Building a digital-banking business

The digital revolution in banking has only just begun. Today we are in phase one, where most traditional banks offer their customers high-quality web and mobile sites/apps. An alternate approach is one where digital becomes not merely an additional feature but a fully integrated mobile experience in which customers use their smartphones or tablets to do everything from opening a new account and making payments to resolving credit-card billing disputes, all without ever setting foot in a physical branch.

More and more consumers around the globe are demanding this. Among the people we surveyed in developed Asian markets, more than 80 percent said they would be willing to shift some of their holdings to a bank that offered a compelling digital-only proposition. For consumers in emerging Asian markets, the number was more than 50 percent. Many types of accounts are in play, with respondents indicating potential shifts of 35 to 45 percent of savings-account deposits, 40 to 50 percent of credit-card balances, and 40 to 45 percent of investment balances, such as those held in mutual funds. 1 1. “ Digital Banking in Asia: What do consumers really want? ” (PDF–690KB), March 2015. In the most progressive geographies and customer segments, such as the United Kingdom and Western Europe, there is a potential for 40 percent or more of new deposits to come from digital sales by 2018. 2 2. “ Strategic choices for banks in the digital age ,” January 2015.

Many financial-technology players are already taking advantage of these opportunities, offering simplified banking services at lower costs or with less hassle or paperwork. Some upstarts are providing entirely new services, such as the US start-up Digit, which allows customers to find small amounts of money they can safely set aside as savings. 3 3. “ The fight for the customer: McKinsey global banking annual review 2015 ,” September 2015.

A new model: Digital-only banking businesses

While it’s important for banks to digitize their existing businesses, creating a new digital-only banking business can meet an evolving set of customer expectations quickly and effectively. This is especially true in fast-growing emerging markets where customer needs often go unmet by current offerings. The functionality of digital offerings is limited, and consumers frequently highlight low customer service at branches as a key pain point.

So how should banks think about a digital-only offer?

Because banking is a highly regulated industry and a stronghold of conservative corporate culture, there are tremendous internal complexities that need to be addressed. These include the cannibalization risk to existing businesses and the need to foster a different, more agile culture to enable the incubation and growth of an in-house “start-up.” The good news is that our work shows it is feasible to build a new digital bank at substantially lower capex and lower opex per customer than for traditional banks (Exhibit 1). This is due not only to the absence of physical branches but also to simplified up-front product offerings and more streamlined processes, such as the use of vendor-hosted solutions and selective IT investment, that reduce the need for expensive legacy systems.

Six success factors to build digital-banking businesses

Based on our experience helping more than 20 institutions evaluate, design, and build new digital-banking businesses, we have identified six critical success factors that banks will need to address to ensure a quick and successful launch.

1. Focus on where the real value is

Launching a successful new business requires complete clarity about what its value drivers are. While this might seem like an obvious point, we find it is often overlooked. Instead, there is a temptation to copy or replicate existing models. For instance, mBank, Poland’s first digital bank, has succeeded by offering consumers access to unsecured personal loans and other simple products. It’s a model that works in countries like Poland and the Czech Republic, where credit cards aren’t popular, but may not be successful in some other markets.

Banks also tend to take the view that one solution can work for an entire region. Unfortunately, this approach misses significant value opportunities. A granular, country-by-country analysis of revenue per retail banking customer, for example, reveals significant differences in product opportunities (Exhibit 2). Breaking it down further by different customer segments or sub-segments highlights even starker differences that can inform a business strategy. Some 43 percent of banking customers in Taiwan, for instance, are open to digital-investment options versus just 17 percent in Australia.

Another critical element that varies by country is the state of regulation (for example, the requirements for paper-based documents and forms) and the associated infrastructure (such as the availability of a universal national ID). China, for instance, has become a leading innovator in digital banking in part because of a favorable regulatory environment.

