Recently appointed Beyond Bank chief information officer (CIO) and big four bank alum Stevie-Ann Dovico has called for banks to replicate Netflix-style personalised profiles within their apps and online banking services.
Such a capability, she said, would recognise the multiple, unique relationships that customers typically have with a single banking institution.
“People don’t want to mix their business profile with their personal profile or merchant profile,” Dovico said, speaking at FST’s Banking Summit 2024 today. “Being able to have that ‘single log-in, multi-profile’ view, and to easily traverse those separate relationships, is really great feature for customers.”
Dovico, who earlier this year made the jump from NAB – where she headed the development of to rising mutual banking outfit Beyond Bank, acknowledged the “significant research” done by her current employer on customer engagement patterns.
The demand for separate profiles, she added, “also stems from convenience, such as [customers] not having to remember their business login and their personal log-in, and just having a single log-in for a multi-profile experience”.
“It’s about convenience. And that convenience comes in many facets.”
For Dovico, when financial services consumers envisage a seamless digital experience, first and foremost is not having to deal with the tedious form-filling process, with form fields prepopulated with their data.
“The frustration of getting that mortgage or refinancing application request for more paperwork or documentation, or having to restate your expenses, is real and it’s certainly not something I enjoy.
“It’s a simple thing, but prepopulation is such a critical part of utilising the data that you [as a bank] have or can get access to via Open Banking integrations and APIs.
“[Pre-population] is really a winning strategy when it comes to originations.”
She added: “It’s critical to get your ecosystem right so that you can ingest data from multiple sources and can utilise the data you have already for customers to make things fast and seamless.
Convenience counts for Dovico, who said she is among many customers who would be prepared to pay “a little bit more or to take a certain percentage more on a mortgage if it’s going to be super easy or super fast to do”.
