Bridging The Gap Between Retail & Business Banking



Speed, ease of use and convenience define the customer experience today for both retail and commercial clients. In this video, First Data’s Christian Ofner and Eric Smith explain what retail and commercial customers expect from banks today—and you might be surprised to find they have similar needs. They also share how banks should enhance the experience.

  • Strengthening the Retail Experience
  • Enhancing Commercial Clients’ Experience
  • Technologies Banks Should Consider
  • Evaluating Your Bank’s Digital Strategy

Strengthening Customer Engagement



Fintech companies are laser-focused on improving consumer engagement—but there is room for traditional banks to gain ground, according to Craig McLaughlin, president and CEO of Extractable. In this video, he shares three ways banks can strategically approach improving the customer experience at their own institutions.

  • The One Trait That Sets Fintechs Apart
  • Improving the Customer Experience
  • Understanding Digital Strategy

The Formula for Building Customer Trust


customer-11-9-18.pngDue to several recent data breaches and incidents of internal fraud at some of the world’s most recognizable financial brands, millions of consumers are impacted, loyalty is eroding, and risk is added to the bottom line. For banking leaders charged with driving the growth and managing that risk to their organizations, trust is a key to supporting both growth and financial performance.

A recent Carnegie Mellon study of customers of large banks showed those with fraudulent activity on their accounts were more likely to leave in the next six months. Following a series of internal scandals, a leading bank reported a 77 percent increase in unplanned operational expenses, a direct impact on performance.

These numbers tell a story of heightened risk in banking, but they also illuminate the critical role trust can play. Following risk incidents, every financial institution is impacted. The hard reality is trust and confidence in banks remain low across the industry, and have yet to recover to pre-financial crisis levels. In fact, 2018 Gallup polling data indicates only 30 percent of Americans have a “great deal” or “quite a lot” of confidence in banks, down from 41 percent before the crisis (2007). Risk is engrained in the banking industry’s DNA, and while recovery depends largely on a robust and adaptive risk management function, restoring trust with customers touches every area of the organization.

Banking leaders have an opportunity to rebuild trust by mobilizing their functional teams around Experience Design, or the entire experience a customer has with the bank. The benefits of taking an experience-led approach correlate directly to building trust in financial services. In fact, in the 2018 Edelman Trust Barometer, (1) user experience, (2) ease of human interaction, and (3) use of the latest technology were the top factors building trust in financial services—and all of these elements require the careful orchestration of human and digital touchpoints that Experience Design enables.

Banking services can no longer stand alone as customer decisions are being made around every interaction with the organization. There’s an opportunity for banks to differentiate and build trust by uncovering the gaps in their current experience engagement model, and designing experiences that align to customers’ needs and expectations.

To put Experience Design into action, banks must deeply understand their customers’ needs and preferences. Banks must identify the unifying experience they want to achieve through techniques such as Accelerated Service Design, which focuses on human needs and processes, as well as its systems and employees.

To trust a financial institution with deeply personal activities such as saving for retirement or managing credit and mortgages, customers need to feel the bank has their best interests at heart. Digital alone isn’t the answer to the trust challenge. Customers still value face-to-face interactions; one recent study by Celent found 93 percent of customers “still prefer at least some interactions” at a physical branch. In fact, according to the 2018 J.D. Power U.S. Retail Banking Satisfaction Study, digital-only and physical branch-only customers reported the lowest levels of satisfaction. What’s most important is developing an approach that intentionally weaves together human and digital touchpoints in a way that is authentic, smart and relevant.

As banking leaders shape a larger strategic vision around recovery from risk incidents, they should design consumer touchpoints with the Human Experience dimensions—relevance, ease, orchestration, and empathy—at heart. Those dimensions can be brought to life with a focus on embedding the following principles:

Human-centered: Organizations must center experiences and offerings on the human needs of their customers. This includes the services delivered, the processes used to deliver them, and the alignment of the organization and leadership behind that vision.