2. Constantly test to refine the customer experience

Launching a successful new digital-banking business requires a marriage of traditional consumer research and a deep, real-time understanding of the behavior and pain points of individual customers. This means a constant and rapid stream of prototypes starting with the Minimum Viable Product (MVP) and subsequent iterations in order to figure out what will make the customer experience superior across all touchpoints. This sort of “real life” testing is critical for identifying what customers actually value as opposed to what they might say they value. It also yields up to 70 percent fewer defects and errors. 4 4. Numetrics industry software database.

One company, for instance, approached the creation of a digital-banking business targeted at emerging-markets millennials with a hypothesis that it would be critical to allow customers to sign in with their social-media accounts. Deeper interviews with customers and many versions of the prototype (100 to 150 screens for structured consumer research and feedback loops) revealed this was not true. On the contrary, urban and educated millennials have significant security and privacy concerns about any link between their finances and social networks. So instead of the social media sign-in, the team embedded visual security cues into the customer-onboarding process.

3. Organize for creativity, flexibility, and speed

Building a business using a constantly iterative approach requires a way of working that banks typically aren’t used to. There are three areas where a different way of operating needs to be nurtured.

  • Cross-team collaboration. The core group building the digital bank should have a solid understanding of not just the new technology architecture, but also of the bank’s design and brand and the economics of its business model. This includes full-time members, as well as temporary talent in critical areas, such as compliance. From here, the team can gradually scale up to include more staff from technology departments. Portugal-based digital bank Activobank, for example, started with a management team of six to eight people during the design of the digital business model and then scaled up to more than 30 during implementation (excluding line/operational roles).
  • A ‘garage like’ working environment. While an actual garage isn’t necessary, a physical space that provides a nurturing environment for creative thinking and prototyping is. This means open spaces, plenty of whiteboards and worktables where people can congregate and work together, as well as habits that foster innovation, such as so-called sprints. In a sprint, all the individuals involved in the development of a digital bank—developers, IT-security, compliance, risk-assessment, and marketing staff who understand the needs of the customer—get together in one room for several live brainstorming sessions. Instead of the lengthy back and forth that normally happens between departments, this allows for quick and efficient decisions about the technical specifications of the product. This process can truly deliver acceleration to working results. Sprints—from whiteboard to working version of the product—can happen in as little as four weeks. On average, companies see a 27 percent higher development productivity. 5 5. Numetrics industry software database. For example, Orange Bank took approximately eight months from strategy to launch of version 1.0 of its digital offering, prioritizing time to market and limiting changes required to their core banking system. Additionally, they were able to quickly scale up, acquiring up to 800,000 customers in the first eight months of operations. One critical requirement and advantage of this approach for banks is the way it allows compliance and risk-assessment staff to get in the room early and take on the roles of enablers and problem solvers, instead of gatekeepers who are often looped in only after plans are well under way or even completed.

A central ‘control tower’ team. Launching a digital bank is a juggling act, with multiple miniprojects running at the same time, such as a new credit card, decisions about hiring, development of the organizational structure, and the creation of a brand. It is the job of the control-tower team to make sure all these projects are coordinated by moving resources to necessary teams quickly or prioritizing initiatives so that timeline targets can be met. The team must work to identify bottlenecks—such as vendors who don’t respond rapidly enough to requests or IT not having enough storage capacity for data—and then either quickly resolve them or refer the problems upward to the CEO or the board.

The members of this team should be exceptional project managers with experience running large-scale projects, a high comfort level with agile development and sprints, a good working knowledge of the big picture, and a clear understanding of relevant regulatory issues.

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4. create an ecosystem of partnerships.

Successfully launching a new digital-banking business requires quickly acquiring a critical mass of customers. Two industries with large amounts of digital customers who can help the process are e-commerce marketplaces and telecommunications. E-commerce players can be useful partners because they present an opportunity for banks to create lending services for the site’s existing customers, both consumers and small and medium-size merchants. There’s a clear benefit for the e-commerce player, too, since easy access to financing on an e-commerce site is an enticement for working-capital-constrained, rapidly growing small businesses to keep selling on that site. Likewise, if consumers know there is financing available, decisions to buy large-ticket items such as refrigerators or TVs become much easier.

