Barclays Launchpad is giving customers an opportunity to help shape the development of future mobile banking and payment services. The new application will provide access to Barclays’ standard banking capabilities while introducing experimental features that customers can test and provide feedback on before they are rolled out more broadly.
The approach allows Barclays to gather real-world customer input during the development process rather than relying solely on traditional product research. By involving both customers and developers, the bank could gain a better understanding of which mobile banking features users value and how new services perform in everyday situations.
To better understand what customers might like in future mobile banking and payment applications, Barclays has announced it is inviting customers and developers to help shape banking services through a new app that will provide users early access to new features. The new app, called Barclays Launchpad will have all the usual Barclays services but will include different features and users will be encouraged to give feedback on via the app or a dedicated social media page.
Barclays Brings Customers Into Product Development
Commenting on the app launch, Ruchir Rodrigues, head of digital banking at Barclays, said,
“Seeing firsthand the power that collaboration can have for start-ups, we recognize that we have a role to play in partnering with them to boost innovation and growth. We also think more needs to be done to bring customers into the heart of product and service development so that we can give them more of what they want and need.”
Customer Feedback Could Guide Mobile Banking Innovation
While testing new features on a select customer base may not guarantee success of new services, by getting real time customer feedback Barclays can gain valuable insight into their customer base which in turn can be leveraged in the future to develop more effective mobile banking and payment products. This move really does put the customer front and center in the next generation of banking services.
Giving customers early access to new features provides Barclays with an opportunity to learn how consumers actually use emerging banking technology before committing to a wider launch. Feedback gathered through Barclays Launchpad could help the bank identify promising ideas, uncover usability issues, and refine services based on customer needs.
The initiative also represents a more collaborative approach to mobile banking innovation. As financial institutions compete to introduce new digital capabilities, incorporating customers directly into product development could help ensure that innovation translates into useful services rather than technology for its own sake. Barclays Launchpad puts customer feedback at the center of that process.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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