A change of canvas & A focus on design

Smart move by Capital One.

Certainly not the first time it has done it. And not the only bank either.

As banking moves from branch to app – from a wholly owned and curated experience inside a branch – TO – an app that vies for space in a “democratized” and crowded home screen, banks must realize that they no longer own the entire canvas. Instead they merely follow the design principles set by the most-used apps on our phones. I no longer compare my bank app with that of another bank, I compare it against the services I use often – Facebook, Twitter, Gmail, Apple Pay, Uber etc. And if who you compete with on this platform has been redrawn to include brands who have nothing to do with managing money – then you have to try as hard not to be boxed in as a bank.

Having both the talent required to design these new experiences, and the capital to acquire them will only serve to further differentiate banks that have this focus as a priority vs those who will in the end get wrapped.

Board of Advisors at SimplyTapp - creators of Host Card Emulation driving democratization and open access to NFC in Android. Mobile Commerce & Payments Lead at Experian Global Consulting, serving Experian's clients in Banking, Retail, Consumer Credit & Payments. A strategic adviser w/ over 17 years of international Tech & Business Strategy consulting, advising firms in banking, retail & asset mgmt that seek clarity & insight in to the myriad business models around payments, fraud & commerce. Founded DROP Labs, a mobile payments/commerce strategy & advisory practice. Tweets here. I'm on LinkedIn here.
Cherian Abraham
View all posts by Cherian Abraham