The success of Alibaba’s Ant Financial in China, which serves small businesses and has grown into a $20 billion business in two years, illustrates the value of a bank/e-commerce union. Offering simple ways to get loans, Ant Financial has rapidly become one of the biggest lenders to small businesses in China. Although now owned by Alibaba, it originally started as a partnership with CCB and ICBC in 2007.

5. Build a two-speed IT operating model

To implement the test-and-learn approach and short release cycles that are so critical for launching and operating a competitive digital bank, two different yet integrated IT systems are needed: the traditional, slower, secure and stable, transaction-focused legacy back end and a rapid, flexible, customer-centric front end.

The customer front end should be designed by small, nimble product teams (usually fewer than ten people) using an agile, sprint-based development approach. Software release cycles for these customer-facing elements should be modular and designed for quick deployment, prioritizing a minimum viable solution that will evolve over time.

To reduce the time needed to build the two-pronged system, a combination of customized and out-of-the-box functionalities can be used. One new digital player combined existing functionalities from their front-end provider, such as peer-to-peer payments, with new features that consumers care about but to which they don’t have a lot of access, such as personal-finance modules where they can track their expenses and set savings goals.

To the extent that the existing IT architecture and regulatory framework allow, a variable-cost model should be considered, such as cloud-based system or data-storage solutions. A number of solution providers are expanding into emerging markets to offer competitive alternatives to traditional high-capex investments in data centers. Adopting a cloud-based solution allows a new digital player to scale up its cost structure along with revenues, thus achieving a faster breakeven point. It also adds further flexibility, especially if the architecture is designed with open APIs to enable collaboration with potential financial-technology partners who already operate from a cloud-based environment.

6. Get creative with marketing

Since digital-only banks don’t have the same customer-acquisition opportunities as legacy banks with branch networks, marketing is a major cost, representing 25 to 35 percent of total operating expenses. This is true even for legacy banks that create digital start-ups, since the new entities must clearly differentiate their brand and value proposition from the parent operations’ if they want to be successful. Digital-only banks will likely be targeting a younger, more digitally savvy customer than incumbent banks. AirBank, for instance, which launched in the Czech Republic without the backing of an existing bank, tagged itself as the “first bank you will like” and promised that all customer communications would be jargon-free and all fees clearly outlined in one simple document.

To communicate such distinct selling points cost-effectively, banks must cultivate word-of-mouth recommendations and feedback through social media. This entails going after customers in a much more targeted way than banks are used to, both with an understanding of how to maximize value according to geographic distinctions (focusing on Twitter in Jakarta and WeChat in China, for instance) and specific customer niches (for example, buying ads on Facebook for millennials who play golf).

One particularly creative marketing example is a promotion that China’s successful messaging app Tencent’s WeChat ran during the Chinese New Year holiday in 2014. To promote its WeChat Payment service, which allows peer-to-peer transfer and electronic bill payment, the company launched an app that allows users to send a specific amount of money to a certain number of friends, with the app randomly assigning the money. To redeem and see how much money you were sent, recipients had to sign up for a WeChat account. WeChat’s virtual envelopes went viral because they added an element of suspense to the tradition of giving gifts of money in red envelopes during the New Year. In two days, the company got 200 million of its existing and new users to link their bank cards to their account, a feat that took Alibaba’s Alipay eight years.

Launching a new digital-banking business enables banks to rapidly drive value creation. A combination of leveraging smart technology solutions and incorporating the critical success factors outlined above can help banks do this in an accelerated manner.

Sonia Barquin is a consultant in McKinsey’s Kuala Lumpur office, and Vinayak HV is a principal in the Singapore office.

The authors would like to acknowledge the contributions of Somesh Khanna, a director in the New York office and a global leader of McKinsey Digital.

