Banks are under increasing pressure from consumers who want simple, mobile-friendly banking experiences that don’t require a visit to the branch. At the same time, consumer trust in banks is lower than ever, making traditional banks more vulnerable to a wide range of competitors, from Amazon and Google to online-only brands like Starling Bank. As banks scramble to develop digital solutions to meet these changing expectations, they often find that compliance requirements make it hard to create user-friendly experiences that are friction-free.

This paper explores the lack of a strategic approach to agreements and how banks need to develop a modern, integrated System of Agreement that supports their efforts to attract new customers, cultivate trust, and expand existing relationships, while also meeting compliance requirements. It suggests five core principles banks can use to build digital experiences that are friendly, easy to use, trustworthy, and compliant.