Co-created: Bank leadership must work with employees to build the internal foundation for a better experience. When trust is at a culture’s core, it permeates throughout the organization, and is felt by customers across all touchpoints.

Holistic: Experience must be viewed from an end-to-end perspective, similar to those provided by Airbnb and Uber. These companies orchestrate digital and physical experiences that seamlessly integrate with a customer’s lifestyle. In turn, these customers value the organization for the things it enables them to do, not the product or service provided. Examine how every touchpoint is influencing the customer experience, and how to better meet customer demand with a more seamless experience.

Iterative: Experience Design is not a “one and done” effort. Customer needs and preferences are always changing, and they are not making one-time transactions. Banks need to be a trusted partner to their customers throughout their relationship.

An experience-focused approach builds trust, and in turn, customer loyalty that drives the bottom line. By taking a comprehensive view of the customer experience, banks can build the trust that’s critical to sustainable risk incident recovery.

Your Digital Transformation Is Not Just About Technology


technology-9-3-18.pngFor an increasing number of consumers, the primary means of interacting with their financial institution is the mobile banking app on their smartphone. This number will continue to grow, as will the number of ways they want to use digital devices to interact with their financial institutions. Though oft-criticized for their risk-averse natures, especially when it comes to new technology, banks understand and are responding.

The success of their initiatives will depend on how well each can navigate the complexity associated with effectively closing the digital gap. Establishing competitive parity in the digital race requires more than simply selecting a new digital banking platform to replace the legacy, disparate system. Banks must navigate the digital challenge holistically. To achieve the goals desired, digital transformation must encompass many aspects of an institution’s operations.

Shift the Org Chart From Vertical to Horizontal
Technology is an important part of any digital transformation, but too often banks rush to make a choice in this area before considering basic elements in their own operations that play a profound role in in its success or failure. For example, the organizational charts of most banks is built on a vertical, “line of business” model. Technology, however, especially that which inspires a digital transformation, is horizontal in its role and impact.

This difference between how a bank is structured organizationally and how digital technology should be used within an institution means bank’s leadership must have a horizontal mindset about technology. The manner in which a midsized regional bank addressed this challenge is a good example. The bank converted a digital banking team of four, working in the retail side of the business, into a department of more than 30 that included each person who has or will directly contribute to the digital strategy of the bank. To ensure communication and ideas flowed as freely as possible, the bank housed all the people on this digital team in the same area of their headquarters using an open-office concept.

Adjust Budgeting From Project-Based to Forward-Based
Another area to consider during the early stages of any digital transformation is an institution’s budgeting process. Many banks use a project-based budgeting process where the senior executive responsible for a project works with others to build a business case, project plan, and budget that goes through several approvals before reaching the board of directors. Given the material levels of investment of many projects within a bank’s operation, this vetting process seems justified.

However, because the project-based model is optimized to minimize risk, progress can be painfully slow and take a very long time. It is therefore ill-suited for any organization that wants to maintain parity in the digital marketplace where the only things that change faster than technology are the expectations of the customer. To respond to this rate of change, banks must be able to move quickly. In the case of one bank, this was achieved by implementing a “forward-based” budgeting model that designated a specific investment level for digital at the start of the year. The digital leadership of the bank was given the authority to use this money marked for digital in whatever way deemed necessary for the institution to respond to evolving customer demands and technological innovation.

This Isn’t Your Grandparents’ Technology
When an institution does turn its focus to determining what third-party solutions and services will best support its digital aspirations, there are non-negotiable qualities from vendors that should be part of the evaluation process. These qualities are not typically on the list of “must-haves,” and can typically decrease both cost and complexity.

In the case of three regional banks going through a digital transformation, the non-negotiable item was control. Each felt it was essential that the vendors with which they would build their digital future delivered a product that gave the banks control over their own digital future at the solution level. In other words, does the solution allow a bank to make changes at a branch level, only be exposed to customers in that branch’s area, without needing the assistance of the vendor? This is important as many banks have had limited ability because the solutions required vendor intervention for even the smallest change.

