Financial institutions are starting to realize that simplicity does not only improve the customer experience, resulting in trust and loyalty, but also reduces operational costs from redundant products, processes and dealing with customer complaints.
It is time to build your simplicity capability. The question is: How can banks achieve simplicity?
We can find great lessons from smart banking alternatives such as Simple, Moven, GoBank and Blubird. What is less discussed is how to achieve simplicity in traditional banks that deal with a legacy of old processes, infrastructure and often don’t have luxury of starting afresh. Translating the big intent to achieve simplicity into realization is not easy.
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