The provided text, an article excerpt by Alex Kreger of UXDA, explores the critical distinction between viewing digital banking as a mere channel versus a core product. Treating digital offerings as a channel results in reduced investment and a poor customer experience, as it is seen as an afterthought rather than a core business component. Conversely, adopting a product-centric approach involves allocating necessary resources, ensuring continuous improvement, and ultimately leading to a superior user experience and better market success. The author identifies ten specific areas—including strategy, investment, innovation, and cross-functional collaboration—where a product mindset is essential for financial institutions to thrive in the modern, digitally-driven financial industry. By prioritising digital as a product, banks can enhance customer satisfaction, gain a competitive advantage, and achieve market leadership.

Find out:

• What fundamental strategic distinctions exist betweem viewing difgital banking as a product versus a channel?
• HOw does adopitign a product mindset infuence investment, innovation and internal organisational collaboration?
• What are the ten crucial operational areas where financial institutions ccan iomplement this product perspective?

Read the full article on Forbes: https://www.forbes.com/councils/forbesbusinesscouncil/2023/01/18/digital-banking-ux-the-future-is-a-product-not-a-channel/

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