against everything you tell them and everything you stand for . We ’ re lucky in that we have a member base that genuinely loves our product and loves what we have set out to achieve , but it ’ s important to remember that companies like ours can ’ t rely on the big pillars in the way that banks used to to stay safe . We have to deliver every day .”
Walsh reiterated this , picking up on the unique challenges that digitalonly banks face in gaining and maintaining customer trust . “ As a digital bank , your customers can ’ t walk into a physical location and look somebody in the eye , so how you manage difficult experiences like an outage is crucial . It ’ s vital to respond quickly , to respond empathetically and to work on building that trust currency over time ; that ’ s super important when you ’ re operating in a digital context .”
All agreed that this focus on trust and customer experience will continue to be the driver of neobank development in the future .
Erwin predicted that market growth will “ be a great thing for consumers and entrepreneurs alike , and those brands that do well will be those that understand their client base and execute well in terms of their expectations .” Britt considered the migration of technology companies into the financial services sector , driven by the size of the market and the opportunity to deploy their latest innovations . However , rather than proving a disruptive development , he predicted that such an evolution would ultimately help improve the overall standard of product delivery across the financial services sector as banks respond to the challenge . “ It ’ s a massive market , but there ’ ll be substantial changes across the entire landscape ,” said Walsh . “ Looking out 10 years or more at those potential top players in the market , it ’ s really going to look very different .”
35 www . fintechmagazine . com