Using your digital bank to help customers take back control in a time of crisis
Executive summary - prioritise the financial health of your customers
Meniga was founded in Iceland in the wake of the global financial crisis of 2007–2009. The elect of the recession in Iceland was palpable and Meniga quickly gained momentum by helping Icelanders find their way out of a precarious situation and get their personal finances back on track, gathering invaluable experience along the way. The recession that we face as a result of the Covid-19 pandemic will differ in many ways, but Meniga’s origins give us a unique perspective of the way forward for retail banks.
In this paper, we share our learning from a decade of working with leading banks worldwide in helping their customers manage their personal finances. We also surveyed 100 European senior bankers to gain scope and insight into the current retail banking climate.
Our aim is to equip you and your bank with the knowledge you need to navigate uncharted waters.
Key Takeaways:
Digital channels will be used with increasing frequency by a broader demography, making them the most crucial innovation focus for banks.
Banks must deliver the tools people need for financial self-help via user-friendly banking apps and personal financial coaches or risk losing them to challengers who offer more robust digital services.
Banks must be agile in their digital transformation & focus efforts on proven solutions that deliver tangible outcomes for their customers.
It is in times of crisis that banks create life-long customer loyalty. Now is the time to be assertive and step in with simple and highly effective methods to help customers take control of their financial health.
The coronavirus has driven a massive 72% rise in the use of fintech apps in Europe. ~Forbes
Contents
I. First things first...
II. Your digital bank has been under scrutiny
III. Be ready for competition
IV. Learning from crisis to better serve banking customers
V. How to evolve your digital bank
VI. Helping customers build financial fitness
VII. Speed and Agility Matter
VIII. How banks can ensure customers’ financial wellbeing in tough times
IX. Conclusion
