San Francisco experience design firm Extractable has been featured in a Forbes article that uncovers a common theme emerging in the financial services landscape. Initially tackling the implementation of chatbot technology by banks, Extractable CEO Craig McLaughlin quickly identifies the larger challenge, and players, that banks must address.
“The frontlines in the battle for the new customer will shift in 2018. Tomorrow’s conversational commerce, AI, and big data will transform the Facebooks, Amazons, Googles, and Apples of the world into the key gateways for new customers. The only way to compete will be through real customer insights from personas/journeys and integration requiring API ready infrastructure,” says Extractable’s CEO, Craig McLaughlin.
McLaughlin added that many of the banks Extractable works with are challenged with technology stacks that burn through their budgets and limit their ability to deliver seamless experiences for customers. With this obstacle in place for banks, the technology incumbents and startups have an easier task. “FinTechs can learn banking faster than banks can learn innovation.”
The solution, according to Extractable, is to help banks invest in innovation long term, and let in-depth customer research drive the best technology to add value to the customer experience, not the other way around. The article showcases how Extractable has found success with this customer-first approach to improving banking platforms for customers and in doing so, improving their brand reputation.
For over 2 decades, Extractable has been delivering strategic digital solutions and tangible results for large-scale Financial Institutions, Community Banks, Credit Unions and FinTech start-ups. Using collaborative ‘design thinking’ methodology, Extractable consults with clients to road-map their digital strategy, design best-in-class customer experiences and analyze performance to improve ROI. Extractable’s mission is to positively impact the field of finance by simplifying digital experiences and championing the importance of innovation strategies. Recent clients include Visa, Charles Schwab, Patelco, TPG and PayPal.