Digital transformation is about more than choosing the right replacement for legacy, disparate, online and mobile banking systems. It should touch every aspect of an institution. This is an undertaking not for the faint of heart. Many institutions will insist they are different and can win without changing the way they operate. Unfortunately, such evaluations are why the billions of dollars of investments made collectively by financial institutions will not delay how quickly they become irrelevant to the customers.

Innovation Spotlight: Howard Bank


innovation-10-3-17.pngScully-Mary-Ann.pngMary Ann Scully, CEO and chairman
As a lifelong banker with over 30 years of varied executive experiences, Mary Ann Scully headed the organizing team for Howard Bank of Baltimore, Maryland, and currently serves as a board member of the Baltimore Federal Reserve and a community advisory board member for the Federal Deposit Insurance Corp. Under her leadership, Howard Bank recently announced its fifth acquisition in five years, which will make it a $2.1 billion asset institution. It has maintained a commitment to high touch service throughout each integration.

When you started at Howard Bank, what did you want to do differently with innovation?
We have always viewed our differentiation as high touch expertise and advice. Therefore, we tried not to be leading edge from an innovation perspective. However, we also recognized that to attract small and medium-sized businesses that we should not and would not ask our customers to make a choice between competitive products and delivery available at larger banks and our high touch advice. So we have always had to be competitive and with a more sophisticated customer base, the bar was set higher.

Over the years, how has your digitization strategy changed?
We opened the doors in 2004 with online banking, online check images, hand scan safe deposit boxes—not your typical start-up community bank mix. Over time, we have become more and more committed to being leading edge in the utilization of information to inform our decisions, optimize our processes and advise our customers. Our recent project with [commercial lending platform] nCino is an example of this commitment. Our commitment to a new universal banker branch model is another.

You were once quoted as saying, “Thriving is different than survival and relevance is more than profitability.” What does it take for a bank to thrive AND stay relevant in this competitive environment?
It requires, first, great clarity of strategy: “What do you want to do, how and when, for whom?” And that requires being able to articulate the more painful, “What do you not want to do or whom are you not targeting?” The second requirement is a long-term vision because relevance requires constant investment in the business—in people and technology. It also requires access to capital, both financial and human, to facilitate those investments.

Finally, it requires flexibility because the world changes at a faster rate than ever before and it is important to be able to reallocate resources to what our customers feel is relevant for them. Our high growth trajectory requires a mindset throughout the organization that acknowledges the need for change. For example, we have attracted five teams from other banks in five years. We’ve done five acquisitions in five years, the most recent and largest just announced in August. We’ve accomplished seven capital raises in 13 years, the most recent and largest in January of this year.

After being involved in several M&A deals, what lessons have you learned about integrating technology platforms to ensure business continuity?
First, we always remember to view integration from a customer’s perspective. There is always disruption involved in a merger, some sense of “I did not ask for this,” and flowery promises do not alleviate the skepticism even when an in-market merger is perceived by a community as being positive. So we plan, plan and plan to ensure that customers never lose functionality and if possible, gain something in the process. This means being willing internally to change the “host” systems as well as the acquired bank systems. It means viewing integrations as an opportunity, not a necessary evil, to take the best of both and occasionally the best-of-breed, not just as a way to save costs and slam things together but as a way to enhance the combined systems. We have a cross-functional team who has worked together on each transaction, some who started on the acquired side who are now sitting as an acquirer and their experience and perspective are invaluable. That team always has representatives from each bank for each function. Conversions are not for amateurs or the faint of heart so constant communication between providers and users is also important for successful platform integration.

Digital Innovation: From the Boardroom to Execution


innovation-8-28-17.pngThe pace of innovation is increasing exponentially. For traditional financial services firms, partnerships with new technology companies are now essential for driving digital change and staying competitive in today’s environment. The move toward a distributed economy and digital transformation is manifesting differently in jurisdictions around the world. The United States and Europe are driving early idea creation, while companies located in the Asia-Pacific region and the United Arab Emirates are gaining strong momentum boosted by a pro-innovation regulatory environment.

