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In my first blog post I started with the background to this series of posts around The Future of Retail Banking based on our Design Thinking session with a bunch of eager millennials. This week I continue on that journey by presenting the output from Team #1 and their vision of the future of retail banking. The scenario is set 10 years in the future, so stretching their imagination beyond their own experiences. The team defined their challenge as…

“How will millennials expectations affect how we interact with retail banks in the future?”

In this post I will take you through the thought process on a high level from end to end and present their final prototype.

Building a persona and empathy map


Creating an imaginary character and developing an idea from that persona’s point of view is a key element in Design Thinking. It generates empathy amongst members of a team towards a point of view unfamiliar to their own, and allows them to focus around the challenge from a common perspective.


The team developed their persona (James) in the direction of a person in his late 20’s, entrepreneur (consultant) and single (well occasionally thanks to his successes on Tinder). His finances are out of control and has a very poor relationship with his bank.


James lives in rented accommodation and tries to keep up with his company, life, friends and family. He travels a lot in his job and needs a way to become a good customer with the “right” bank that can offer him what he needs.

So what would the young entrepreneur of the future need from a bank?


What if the customer is challenged to physically go into a branch, but still wants a personalised and personal service…?


Personalisation was quickly identified as a critical success factor and so was the technology underpinning the relationship. The idea was to develop a platform that can support all interactions which occur between the individual and the bank. Bringing all the interactions into one place, but without the physical presence on the high street.


This would require an omni-channel platform as the basis to interact and cover all relationship aspects…

  • Performing the now 100% automated day to day services for customers.

  • Highly personalised service approach – focusing on the individual needs and even predicting his future needs.
  • Face to face using video conferencing technology such as Skype or FaceTime.
  • Mobility app that is as content rich as the web experience, used together with real-time content to keep him up to date on his goals and status.


NUBank would focus on the technology platform and build out the technology with a few exit strategies in mind…

  • Grow in their own right and increase products and service over time.
  • Sell off to a big incumbent player to accelerate their innovations.
  • Become the technology provider for other financial retailers that would like to enter the banking market.

The pure online player!


James settles for a bank that can guide him through life, based on profiling in conjunction with his own goals and habits. The bank will use mobile technology to alert him when his spending habits are outside his planned budget. Allow him to set up long term goals and manage these through detailed insights into his earnings/spending habits and offer the right services and products almost before he knows he needs them. He could have regular follow ups and budget adjustment sessions to ensure that advice is at hand, using secure web video technology.

They believe this would take Private Banking products to a new younger target group and open up old revenue streams for a new group of people.

In next weeks’ blog post we will look at the Financial Super Store concept.