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Deliberately Digital pp 281–292 Cite as

Case Study 7: The Digital Transformation of Banking—An Industry Changing Beyond Recognition

  • Hubert Tardieu 6 ,
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  • José Esteban-Lauzán 8 ,
  • John Hall 9 &
  • George Miller 10  
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Part of the Future of Business and Finance book series (FBF)

Partly as a result of the rise of FinTechs, banking is a sector that is facing significant disruption. In this case study, we identify some of the innovations that are being made both by young start-ups and long-established banks. We explore emerging opportunities in terms of business models, as well as how new operating models will boost customer-centricity and optimize costs through intelligent automation. The challenges of strategy, leadership, and attracting and retaining digital talent are analyzed. Finally, we conclude with a discussion of how platforms will enable new ecosystems of partners to work together to create and capture customer value.

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Accenture. (2018). Beyond north Star gazing . https://www.accenture.com/_acnmedia/pdf-85/accenture-banking-beyond-north-star-gazing.pdf . Accessed October 26, 2019.

Bain. New bank strategies require new operating models . https://www.bain.com/contentassets/a97b9014afc84a76ae9fb723d3e94ead/bain_brief_new_bank_strategies_require_new_operating_models.pdf . Accessed October 26, 2019.

The Financial Brand. Is the banking industry prepared for a world without bankers ? https://thefinancialbrand.com/86253/banking-future-of-work-training-digital-trends/ . Accessed October 26, 2019.

Capgemini. (2017, October). The digital talent gap . https://www.capgemini.com/wp-content/uploads/2017/10/report_the-digital-talent-gap_final.pdf . Accessed October 26, 2019.

Efma. (2018, September). World retail banking report 2018 . https://www.efma.com/study/detail/28603 . Accessed October 26, 2019.

EY. (2018, June). How convergence in banking could be an opportunity for growth . https://consulting.ey.com/convergence-banking-opportunity-growth/ . Accessed October 26, 2019.

EY. (2016). Global consumer banking survey . https://eyfinancialservicesthoughtgallery.ie/wp-content/uploads/2016/10/ey-the-relevance-challenge-2016.pdf . Accessed October 26, 2019.

IDC. (2018, March). The business value of the stripe payments platform . https://stripe.com/files/payments/IDC_Business_Value_of_Stripe_Platform_Full%20Study.pdf

KPMG. (2019, July). The future of digital banking: Banking in 2030. https://home.kpmg/au/en/home/insights/2019/07/future-of-digital-banking-in-2030.html . Accessed October 26, 2019.

McKinsey. (2018, August). The lending revolution: How digital credit is changing banks from the inside . https://www.mckinsey.com/business-functions/risk/our-insights/the-lending-revolution-how-digital-credit-is-changing-banks-from-the-inside . Accessed October 26, 2019.

OnDeck. (2019). https://www.ondeck.com/home5-lendstart . Accessed October 26, 2019.

Quartz. (2019, August). Digital banks are racking up users, but will they ever make money ? https://qz.com/1679197/when-will-digital-banks-like-n26-and-revolut-start-making-money/ . Accessed october 26, 2019.

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For Businesses

For students & teachers, 7 digital marketing trends for banks in 2022.

EVERFI Content Team

Digital marketing for banks is becoming increasingly essential, as it makes up nearly half of all bank’s marketing budgets. At the same time, many small banks struggle with staying up-to-date with digital marketing trends in banking, often falling to the wayside behind national banks with much larger budgets.

While paid ads are a large part of every digital marketing strategy, these digital bank marketing trends for banks incorporate personalization, customer experience, customer outreach, and improved audience segmentation as ways to improve advertising through quality, not just quantity.

While there are many factors to keep in mind when developing a digital marketing campaign, the following digital marketing trends in banking are among the most important to consider.