Now more than ever, the right investments made in technology and innovation have serious and material implications to the long-term success and viability of a business. Missing opportunities to capitalize on new technology to enhance capabilities, products and services could result in lost market share, reduced ability to participate in upside gains of new business models, inability to capture the customers of the future, and in the worst case, extinction altogether. Institutions that are able to re-imagine their business, maximize investments in technology and evolve their business effectively to harness the current innovation cycle will determine the next generation’s winners and losers.

Typically, firms have approached digital innovation or large-scale technology change projects facing their organization with a “build versus buy” philosophy. Today, with the emergence of innovative fintech companies, which are more nimble and faster to market than legacy financial institutions, the transformation decision has now expanded to encompass: build, buy, invest or invent. Each option must be evaluated in the larger context of the ultimate business strategy and desired outcome. Navigating through the options, complexity and uncertainty to ensure optimal choices are made is no easy feat. Further complicating matters are budgetary constraints, board members who don’t understand how technology can enable the business objectives and turnover of executive leadership driving the multi-year transformation.

Similarly, business change projects have primarily focused on three elements within the organization: people, processes and tools. For digitalization in today’s environment, this approach needs to ensure an agile, actively managed and risk-aware approach around six key elements:

  1. Strategic alignment
  2. People
  3. Processes
  4. Technology
  5. Customer experience
  6. Partnerships

All of these aspects need to align to drive business value and outcomes, which should be orchestrated meticulously for a digital transformation project to succeed. Few companies are integrating and delivering all six aspects well across the dimensions for their digital transformation and innovation projects. Consequently such projects often fail or the desired outcomes aren’t realized due to the high interdependence of the elements working in unison. This results in delays and large investments where the business is realizing value far below expectations, which leads to a loss of board advocacy and support from the business. This in turn leads to reduced future investment that only puts the organization at even more risk. In contrast, successful companies are able to work across those six dimensions seamlessly in a manner that is more efficient, risk sensitive, compliant with regulations, well controlled and enabled by leading technology and data to emerge as the digital leaders of the future.

Technology is the future and the ability to enhance and unlock new capabilities through digital channels can drive tremendous value for industries. Being able to discern value-add investments in innovation that complement the business and preserve the value through the transformation process versus just chasing new shiny objects will be increasingly important to do well. Furthermore, the ability to effectively measure against value drivers such as revenue growth, simplification, speed-to-market and competitive positioning will help to validate return on investment. In reviewing the upside potential, it is also important to be aware of risks and consequences if digital transformation programs are not implemented effectively.

With proper planning and execution, organizations can drive business outcomes, realize benefits and better mitigate risk through digital investments by understanding and implementing digital transformation programs effectively around these six elements.

A Roadblock That Ruins Futures


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Culture is one of the best things a bank has going for it. It’s also one of the worst.

While I am bullish on the future of banking as a concept, I am admittedly concerned about what’s to come for many banks who struggle with cultural mindsets resistant to change. Specifically, the same mindsets that helped weather the last few years’ regulatory challenges and anemic economic growth may now prevent adoption of strategically important, but operationally risky, relationships with financial technology companies.

Most banks don’t have business models designed to adapt and respond to rapid change. So how should they think about innovation? I will raise that question and others at our upcomingFinTech Weekin New York City startingtoday, a look at how technology continues to change the nature of banking. Those in attendance include banks both large and small, as well as numerous financial technology companies.

More so than any regulatory cost or compliance burden, I sense that the organizational design and cultural expectations at many banks present a major obstacle to future growth through technology.While I am buoyed by the idea that smaller, nimble banks can compete with the largest institutions, that concept of agility is inherently foreign to most legacy players. It doesn’t have to be. Indeed, Richard Davis, the chairman and CEO of the fifth largest bank in the country, U.S. Bancorp, shared at our Acquire or Be Acquired Conference in Phoenix last January that banks can and should partner with fintech companies on opportunities outside of traditional banking while working together to create better products, better customer service and better recognition of customer needs.

