End-User Computing Applications

End-User Computing Applications
The banking UI/UX is very much behind the times. What is preventing that from moving forward? Will payments and banking vendors devote some resources to reducing friction, improving the user experience, and increasing transaction speed as part of Digital Transformation and the Consumerization of IT Services?

Top Answer : I think there's a bunch of different things. So, when we look at the transition to consumerization of IT, the very fundamental reason why we saw that is because people started to bring their own devices. And they said, "Why don't I get the same kind of experience in my day-to-day enterprise applications as I do with the apps on these devices ?" Particularly if you're bringing in Apple or anything like that. We always said, "Enterprise systems. Yeah. The bar for user experience is low because people are not demanding it" I had seen that firsthand. So, now there was a demand. Then, people were kind of wondering, "Is it even possible for them to do that?" Next comes the notion of, "Okay, well, it's possible to do that, but is it actually really going to move the needle?" Then comes the budgetary constraints and then comes the technical constraints.  We are kind of going down the opposite way. Starting with thinking about whether it is feasible to do this, instead of saying, "Consumers are demanding it. So, we'll need to go do that." Then we have to consider the macro level understanding of: What is usability? What is user experience when it comes to some of these systems? If you're looking for a report, are you just looking for a better looking statement? Are you trying to understand what the user is actually trying to do when they log into their bank account or their financial account, whether it's investment or just standard banking? We did not have the notion of jobs to be done or user centered design or have any of these aspects implemented into financial institutions up until Mint came along and brought in a certain level of simplicity. They said, "You know what? This is all doable. And let us help you and actually show you by doing it." And suddenly you've seen over the last 10 years or so, how much has come along. However, it's not enough. And here's why: When people log into their bank accounts, they are really more focused on their money. So, they will jump hoops to basically find out, "Did my paycheck get deposited? Did my... How much money do I have? Can I pay my bills?" They're focused on different kinds of things and they are willing to jump those hoops to be able to get there. But if you think about any investment account that you have versus some of the new ones, you realize that there's so much focus on simplicity and usability because they want people to understand it. They want more people to log in and be able to see their money and do the next thing that they want. If I'm going to a Robinhood and I want to do the transaction, the focus is on: You're here, here's how much money and here's the stocks that you're invested in. So, focusing from a user perspective is what the new age companies are driving.

Looking at how grossly inefficient the disbursement of stimulus money has been, what's your perspective on what is wrong with financial network banking and overall “fintech” today?

Top Answer : My experience is, banks don't want to move fast because they make money on the delay of carrying the float. There's no reason why FX conversion and settlements has to be a batch process. And I feel people just accept that for what it is versus pushing on that and narratives like this. Given your experience do you agree that we need to move to a continuous delivery model of financial transactions versus the batch model.