Innovation in a pandemic: harnessing digital curiosity

Typically, individuals can be grouped into one of the 3 categories:

1. Tech-Savvy (millennials, start-up workers, etc.)

2. Tech-Interested (millennials or baby boomers who do not work for start-up or tech focused companies but have an interest in and try new technologies)

3. Non Tech-Savvy (everyone else)

Pre-coronavirus, the people in these categories stayed relatively consistent; individuals would rarely move between categories. However, we have all seen how older generations have downloaded zoom, house party and other similar applications to do video calls with relatives and friends and started to use digital banking to buy goods online and make payments for household bills during the pandemic.

The pandemic has shown that we are all able to move up in the technology ladder as long as we are willing to try new technologies and have support available during the initial stages. Similar to learning to walk, learning to talk and other skills which everyone learned when they were young.

Across all demographics, both personally and professionally we are seeing a huge increase in technology adoption and interest. Especially in those that had very little before the crisis.

The question now is, how will financial services build on this new curiosity and willingness to try new digital technologies from both consumers and employees?

Employees

Provide technologies that support day to day activities

Employees will buy into a digital mindset if they can see immediate positive impacts in their day to day lives; a few examples:

• Automation: eliminate non value added and repetitive activities through automation and machine learning providing more time for individuals to focus on insight activities which they have been putting off due to lack of time.
• Collaboration tools: provide collaboration tools that bring all interactions into one place and support communication across countries and time zones.

Create an idea iteration platform

Create a platform that enables employees to share new ideas and suggest technologies. Individuals should be able to get involved in the experiments if they wish to do so.

Offer a learning zone

Create a Learning zone to guide employees to online training, YouTube videos, podcasts and books. Be creative in the training tools provided.

Empower and Champion

Empower individuals by giving them time. It can be agreed case by case with line managers based on BAU work. For example, line managers have provided Friday afternoons off for employees who want to learn Python.

Also and as important, champion anyone who has learnt a new tool and applied it into their day jobs.

Lead by example

Nothing is as powerful and inspiring as seeing the leadership of the company embrace a digital mindset by testing new tools, learning new skills and sharing this journey with the employees.

Consumers

Provide support and learning content

As we have seen during the pandemic, non tech savvy consumers will require support in the initial stages. As such, companies should make support available; some considerations below:

• Provide videos online with step by step instructions
• Offer online training for both consumers and relatives (remember relatives will teach other consumers)
• Offer live online Q&A

Content and frequency can change as consumers become more savvy and new technologies are shipped to market.

Invite to experiments and labs

Leverage the curiosity gained during lockdown and invite less tech savvy consumers to test new products. Higher support and hand holding will be required than in previous experiments.

The pandemic has brought the urgency to move banking into digital and has shown that it is indeed possible. Financial institutions should ensure they take advantage of this shift in society and support curiosity and digital learning. Moving to digital banking will be a long-term journey but budget and resources should be dedicated throughout the transition.

Some financial institutions have already started their digital engagement with the consumers and will be interesting to see what other initiatives will follow.

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