The urgency to adapt and evolve should be evident by now.The very nature of financial services has undergone a major change in recent years, driven in part by digital transformation taking place outside banking.Most banks—big and small—boast legacy investments.They have people doing things on multi-year plans, where the DNA of the bank and culture does not empower change in truly meaningful ways.For some, it may prove far better to avoid major change and build a career on the status quo then to explore the what-if scenarios.Here, I suggest paying attention to stories like those shared by our Editor-in-Chief Jack Milligan, who just wrote about PNC Financial Services Group in our current issue of Bank Director magazine. As his profile of Bill Demchak reveals, it is possible to be a conservative banker who wants to revolutionize how a company does business.But morphing from a low-risk bank during a time of profound change requires more than just executive courage. It takes enormous smarts to figure out how to move a large, complex organization that has always done everything one way, to one that evolves quickly.

Of course, it’s not just technological innovation where culture can be a roadblock.Indeed, culture is a long-standing impediment to a successful bank M&A deal, as any experienced banker knows. So, just as in M&A deals, I’d suggest setting a tone at the top for digital transformation.

Here are three seemingly simple questions I suggest asking in an executive team meeting:

  • Do you know what problems you’re trying to solve?
  • What areas are most important to profit and near-term growth?
  • Which customer segments are critical for your bank?

From here, it might be easy to create a strategic direction to improve efficiency and bolster growth in the years ahead.But be prepared for false starts, fruitless detours and yes, stretches of inactivity.As Fifth Third Bank CEO Greg Carmichael recently shared in an issue of Bank Director magazine, “Not every problem needs to be solved with technology… But when technology is a solution, what technology do you select? Is it cost efficient? How do you get it in as quickly as possible?You have to maintain it going forward, and hold management accountable for the business outcomes that result if the technology is deployed correctly.”

Be aware that technology companies move at a different speed, and it’s imperative that you are nimble enough to change, and change again, as marketplace demands may be different in the future. Let your team know that you are comfortable taking on certain kinds of risk and will handle them correctly. Some aspects of your business may be harmed by new technology, and you will have to make difficult trade-offs. Just as in M&A, I see this is an opportunity to engage with regulators.Seek out your primary regulator and share what you’re looking for and help regulators craft an appropriate standard for dealing with fintech companies.

Culture should not be mistaken for a destination.If you know that change is here, digital is the expectation and you’re not where you want to be, don’t ignore the cultural roadblocks. Address them.

Innovation Spotlight: BankMobile


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Dan Armstrong, Managing Director and Chief Digital Officer, BankMobile

In his role as chief digital officer, Dan Armstrong is responsible for co-leading BankMobile Labs, which houses BankMobile’s technology development team focused on user experience and innovation. In this interview, he discusses how BankMobile has taken ownership of its technology to provide a curated consumer experience. In early March, BankMobile announced its acquisition by Flagship Community Bank in Clearwater, Florida, for $175 million. Previously, it had been a division of Wyomissing, Pennsylvania-based Customers Bancorp.

Who helps execute the innovation strategy at BankMobile?
We have BankMobile Labs—a whole division of programmers, business systems analysts, graphic designers, onboarding and fraud specialists and more, all in-house. We also have a student labs division in New Haven, Connecticut, managing the BankMobile Disbursements business and the BankMobile Vibe app for students. We have so many people charged with innovation, and it’s pretty much the core of our consumer proposition.

How does BankMobile keep a pulse on changing consumer expectations?
I suppose the same way other banks do: media, conferences, trends, recommendations, reading and participating on panels. We have a very strong strategy of testing other fintech products in the market, too, to see what we can learn about making a better customer experience.

