Transformation can be challenging for traditional financial services (FS) companies. 

While traditional FS institutions can often appear immovable and steadfast in a fast-paced world, there’s a flurry of activity under the surface. 

As nimble fintech startups and challenger banks zip past with innovations and agile practices, many long-standing FS companies are stepping into the cutting-edge arena. 

Traditional financial organisations should have access to the same speed, agility and innovation as the sector’s challengers. As hard as it can seem to achieve that, there are a number of companies that are taking the wheel. 

In fact, 74% of traditional banks are putting digital transformation at the top of their to-do lists.

This blog post will look at specific examples from our own case studies, diving into the transformation experiences of Tesco Bank, YBS and Evelyn Partners – looking at common threads and lessons learnt.

Tesco Bank

The big lesson: How to align strategy with what customers need

When traditional FS companies digitally adapt they have to make sure it makes sense for their brand – and their customers. Tesco Bank’s app redesign was a glowing example of this customer-first strategy.

The situation:

Tesco Bank already had a successful mobile app on offer to their customers. However, amidst growing competition and the introduction of Tesco’s new “Smarter Money Helps” strategy, the need to revitalise their mobile offering became clear.

The digital aspiration:

They needed to put their entire suite of financial products and services at the heart of a mobile app. It would include new products such as Clubcard Pay+, but also provide customers with the essential tools, content and support they’d need to improve their customer finances.

The project snapshot:

• Reworked app architecture and user experience directly within Tesco Bank’s team
• Developed an intuitive app interface through focused teamwork and iterative design
• Overhauled Information Architecture in a structured 12-week process, refining through continuous customer feedback
• Introduced new customer experience principles through visual tools and games to facilitate organisational adoption

What are the key takeaways?

1. User-centric design pays off - Prioritising seamless navigation within the app will lead to happy users.
2. Give your customers a helping hand - Giving customers insights into their finances empowers them to make smart choices.
3. Check in with your customers - Features like empathy checks and better support access show a commitment to understanding your customers.

Yorkshire Building Society (YBS)

The big lesson: Choose the right partner to bring your project to life

It’s easy to dive into a new project headfirst, but it’s not always wise. It takes time to find the right partner who has the skills and talent you need for your unique project. YBS experienced this throughout their app development, until they brought us on board.

The situation:

YBS found themselves at a crossroads with their mobile app, which was initially developed with multiple partners, leading to a diluted vision. 

The digital aspiration:

YBS aimed to transform their mobile offering into a modern, feature-rich product that delivered a seamless user experience, addressing both existing inefficiencies and future banking needs.

The project snapshot:

• Conducted deep-dive discovery workshops to understand existing challenges and successes, setting a unified North Star vision and clear KPIs for better team alignment
• Focused on delivering core features first to establish credibility, and involved the entire mobile team in decision-making
• Implemented a new career framework and team structure, enhanced Agile practices and integrated senior iOS and Android engineers to build a robust mobile team foundation
• Continuously engaged with the team post-delivery through mentoring, training and special project support to sustain the improved processes and innovations
  

What are the key takeaways?

1. Collaborative design across the team keeps everyone aligned - Engaging the entire team in the redesign process helps keep the project technically sound and helps with adoption.
2. Continuous engagement drives sustainable improvement - Post-launch support and continuous professional development are crucial for maintaining momentum.
3. Customer-centric features drive engagement - Focusing on user-friendly design and features that offer real value helps boost take-up.

Evelyn Partners

The big lesson: How to stay true to your roots

When an FS is rooted in tradition, it’s important to honour that as it evolves. You have loyal customers who understand you – they’re comfortable with you. So you want to stay true to your heritage while making future growth happen.

The situation:

Following a re-brand, Evelyn Partners wanted their brand values and purpose to be consistently represented across new projects. However, the division of projects across different teams and the focus on functionality led to a fragmented vision and inconsistent brand experience.

The digital aspiration:

The goal was to focus on branding and encapsulating both the heritage and the new direction of Evelyn Partners. They needed a cohesive and innovative way to align their internal teams while maintaining the values that defined their legacy.

The project snapshot:

• Developed detailed personas based on audience segmentation research
• Established Experience Principles that linked the brand’s aspirations with client needs, providing a structured framework for innovation and decision-making
• Created functional tools such as the Experience Wheel, a graphic device that enabled the design team to continuously evaluate their work against core brand principles, ensuring long-term alignment
• Delivered inspiring artefacts – both digital and print – that visually represented the brand’s core values and experience principles
  

What are the key takeaways?

1. Partner with an agency who will customise your way of working together - Finding a creative agency who develops practical tools – like the Brand Experience Toolkit – keeps the experience tailored to your needs. 
   
2. Put branding first to honour connections - The creation of tools like the Experience Wheel enabled the design team to continuously evaluate their work against core brand principles, ensuring long-term alignment.
3. Delve into the customer journey - Focusing on user-centred design through detailed personas and journey mapping helped Evelyn Partners create experiences that resonate with their clients and strengthen the advisor-client partnership.

The verdict? Every journey is different

We know that a transformation journey can come in many forms – our experience tells us that. 

But there’s one common denominator that you can’t ignore: Listen to what your customers want. It’s not enough to just jump on the transformation bandwagon – there needs to be in-depth customer research, buyer interviews, focus groups and surveys – plus iterations based on user feedback. 

Transformation is only going to work if your customers are on board and it’s hitting the right notes – and the right strategic partner will help with that.

Download our whitepaper for more insights on how you can accelerate digital change.