It highlights the company’s focus on ease-of-use and helping users to understand banking services through visualisations.These are areas where banks need to catch up if they are going to attract new consumers and compete with leaner, startup companies with new cost models and no legacy spreadsheets.
Advertisers and other businesses are already making this switch and banks need to too.
Banks need to become more like companies such as Uber and Airbnb that function wholly within an app environment, rather than requiring the user to phone a call centre or visit a physical branch to access services.
It’s the simplification of banking into a single app that is driving excitement for these challenger banks and incumbents will need to keep the pace.
Doubling down on mobile-focused design is important.
Many high-street banks are failing to adapt to the changing nature to the consumer.
While most now offer an app they rarely allow users to do more than check their savings account and make transfers.
However, with consumers, especially younger, so-called millennials, increasingly accessing all kinds of services through their smartphones, fintech startups and challenger banks are rushing in to try and offer banking more attuned to what the consumer wants.
Challenger banks such as Mondo, Number26 and Atom Bank are attempting to offer full banking solutions built around smartphones and are attracting sizeable funding rounds.
Atom Bank last year took on USD128m from investors including Spanish bank BBVA.