How FinTech companies can improve their brands and increase customer retention
By Caroline Wren, Managing Director, MTM
February 12, 2024
FinTech has disrupted the banking world – the industry will never be the same. Digital natives such as Wise, Monzo, Revolut and Starling Bank have achieved this disruption by steadfastly focusing on solving category pain points, creating customer experiences that are better than what’s gone before and helping customers achieve their goals, whatever those might be: transferring money to a friend, splitting restaurant bills, sending money abroad, investing in crypto, etc.
But, now that they’ve achieved this level of success and disruption, how can they stay on top, continue to build their brands and customer bases…and what can the industry’s legacy players learn from them?
The answer starts with an understanding of what we call brand experience drivers – the factors that determine how customers or potential customers feel about a particular brand, relative to others in the category. Insight and strategy consultancy MTM has a proprietary brand health framework called HEART, involving seven brand experience drivers that provide actionable insights on which strategies to focus on and who to be inspired by, so brands can take swift action to drive growth. The seven drivers are: getting the basics right, building your presence, being easy to do business with, personalising relationships, innovating, providing value for money and acting with integrity.
FinTech is one of the top-performing market categories in the HEART framework, owing to these brands challenging the prevailing norms from legacy financial services brands, and creating new experiences that surpass previous benchmarks.
Read the full article here.