GAUGING THE MARKET personal relationships . Now , bank branches are shuttering , but the desire for personalisation remains . It ’ s down to challengers to recreate these personal , small-bank experiences digitally . With long-established banks encumbered by legacy systems , this opportunity truly falls to the cloud-native , agile neobank .
To create a data-driven personalised experience , challengers can serve notifications and recommended actions where and when appropriate . For instance , delivering an in-app push notification about progress toward a financial goal . Pairing this with a recommended next-best action can be a game-changer for retention – and trust . If a FinTech understands its users ’ goals and why they take the journeys they do , then it can tailor communications to improve the product experience . Establishing this type of trust will increase retention and present opportunities to cross-sell into more areas of financial portfolios .
Taking on legacy institutions is no easy feat , especially for an industry heavily affected by economic instability and consumer distrust . But , by focusing on understanding their customers ’ goals and ensuring their product is easy to use , challenger banks can come out on top and set themselves up for long-term growth . � www . intelligentfin . tech
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