Which direction goes the race?

Determining the direction of the digital banking race should be easy enough. It’s a race for the customer. But in what direction does that customer lie? Riddle me this Batman: where is she? As puzzling as a chameleon inside a packet of Skittles.

For the last couple of years the answer has lain in onboarding. Come up with a snazzy looking app with a catchy tag line and onboard the customer within a couple of minutes before they lose interest and abandon the process. Tick Tock, Instagram and doom scrolling have driven the attention span of the average mobile phone user to less than 12 seconds. Hurry up! Go faster! To capture the next generation of customer, the Millennials and GenZ’s , everyone seemed to get the message. “Get them before they change their mind

KYC technologies erupted with Silicon Valley  and Bank VCs chasing them hard. Take a selfie, upload some identity docs, confirm they are in your market, validate they’re real, compare them, if all good, give the customer an account. 

At Moroku we thought that was all done and that the race was turning in a new direction, towards engagement. The direction of the digital banking race was moving away from one to the bottom on speed, to a race to the top on emotion.

Not so fast young Robin.

The Bank Director’s technology report for 2022 has just come out and shows that over half of US banks are still focussed on enhancing digital account opening. Less than half of respondents say their bank has a fully digital process for opening retail deposit accounts. As complexity of decisioning increases, the percentages tail off quickly. 

For those organisations who aren’t in the blue box below, now is the time to get a wiggle on. For any neo bank, those without branches or those who want to reduce their branch footprint, digital onboarding is job one. 

The KYC technology tricks are 

  • ensure they are cloud native
  • offer cascading service integration 

These ensure rapid integration with ever green services that incorporate multiple sources of verification through a single commercial and technology arrangement. Collectively these make the commercial and technology aspects of the solution straightforward and progressive.

The Generational Divide

Just 25% of the directors and executives surveyed say their bank has the tools it needs to effectively serve Generation Z (16-25 years old), and half believe their institution can effectively serve millennials (26-40). Eighty-five percent say as much about Generation X (41-56), and 93% say this of baby boomers (57-75).

The customer acquisition race is evidently more than rapid digital onboarding. There needs to be a compelling value proposition backed up by post onboarding engagement. This is where the race pivots 180 degrees away from a race to the bottom on speed towards a race to the top on emotion, a race less about speed but about building value and connection.

The segments where banks are losing the race are more than digital natives. They are social and game natives, addicted to feedback, reward, support, content and emotion, all of the aspects that simple Ease of Use design patterns fail to deliver. With money being such a difficult paradigm to master the target shifts away from being great with money towards feeling better about money. This is because being great is so very hard to define. What is being great with money? Being the richest person in the world? What is having enough? What is being resilient enough? Such questions are hard to resolve. Yet, bizzarely, we can make progress on aspects on how are we feeling with our money and make progress on that, learning more, implementing new systems, creating stronger habits all make progress on helping customers move up the financial fitness heirarchy.

From Ease of Use to Fun to Use

Games and social are defining mobile engagement but also ideas around fitness – there is a lot to be curious about and they help. Within these design paradigms, called Fun to Use,  there are lots of design ideas and mechanics that are powerful and applicable to digital banking design to drive post onboarding engagement and build relationships. 

  • Competitions
  • Lotteries
  • Rewards
  • Awards
  • Missions
  • Challenges
  • and more

What’s required is to organise and place them correctly within the user journey. The Moroku Design Method (On Ramp) does this. When coupled with Odyssey, customer engagements can be rewarding, customers can lean into their money and relationships can be built.


Moruku Odyssey Version Final Logo Transparent

Odyssey is an engagement platform for financial service providers. As the fintech market continues to heat up, customer engagement is the battleground. Moroku’s behavioural banking engine helps banks and FinTechs attract and engage customers around a telos of financial wellness.

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