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Firstly, thank you both for your comments, and for joining the debate. The main driving force for banks is customer demand for a more consumable experience – and whilst some progress has been made, there is still a long way to go.

The likes of Monzo and Starling who are providing new agile banking services – in part spurred on by Uber and other consumable businesses - have transformed customer expectations in recent years. Why shouldn’t customers have this level of service from their traditional banks too?

I agree that UX and CX are key components of improving customer experience, but this is somewhat restricted to a banks existing channels.  Customers don’t think in channels, they think in terms of services they want to consume.  Without first establishing the infrastructure and data driven insight required to operate in a world where customers will ultimately choose how they engage their bank, UX and CX become secondary. 

Thanks for all your comments – it’s great to see we’ve sparked a debate. With electronic payments and contactless options gathering pace, the debate will only intensify. What’s important, however, is that cash will remain a core payment method for quite some time.  Recognising this and supporting customer journeys that involve cash alongside those for digital is a must for financial institutions.