Future of Banking: A Down-Under Perspective on Fintech

Setting The Scene: Quokka or Dingo?

The original post posed a playful question: If the future of banking was a battle between the Quokka and the Dingo, which would come out on top? Beyond the playful metaphors, the post cleverly captured the current crossroads in finance:

a) Legacy Overhaul: Will banks take the giant leap, just like a kangaroo trying to surf, moving towards a customer-first approach?

b) Fintech & Banking Synergy: Like the perfect mix of Vegemite on toast with butter, can fintech and banks combine to offer the ultimate service?

c) Frictionless Finance: What if loans were as effortless as a quokka taking a selfie? Can APIs expedite our financial processes?

d) Digital-First Reality: Can banks evolve to be as digitally savvy as a dingo with a smartphone?

A Dive into Frictionless Finance

Julio Isaac Carrillo, an expert in financial transformation, initiated a dialogue by seeking insights on the most effective approach to a seamless banking experience. The answer? A bit of everything.

Marjukka Niinioja, an API economy, culture and architecture champion, shared a penchant for frictionless finance. She emphasises its "ecosystem-customer" focus. But, there's a twist – friction-free might mean users don't have to use anything, but there's a need for design with the user in mind. The ideal? A financial service so smooth that it integrates with your everyday life, products and services, even your fridge!

Julio concurred that "frictionless finance" is the way forward, eliminating hurdles and catering to diverse customer segments. He brings to light an interesting point: "friction-free" embodies user ease to such an extent that it could change traditional integrations, but its adoption would rely heavily on an organisation's core values and strategic objectives.

Perception of Financial Services

The ensuing conversation pointed to the double-edged sword that frictionless finance presents. On one hand, users get the best value measured by time and impact. On the flip side, trust could take a hit in an ecosystem where financial service providers lose visibility due to the seamless experience.

Marjukka highlights the balancing act required in customer-experience design: sometimes, a hint of friction might be necessary to ensure trust.

However, if smartly designed, other services in the ecosystem can ride the wave of frictionless financial services. This symbiosis can benefit the whole ecosystem, elevating the perception of financial services.

So, Quokka or Dingo?

The question might be playful, but the implications for the future of banking are profound. The financial sector's journey, especially in the age of digital transformation, is bound to be as exciting as a kangaroo's hop! It's up to the industry players to decide which path they choose and how they'll ride the waves of the ever-evolving fintech landscape.

These are some of the typical challenges and trends we address in the innovation and learning program, Futudemy, where in 8 hours, participants from business and technology domains learn customer-centric, design and product-centric new methods, such as APIOps Cycles and innovative business solutions and models involving to the new and existing APIs, data and technology.

P.s. we did just finish another cohort, innovating customer-centric, API-enabled solutions for the Australian banking sector. Here are some of the things they had to say during the final session:

Thoroughly enjoyed my time being involved in this program, just to start thinking outside of the box about APIs, how they're formed, what they represent. Wonderful! Thank you all again

From a senior manager listening to the pitches as distinguished guest: