sometimes these definitions become unnecessarily complicated. You'd probably leave the room more confused than ever if someone tried to use the above diagram to explain it to you.
We see User Experience as simply the overlap between three areas: business goals, technical capabilities, and user needs.
Innovative design caters to all three areas, and brings users a great experience while still accomplishing company goals.
Our company philosophy see this as the ultimate goal, and there are a few key processes required to accomplish this:
As with any other industry, we always encourage financial services businesses to look into their customers motivations. Unfortunately, that advice is often misconstrued into hopping on the latest trend, e.g. mobile. I would see this as missing the point: the channel is not the most important decision, and should only come once you've actually identified your customers' requirements.
In truth, a quick fix like moving things to mobile for the sake of it isn't likely to solve everyone's problems. Finance is one of the biggest laggards when it comes to innovation, due to a variety of reasons including expensive legacy systems, compliance, and regulatory issues, all of which also scare away potential competitors in the traditional market.
You're probably wondering: if that's the case, why hasn't it been 'disrupted' yet? It's true, finance hasn't had its so-called Uber moment yet, but that's probably because it's significantly more complicated than a taxi service.
Nevertheless, incremental innovation is widespread, across the many different subsectors:
Each of these businesses is looking at traditional services in a new way, but most importantly they all have one thing in common: they all encourage creativity and collaboration, and pair this with meaningful customer research. Given their size and scale, they face less fear of failing and are able to try new ideas. While financial services isn't facing a single Uber moment, it is experiencing dynamic innovation and disruptions in each of its subsectors; a death (or perhaps rebirth) by a thousand cuts.
Small innovations in mobile are happening that can even benefit the Company secretary, particularly around insider management. Arc is a simple tool supporting complex processes to achieve compliance and manage insiders. It provides help to those on 'the insider list' to remember close periods through regular communications and, of course, keep track of every transaction. In a global market, the company secretary or approved colleagues can request clearance, and approve from anywhere in the world.
To finish up, I wanted to share five tips with you to help enable innovation, whether that's on a mobile, watch, glasses, tie, hat, or any other wearable item: