Perspectives from Intuit CEO Brad Smith: Opening up your Platform Requires a Mindset Shift from Ownership to Outcome
The world has shifted from a paper-based, human-produced, brick-and-mortar bound market to one where users understand, appreciate and embrace the benefits of truly connected services. As a result customer expectations are changing. Customers expect products to work seamlessly across devices. They expect to have their other efforts aggregated or harnessed into something you provide so they don’t have to do re-work. Customers want to have a 360 degree view of their lives or business, not just what you provide. And they want it all to be personalized for them.
On top of that new devices are launched every day and the pace of platform change has moved from six years to six months.
We are operating in a world where no one company can solve all of their customers’ problems. We have to shift our mindset from ownership to outcome.
Meeting that demand can be a technological challenge for any provider, especially in financial services. This morning I had the opportunity to join a panel of CEOs at the BAI Retail Delivery Conference in Washington D.C. We discussed the future of financial services and tackled this very topic.
Some bankers may be reluctant to open up their platform. But to remain relevant, they will have to. Opening up empowers a financial institution to incorporate the contributions of others, solve a wider array of specific customer challenges and, ultimately, delight those they serve. And, with higher engagement comes better revenue opportunities for all involved.
Intuit data shows that customers now interact with their financial institution via the digital branch more than any other way. A recent Intuit internal study showed that our financial institutions’ online customers interact with their financial institution’s website approximately 10 times per month. When mobile is added, users interact roughly 19 times per month. And, those who access using online banking, mobile banking and tablet banking access their accounts approximately 30 times per month.
At Intuit, we’re finding new ways to open our products and platforms so that our customers and third-party software developers can help us add value to our products, even while we sleep. Recently we opened up the APIs to our financial data services and our digital banking platform.
In this new digital world, we’re committed to unleashing the power of many to continue creating innovative solutions that improve people’s financial lives. I encourage you to join us.
*The panel discussion can be viewed online at: http://www.bai.org/RETAILDELIVERY/summits-and-sessions/ceo-panel-live-webcast.aspx