When it comes to implementing a fintech solution, would you rather buy, build or partner?
In May 2015, BankMobile set up a fintech software and services development division, so we build 90 percent of our technology in-house. We do have vendors for elements of our solutions, like cards, remote check deposit, photo billpay and P2P payments, as well as risk, fraud and credit-scoring—but they are all integrated into our in-house technology, platforms and apps. We don’t put vendor/partner technology directly in the hands of customers, as we strongly like to create and curate the customer experience, and differentiate where possible.

How Community Banks Can Create a Culture of Innovation


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Historically, customer convenience has always been the driving factor in choosing a bank. However, the way we define convenience is changing. Previously, it meant the proximity of bank branches to the customer’s daily route. Factors like customer service, product differentiation and knowledge were also important, but usually the more branches a bank had in convenient locations, the more customers it had. Even today, in most major cities the banks with the highest deposit share are those with the largest retail branch networks.

Times are changing and technology is a great equalizer for community banks. As consumers continue to decrease their use of cash and checks, so has the value of large branch networks for cashless customer segments like professional services. Today, customers seek technologies such as mobile banking, mobile deposit, remote deposit scanners and ACH platforms to manage their banking needs. In their mission to serve their communities, community banks should strive to meet the product needs of their customers as well. Whether your community is defined as blueberry farmers in Maine or multifamily landlords in Boston, banks can integrate technology into the daily lives of their customers to enhance their banking experience while redefining the meaning of convenience.

Founded in 2002 with $6 Million capital, Leader Bank has grown to $1.2 Billion in assets with 265 employees and seven full-service branches in the greater Boston area. Some of our more recent new product initiatives include ZRent, an electronic rent payment technology for landlords that was launched in 2015 and which automates the rent collection process. ZRent currently has 3,000 users and processes over $24 million in rent payments annually. Partner banks join the ZRent network in order to expand these rent payment capabilities to their clients and attract property owner clients. And in 2016 we introduced an automated loan notification system which updates borrowers on their loan statuses as they move through the underwriting approval process.

Over the last four years we have learned some key lessons in introducing new products within the community bank environment. These insights might be helpful to other bankers. The traditional product development cycle has an emphasis on the “great idea” and launching it in a “big way.” This approach may work well for building real estate or other things in the physical realm, but not necessarily for a financial or technology product:

We have adopted a different approach to the product innovation cycle that is more appropriate for financial products within community banks.

Identify Customer Problems by Listening
Instead of putting significant resources towards focus groups and brainstorming sessions to come up with solutions to serve our communities, we propose just listening to your customers with an open mind. “Listening” to customer problems means paying careful attention to the questions and comments that our customers mention in their day-to-day interactions with us. The key is creating a tight feedback loop between customer service, who receives the customer suggestions and the decision makers that create the solutions.

Learning and Research
Next we research each problem to determine whether it applies to our general corporate strategy and if we can offer a valuable solution. Then, instead of hiring a team to tackle the problem, we engage employees with downtime to actively contribute to research. We find that our employees are a great demographic representation of the communities we serve and can teach us a lot about the customer experience we are trying to improve.

Go Small and Go Live
If the research is positive and we have a solution, we will quickly launch a basic prototype of the solution. We call this “go small and go live.” Going small allows us to launch a basic solution without requiring a large budget. This provides great flexibility to factor in customer feedback and continuously improve the concept until it hits the mark.

We employ a concept of “stretch” to move projects forward without the need to formally request a budget for these initiatives. We do so by providing highly-motivated employees with the opportunity to take on additional projects. This type of “stretching” has multiple benefits including higher employee engagement and development of employee skills with no additional costs for the organization.

Tweak, Tweak, Tweak
At this point, feedback on your product is critical to its development to ensure that it will fully meet customer needs. Your team must place an emphasis on receiving customer feedback through any available channel, including surveys, customer phone calls and in-person meetings. From there, a tight feedback loop from the customer service people to the product managers is critical.

Scale and Automate
Once your product has received enough iterations of feedback and tweaks to validate that it meets a proven customer need, it is time to scale and automate. At this point a project manager should seek a budget for marketing, sales and the automation of time-consuming manual back-office tasks. Since the product has been thoroughly tested and used by a beta group of customers and employees, there is enough history to create a realistic return on investment pro forma that can prove to the finance team that investment dollars will not be wasted.

