PEPPER GLOBAL
about how we reframe the businesses in a kind of digital , data , and tech savvy way .”
Day says an example of this ‘ reframing ’ is the way Pepper Savings Bank in Korea created a digital bank alongside the existing bank , largely because trying to create a sea change within the legacy platforms is challenging and innovating on the side was the answer .
“ I think it ' s also fair to say that over the last 20 years , the relationship between lenders , borrowers , and intermediaries , like websites and brokers , has completely changed . They used to be very linear . You want a mortgage , you go to your mortgage advisor or your broker , you apply for the loan that he thinks is right for you , and you do that through paper-based or maybe emailbased transactions . But today , the customer journey is far from linear .
“ People want to engage through WhatsApp and SMS , email and video calls , and face-to-face so we ' ve had to think about how we re-engineer business processes and customer processes as a result of customer demand .”
Day says this is a common theme around the way that Pepper approaches its markets because the company prioritises thinking about the customer at the core of the process and product development .
“ Ultimately , I think the thing with fintech that inspires me is the ability to be customerfocused and data-driven . The fintech world is all about meeting a customer need through technology and underpinning that with data and insights , and I think how you create enduring customer relationships has historically been very transactional but could be far beyond that . The focus is now on how you build trust by improving the experience and helping customers reach their financial goals , and in turn to come back to you when they need to .
He adds , “ I think in the financial services world , a lot of organisations think about that one-time transaction . How do I sell this customer a loan ? How do I sell this customer a pension ? How do I sell them a product ? I might sound like a bit of a broken record , but providing customers with an opportunity to re-engage with you is the thing that I think will set the winners apart from the losers .
“ For me , that means the key measure of success probably isn ' t assets under management or the number of products you ' ve sold , it ' s lifetime value , and I think that ' s probably the number one change that customers deserve , and it re-frames the whole financial services conversation .”