What happens to (retail) banking under accelerating conditions of automation? When digital infrastructures and their softwares handle the moving of money, opening of accounts, credit card applications, customer service… the full spectrum of banking practices? When the overheads of brick and mortar (i.e. old infrastructure) become too heavy? Less a war on cash than a war on buildings, and labour.
What happens to banking when apps dominate? When internet- or ‘app banking’ are not an additional ‘channel’, but the only via option? This presentation reflects on the rise of digital-only challenger banks in the UK. As apps, these challenger bank offerings are developed within specific designerly ways of knowing and doing, such that banking is recast as a series of (user) experiences. Although this experience paradigm (UX, CX, just X) is hardly novel, its continued deployment across new domains of the social is worthy of attention. This presentation comes to focus on what is perhaps the most important ‘face-to-face’ encounter of branch banking, the moment of identity verification: KYC or Know Your Customer. How do apps handle security? Conversely, how is security handled through apps? [based on joint work with Michael Dieter]