Design Playtime - How to Design a Bank that Actually Works Quite Wonderfully

I do not like banks. Banking constantly frustrates me. I decided to overrespond by play-designing a bank which I would find cool.

First up, I have a problem with the word bank. It projects an old-time trustworthiness I deeply distrust. And with good reason. Banks try to bank on the illusion they are disinterested servants of your money. The fact that they are money merchants out to grab what they can should be put up front if they wish to be trusted. My first design move then:

- Quit calling it a "bank". Be honest. Call it a "money shop".

This gets rid of the most blatant dishonesty, but some subtle forms of sleaze remain. Top of the list is suits, ties and other formal business drag: suits convey an authority a money merchants simply does not have, and a seriousness they don't need. So:

- Drop the suits and ties. Wear real people clothes.

Wearing casual clothes can mean the silicon valley uniform of jeans and casual shirt and loafers. This is an excellent start towards making the environment a little less anally retentive.

The next thing to address in my money shop is the structure. Doesn't it bug anyone else that banks, like evil modern day Robin Hoods, steal from account holders to give to shareholders? The solution is simple: make anyone who opens an account automatically a shareholder:

- Quit robbing customers. Profit share with partners.

Bankers, you want passionately loyal customers? Put your money where your mouth is and institute a cooperative corporate structure rather than a competitive shareholder based one. That'll also win you enough press to make other banks consider casual dress for their employees too.

- Institute a cooperative corporate structure, such as a union, rather than a competitve corporate structure.

The dishonesty of the banking experience cuts both ways, however. Banks sleazily allow anyone, no matter who untrustworthy or unpleasant, to bank with them. By allowing anyone to open an account, they devalue the experience for everyone and render it common. My money shop must only be for partners and merchants who are willing to play well with others.

The answer, then, is to have the basic responsibilities of money merchant and partners (that was to say, customers), clearly displayed and agreed to up front. Transparency, goodwill and responsibility are sufficiently universal values that both merchant and partner can agree on, and by holding to principles both parties are allowed to dispense with the tiresome and vulgar dishonesty of pretending to be professional.

- Partners and money merchants both agree to be transparent, benevolent and responsible.

- Actual principles that partner and merchant agree to behave by displayed on the wall.

I reckon banks are naive in how they treat conflict. By letting the front of house staff deal with conflicts, they let a golden opportunity slip through their fingers. Instead, they should cherish their negative feedback.

- Have a agreed-upon conflict resolution process.

I have a few more ideas here which may take some working out, they are so forward thinking, and none more radical than putting a human being at the end of the phone line:

- Actually answer the phone. With a real life person. Immediately.

The benefits in loyalty far outweigh the costs of hiring a money merchant.

- Refuse to merchandise. Design financial products on the fly.

This notion, so unradical to me, would be a major way to expose the ripoff merchant tactics of banks. Imagine going to your money shop and actually working on a loan which seems good for both you, the account partner, and the money merchant? Astonishing. Designing a financial product on the fly also means that the account partner is forced to understand the actual terms of the deal, creating a more responsible consumer.

- Refuse to educate or promote. Instead, partner with businesses that give financial educations, and rely on word of mouth to attract customers.

This idea is just to focus on core business, instead of pretending to be our friends by offering dubious information in tacky pamphlets while smiling and ripping us off.

Banks are a leftover from the industrial age. Most of their business is out-dated. I am surprised banks still exist in their present condition of subtle sleaze and lack of taste. I hope these ideas can help them on their inevitable demise. I would be interested to see if a reader could design a better bank. Good luck!

Want summary? Here you go:

How to Design a Bank that Actually Works Quite Wonderfully:
- Quit calling it a "bank". Be honest. Call it a "money shop".
- Drop the suits and ties. Wear real people clothes.
- Quit robbing customers. Profit share with partners.
- Institute a cooperative corporate structure, such as a union, rather than a competitve corporate structure.
- Partners and money merchants both agree to be transparent, benevolent and responsible.
- Actual principles that partner and merchant agree to behave by displayed on the wall.
- Have a agreed-upon conflict resolution process.
- Actually answer the phone. With a real life person. Immediately.
- Refuse to merchandise. Design financial products on the fly.
- Refuse to educate or promote. Instead, partner with businesses that give financial educations, and rely on word of mouth to attract customers.