I recently had the privilege of attending a conference organized by Boston Consulting Group (BCG) and QED Investors, where we explored the future of the FinTech market. Among the compelling topics discussed, one finding that caught my attention in particular was the significant disparity in NPS scores between established banks and neobanks.
The challenge of elevating NPS scores and prioritising customer experience remains a persistent issue for established financial institutions. Especially since according to BCG, leading neobanks such as Monzo and Revolut have reached profitability and have cemented themselves as true alternatives to established banks.
At Meniga, our focus has been on developing solutions that enhance the customer experience, meticulously tailored to align with the strategic goals of each bank. Our end goal is to help established banks to deliver neobank-grade customer experience in very short timeframes with minimal capital investments.
A prime example of this is our collaboration with UOB on their ground-breaking TMRW digital bank initiative.
UOB sought to create a digital bank that could resonate with the digitally savvy younger generations, particularly Millennials and Gen-Z. In partnership with Meniga, they launched ASEAN’s first mobile-only digital bank, with a vision to enhance customer engagement at every touchpoint.
The results were remarkable. TMRW bank not only won multiple awards, including Best Digital Bank, but also achieved a 50% reduction in Cost Per Acquisition, a 178% increase in its customer base, a 350% growth in savings deposits, and above all drove NPS score to an all-time high of 60.
TMRW was underpinned by Meniga’s state-of-the-art Advanced Enrichment engine that categorised transactions and added merchant information, providing a simple and easy-to-understand overview of the customer’s finances. In addition, TMRW married this with Meniga’s AI driven predictive insights around upcoming payments, and enabled dynamic notifications creating one of the first hyper-engaged banks in Asia.
This successful partnership exemplifies how innovative FinTech solutions can transform customer experience and drive substantial growth and engagement for well-established financial institutions.
Great NPS scores and superior UX (User Experience) should not just be privileges for neobank customers but can be available to all banks that have committed to prioritising customer experience.
Are you interested in finding out how Meniga can help you provide the best UX for your customers? Reach out to our team!