Finding a good idea is easy if you keep your eyes and ears open and listen carefully. Be cost efficient by using existing resources to get a minimum viable product to the market. Once you have established the value of the product and have results to support your claims on a smaller scale, you can seek additional funding to expand and scale the product’s capabilities.

Digital is in Our DNA


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Once your most basic needs in the first two levels of Abraham Maslow’s famous hierarchy of needs have been covered—including food, shelter, security and the like—what do you need then?

According to Maslow, the next three levels of need are Belongingness and Love, Esteem and Self-Actualization. All of these needs are fulfilled in one way or another by various forms of digital media: blogs, emails, twitter and LinkedIn.Combined, the digital mobile world we live in today plays to our basic psychological and self-fulfillment needs, which is why it is so addictive.

According to the Bank of America Corp.’sannual researchinto mobility, millennials spend more time interacting on their phone than with their partner, family, friends and colleagues.

Perhaps this is why many of us are so addicted to selfies and using the camera to stream our daily routines non-stop.It is also why some joker added WiFi and a battery to Maslow’s well known pyramid. (And if Maslow was alive today, he would no doubt agree.)

When we don’t have our phone, we often feel anxious and bored with a fear of missing out on what’s going on. We even walk and talk differently when we are using a mobile phone. The University of Bathfound that people who text had developed a protective shuffle that prevents them bumping into obstacles, or tripping over hazards. This means that it takes those texting 26 percent longer to complete a walking task compared to those who were not distracted by their phones, and it is really annoying. You know, you’re walking along the pavement and someone is shuffling slowly in front of you with that hunched over look that signals they are playing with their mobile phone. You kind of want to hit them in the back of the head and tell them to get out of the way, but don’t because you know you do it yourself. This is the world today, and the reason whysome citiesare introducing texting and non-texting sidewalks.

Before we look at banks, a little test. Turn off your mobile phone and seehow many minutes or hours you can wait before turning it back on again. Do this when you’re not in a meeting or sleeping and have ready access to your phone. I bet none of you last more than an hour.

The reason for giving this insight into the mobile digital age being part of our DNA is that, if our relationships are with and through our digital devices, how does a bank become part of that world? That’s a difficult question. Most bankers think that mobile and digital generally are projects to invest in, not the representation of a cultural transformation.But this dependency on our devices is a cultural transformation. The very fact that we have gone from a phone being a mere communication device to being at the very center of our lives in just one decade is incredible, but true.

Meanwhile, what banks are offering the best mobile experience? In the U.S., it’s JP Morgan Chase & Co.’s Chase retail banking unit, according toMagnify Money. Chase was voted the best mobile banking app in the country for a large bank, and applauded by users for a combination of design and functionality. The app has a lot of the features deemed most important by consumers, which includes fingerprint sign-on, mobile check deposit and the ability to see images of deposited checks. Consumers want to be able to do everything on the app, and Chase has been adding functionality throughout the year to keep people satisfied.

Forrester ranked the world’s best retail mobile banking services and benchmarked the retail mobile banking services of 46 large retail banks across four continents on 40 criteria, and found the average bank scored 65 out of 100.

Australia’s Westpac outstripped the average bank by being strong in every category. The bank earned the highest score in the transactional features category and did particularly well in its range of touch points, account and money management, and marketing and sales. It is one of the few banks to offer contactless mobile payments capability using near-field communication technology. The bank has also rolled out innovative features such as letting customers take pictures of their credit cards to activate them.

Of theother banks reviewed, nine stood out from their peers for their impressive mobile banking capabilities: CaixaBank in Spain, Canadian Imperial Bank of Commerce and Scotiabank in Canada, Garanti in Turkey, Bank of America and Wells Fargo & Co. in the U.S., Bank Zachodni WBK in Poland and Lloyds Bank in the U.K.