Thought Leadership

Are digital-only brands the future of financial services?

In their latest white paper, Somo explore the changing role of traditional and digital banks and consider what the future holds for financial services.

Rebecca Crook, Somo

Chief Growth Officer


With customer expectations relentlessly shaped by the Amazons and Googles of the world, the ever-increasing demands for immediacy, transparency, ownership, convenience and instant rewards have permeated deeply into the world of banking.

And it’s a shift we’re seeing across all sectors. As vertical-agnostics, consumers are guided not by the average, but by a leader, wherever they happen to find it. The velocity of behavioural change triggered by the rise of the Big Five (Google, Microsoft, Apple, Facebook and Amazon) and the rapidly growing tech ecosystem is affecting how consumers perceive the brands and services they use and what they expect them to deliver.

Fintechs in particular have turned what was once a novel concept in the banking space into the new normal, carving out a path for a fresh generation of banking, one that’s real-time, transparent and seamless.

Consumer attitudes aside, the way we deal with money has also changed tremendously. Just twenty or so years ago, appointments with the bank manager were the most effective, trusted and in many cases only way of opening an account, arranging an overdraft or applying for a loan.

Now, you can literally do it in a matter of seconds, at the click of a button. Though, as you’ll see in this white paper, the shift to digital-only banking has perhaps not been as powerful as the industry assumes.

In this white paper, we explore the changing role of traditional and digital banks and consider what the future holds for financial services. We talk about what best-in-class means in this industry, discuss whether the growing influence of digital-only brands means the bank branch will soon become obsolete, and look at why designing around needs, everyone’s needs, is fundamental when designing new products.


Visit Somo's showcase to download the full report.

Guest Author

Rebecca Crook, Somo

Chief Growth Officer,


Rebecca has twenty years of marketing experience specialising in the digital innovation sector over the last ten years. She has worked with some of the UK’s most recognisable brands including Lloyds Banking Group, British Airways, Haven Holidays, Tesco Clubcard and Invesco. Rebecca leads the new business and marketing strategy for Somo, working closely with new clients to understand their business challenges. Her focus is on defining how Somo can design, build and create customer-centric digital experiences that give brands a competitive edge and meet the rising expectations of today’s customers. Outside of work, Rebecca has a keen interest in heritage and sits on a number of Boards advising on restoring and bringing historical assets back to life. Most recently, she has sat on the National Trust Strategic Advisory Board and Saltdean Lido, the country’s only Grade II* listed lido.

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