NEOBANKS
“ To deliver a stronger level of engagement with customers , neobanks need to be able to leverage customer-specific insight in their client interactions ”
LOUISE POTTS HEAD OF BANKING CUSTOMER ADIVOSRY , SAS UK
“ Now , bank branches are shutting , but the desire for personalisation remains ,” he says .
It could be , then , that now is the time for neobanks to further capitalise on a legacy banking sector in a state of transition .
Making gains on old traditions To do so , challengers “ need to recreate these personal , small-bank experiences digitally ,” adds Grinbaum .
“ With long-established banks still overcoming encumbered legacy systems , this opportunity truly falls to the cloudnative , agile neobank .”
So far , this is where neobanks have been thriving . After all , they were “ built around the core aim of customer-centricity ,” notes Louise Potts , Head of Banking Customer Advisory at SAS UK .
“ Their focus is not limited to providing the best transaction experience or pricing , or bundling their core products ,” she adds . “ Neobanks go far beyond this , delivering complementary services such as flagging better deals , or providing cashback rewards and loyalty programmes .
“ This superior level of customer experience is cited time and time again by consumers as a reason for switching .”
And there is so much more neobanks are capable of doing to prize customers away from incumbents . fintechmagazine . com 65