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The Revolution in Banking

“Every once in a while a revolutionary product comes along that changes everything.”

Those were the exact words from Steve Jobs when introducing the iPhone, and we believe it is also a clear reflection of sync..

But let’s go back over 100 years ago to another creative genius, Henry Ford. Ford had a vision that would forever change the automotive industry, making the car not just a luxury for the rich, but instead available to all. At first, this seemed an impossible challenge – Ford could only produce a few cars a day and they were dependent on parts from other companies.

Yet Ford and his team embraced this challenge and completely redesigned how cars were made. They studied the manufacturing techniques from a wide-range of industries, from meat packers to watch makers, combining, extracting and manipulating the key components of their success. All this wisdom was combined, and what emerged was the innovative conveyor belt assembly line. And what a result! - production time reduced from 12.5 hours down to 93 mins and by 1927, 15 million Ford Model T cars were on the road. Ford achieved his dream – to create a car for the Everyday American.

Arguably, Ford did not invent anything new, but he knew how to take existing ideas and develop them into something extraordinary. Although technology has advanced enormously since Ford’s time, the basic principles for success have not changed. To be exceptional, great ideas must be brought together into one place to create a seamless experience that focuses explicitly on improving the livelihoods of those it seeks to serve.

Fast forward to the close of the twentieth century and to the introduction of the internet. Billions of people are now connected to a huge database of information, once inaccessible due to boundaries and distance, but now only a few clicks away. The internet made everything ‘local’ anywhere and it would soon spearhead an onslaught of new technologies, products and applications that we need, use and love.

Giants such as Apple, Amazon, Facebook and Netflix have disrupted their respective industries and have done so by following the same principles used by Henry Ford over 100 years ago. By creating a seamless, integrated, and holistic product where everything has been simplified in one place, they were able to revolutionise their industries. Apple did it with phones; Amazon with retail shopping; Facebook with social interactions and Netflix with entertainment consumption.

So, why hasn’t banking followed suit? Traditional banking has always been handicapped by inconveniences and traps with hidden costs, trips to branches, difficulty managing multiple accounts and far too much incomprehensible banking jargon all plaguing the customer experience.

Yet recently there has been shift towards a more progressive everyday banking culture with the rise of digital challenger banks, such as Monzo and Revolut, who provide some of the best money management features and FX rates.

While these companies are certainly a step in the right direction, helping solve many people's problems but there is still more to be done. This was the realisation of sync.’s CEO, Ricky Lee, who pioneered mobile banking at Lloyds, Natwest, Halifax and was responsible for Revolut’s design and brand identity, creating one of the most minimal and easy-to-use banking experiences in the industry. Going forward, Ricky felt current market offerings has still yet to create a synergy between all aspects of everyday banking that customers need, and therefore set-out to resolve this once and for all.

What followed was an all-encompassing application where not only will users have budgeting features and the best FX rates other challenger banks offer, but it will offer a complete overview of financial accounts where users are able to manage them all in one place, in one app, as one experience. It is the app for everything money with the addition of a marketplace of banking services, exclusive deals and loyalty rewards.

Sync., just like the assembly line, the internet or the smart phone, is applying the principle of bringing best practices together, with everything works in harmony, to provide the best user experience possible. Sync. is committed to being the solution that the banking industry has been waiting for.

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