Executive Spotlight Series with Richard Steggall from Urban FT
describes its product as a "lifestyle banking application" -- what
does that mean?
term “lifestyle banking” highlights our commitment to deliver an exceptionally
compelling user experience that not only exceeds what consumers expect from even
the largest banks, but also provides features that relate to their daily
activities—like how and where to spend money, and ways to save money. We
recognize that consumers don’t want
to do their banking; they have to do
their banking. The lifestyle aspect is a bridge between what consumers must do
and what they like to do.
Who are the
ideal end users of this product? Who are the clients that might want to offer
it -- is it
financial institutions or are there others?
to be clear, Urban FT is a B2B business, so our clients are financial
institutions and others, like co-branded card programs, that need to or could
benefit from providing digital banking to their customers or members. Our
clients can be financial services businesses of any size, although it’s clear
that our sweet spot is regional and community banks, and credit unions—of which
we currently support 75. In terms of the end user, it’s any consumer who’s an
accountholder at these organizations. Mobile banking adoption, at this point,
defies demographics—everyone wants it and everyone uses it. The differentiator
is some segments need more education and incentives than others.
clients’ customers and members will benefit from the amazing UX we deliver;
while customers of large banks will be stuck with the less imaginative and less
agile mobile banking programs that those big banks develop in house. Let’s face
it, big banks are a vacuum with one end pointing down and the other end pointing
up to a management team that has blinders on, limiting their ability to focus
on anything that doesn’t strictly align with the bank’s philosophy—and that
generally doesn’t include being innovative in approaching payments.
Who are the
clients that might want to offer your app -- is it just financial institutions
or are there others?
be sure, our target market is primarily regional and community financial
institutions—including our current 75 credit unions. But, it also extends to
other providers of transactional banking services, which encompasses some
national brands where alternative banking products are complementary adjuncts
to their core businesses. An example is a major telco brand—Sprint, for
example. Sprint uses our platform to power its digital wallet, called Sprint
Money Express. We believe there’s a tremendous opportunity to serve consumers
through the non-financial institution market.
does the Urban FT App fit into the landscape of financial services? Is it an
account replacement, a new form of financial services, a mobile wallet
competitor to Apple Pay and Android Pay?
FT provides a standout mobile banking app that exceeds the expectations of any
banking client. Period. We’re not interested in being part of the payments
wallet landscape, and we clearly don’t compete with any of the “Pays.”