How and Why have UK Fin-Tech Banks connected with customers so far?

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A warm welcome to my very first personal Blog as Chief Operating Officer of Moneemint.  

Firstly, I could not be prouder to have joined such a highly talented and ambitious team of people, fully committed to building THE most ethical and inclusive bank in the UK.  

Having personally made the leadership transition from one of the CMA9 (CMA9 being the 9 largest banks in the UK) to the Fin-Tech Start-Up world with Moneemint, you might guess I’ve had so many leadership questions spinning round my mind.     One of the key ones being: 

How and Why have Fin-tech Banks (Neobanks) Emotionally connected with Customers so far? 

Whilst this is a complex topic influenced of course by personal choice, the following have certainly played their part:  

 A lack of Trust in traditional banks   

Surveys show that some 14 years on, many customers in the UK maintain that our traditional banks did not face severe enough penalties for their part in the 2008 financial crisis.  Moreover, over two thirds of adults in the UK still do not trust banks to work in the best interests of society. 

 The Cost to Serve – Face to face in a digital world 

We’ve all seen an increasing number of branch closures over the past 3 years especially, which are continuing in 2022.  The UK Commercial banks continue to battle strategically with the essential need to change their traditional ways of working, whilst trying to please all customers in how they wish to be served.  Once you have a recognised face to face operating rhythm as a huge organisation, it is hugely challenging to move away from this given the inevitable political and economic obligations, as well as a moral expectation for banks to remain in the UK High Street.  

 Catering for Future Generations:  Gen Y, Gen Z and Gen Alpha (15 year spans) 

If any business tries to live in the past, it tends to fail.  Banks are no exception.   Catering for the above and future generations is the job of current and future bank leaders and this is where Neobanks are stealing a march and will continue to gain market share from the CMA9 

 Making Things Truly Effortless –  I know we’re British, but who wants to Queue? 

Our lives are tough and busy enough.  We are now also facing a cost of living crisis, spiralling energy prices and £80 to fill up the average car.    The demand for making things truly effortless and ‘on the go’ is not going away, which is only being enhanced by ‘save me travel and money’ and in turn help enhance wellbeing and work/life balance.  

 “I’ve only left my Mobile at home” –  OH NO, are you OK?  

Need I say more.   THE most powerful piece of technology ever made; we just can’t live without!   Key to why UK Neobanks and indeed new Digital Platform Players will continue to disrupt the UK Banking scene for years to come and add huge value to Society and our UK Economic growth.  

 So these are just some of the reasons why Fin-Tech banks attracted a record $11.6bn of investment in 2021 alone – nearly half of all the investment in Europe!!     But are they emotionally connected just yet?? 

There remains much more customers truly deserve.   For Fin-Techs to truly connect emotionally with customers in the future, they must:  

  • Make things authentically personal to ALL Customers, respecting and valuing their beliefs (Know Me) 
  • Emotionally connect more deeply with Customers (Understand Me) 
  • Add Trusted Value (Remember Me) 
  • Believe in their own Purpose, Vision and Values….and live them, always! 
  • Are Ethically and Socially Responsible 
  • Have a clear USP over other UK Fin-Techs and Banks 
  • Learn from banking mistakes of the past 

……watch this space! 

Kevin Guy  

Chief Operating Officer 

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