Discoveries along the way
We had to change the way we thought about the banking process. Rather than saying something was impossible or has never been done before, we asked each other: Would customers like it? How would it work? Can it be done cost effectively? And then together we found a solution. That led to a series of “firsts,” such as introducing the first combination ATM and debit card with both contact and contactless functions.
The more facts and information we gathered, the more we visited competitors and spoke to potential customers, the more ideas we got.
When we learned it typically takes 5 days for a customer opening an account to receive a debit card and PIN, we challenged ourselves to improve on that. We set a goal to create each card on the spot, so the customer could leave the branch with his or her new card in hand.
Our research led to seven “Innovative Firsts” for the client. For example, the bank relies on automated technology instead of tellers, making transactions fast and efficient for the customer and the bank and allowing the bank to focus on serving customers.
We also discovered the bank could take advantage of the Malaysian national identity cards to streamline the customer experience. The client is the first bank to allow customers to use these identity cards (or any other smart card) to identify themselves by scanning their card at the door. From that point on, they don’t waste time entering their personal information on forms such as loan and checking-account applications, and everyone at the bank can greet them by name.
To achieve these breakthroughs, everyone on the client’s side and McKinsey’s had to change the way we thought about the banking process. We couldn’t be satisfied with the status quo. So rather than saying something was impossible or had never been done before, we asked each other: Can this be done? Would customers like it? How would it work? Can it be done cost-effectively? And then together we found a solution.