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The introduction of smart-phones, changed consumer culture and inadvertently banking as we know it. Today, niche digital challengers are rapidly unbundling traditional banking products faster than anyone thought possible in a highly regulated environment.  It is the whiplash effect of platform driven banking. Digital challengers are fast at recognising customer's needs and addressing them with easy to use features that result in a growing customer experience gap in traditional Banking solutions.

Customers don't really want to move to a new bank; they just want the one they have to be a little bit better. Experts say "Banks' are at risk of losing up to 24% of revenues in the next five years if they do not address this customer experience gap." To avoid losing revenues, experts say Banks need to speed up and offer new products beyond core banking and recognise the needs of modern consumers.

Easy for to say, but hard to do. I am making a large bet that mainstream banks will rise to the challenge and beat the competition. I strongly believe customers don't want to move banks, they just want their bank to give them more control over their finances. Insight is not enough, customers want to take action on their monthly outgoings:

• Customers want to have the ability to cancel regular payments they don't need and take care of the contract from the app,
• Reduce their monthly outgoings by accessing better rates on utilities, broadband, mobile etc. 
• Get coaching on their finances to help them achieve their goals. 
• Feel in control of their money.  

Disruption in banking is happening - You can choose not to participate, and risk becoming the Kodak of banking. Or you can embrace it.