Top 7 Digital Marketing Trends for Banks in 2022

  • Increasing Push for Competitiveness
  • Personalization
  • Machine Learning
  • Sophisticated Search
  • Omni-Channel
  • Experience & Engagement

1. An Increasing Push for Competitiveness in Digital Marketing for Banks

Today, everyone is on digital. From social media to video to PPC ads across Google and Bing, nearly any bank will have a digital presence. Most banks believe they have to increase their digital marketing spend and increase efforts across platforms to increase the efficiency of their advertising. Digital advertising and marketing are also growing quickly, with 17% of organizations now committing more than 50% of the marketing budget to online media , compared to 14% in 2017. This same bank marketing trend holds through for mobile marketing, where most allocate less than 40%, but the investment is on the rise.

While more competition shows the value of digital marketing in the banking sector, it also makes it more difficult to stand out. This means that banks must take unique approaches, highlighting customers and success stories, driving value through marketing offerings, and using non-traditional awareness campaigns rather than regular ads to drive the most engagement in a highly competitive digital world.

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Download this 6-step guide for expert research, trends, tools and templates to help you build financial education into your marketing strategy.

2. Chatbots Are Primary Customer Service Contact Points

Chat is one of the fastest growing aspects of any customer support , with an increase in availability, complexity, and sophistication of options for digital marketing for banks . Consumers want answers quickly and often without having to pick up the phone and dial. Chat and chatbots in banking that integrate into social media, websites, and apps, make it easy for customers to ask questions and receive the help they need with minimal effort. Here, chat is ideal for standard customer queries, checking accounts, checking services, and screening through the first tier of customer service.

While chat shouldn’t be your only line of customer service, it is extremely valuable to offer 24/7 chat services, with a sophisticated chatbot in-line. Here, you can offer services such as opening accounts, checking account status, and checking website server status to alert customers to service outages. You can also answer basic and commonly asked questions through chat rather than through a less-user-friendly knowledge base.

3. Segmenting, Targeting & Personalization in Digital Marketing for Banks

Big data allows banks to target individual consumers rather than segments as a whole, creating greater personalization and better user experience. Here, single-person segmentation relies on tracking through cookies and other tools and aggregating and collecting data across omnichannel touchpoints such as web, social media, and applications.

This increase in personalization ties into consumer desires for personalization and connection with their banks, with some 74% of all consumers expecting brands to treat them like an individual. How does this work with digital marketing for banks? Machine automation and AI combined with big data to allow you to offer personalized options, modular services and products, pre-approval for loans and services, and other personalized information. You can also show customers how their rates are calculated, offering discounts for paying on time or investing and otherwise taking steps to use data to automatically create a personalized experience.

4. Machine-Learning and AI in Bank Digital Marketing

Artificial Intelligence and Machine Learning in banking are important aspects of integrating apps, chatbots, and single-person segmenting, but they are important on their own. Most banks have access to a plethora of data and machine learning is a great way to make use of it. For example, AI can track a user’s progress across a website, social media, and apps, take their search into account (using cookies) and create a personalized customer journey for them. AI can choose to show the customer-relevant products and information, can direct them to a customer service representative if necessary, and can otherwise predict what the consumer needs based on their behavior and actions.

5. Integrating Search Optimization into Digital Marketing for Banks

While organic search has remained largely the same for the better part of the last few years, new types of searches are beginning to become popular. Marketing content must now be fully optimized to appear in mobile search, through voice searches, and sometimes through a combination of the two. Tailoring content marketing approaches and keywords to meet those needs, without interfering with the customer’s experience is crucial.

With this banking marketing trend, banks must adjust content sharing strategies to offer short and succinct answers for mobile and voice search users.

6. Expanding to Omnichannel

Most consumers will experience a bank through multiple channels, including social media and a website before considering walking into a branch or opening an account. Some will also download and check the app before doing so. Adjusting to this omnichannel experience means working to curate a customer journey across platforms so that customers experience the same branding and as close to a seamless experience as-is possible.

Here, you can also integrate cookies to track where customers are coming from, which can help you to tailor the user experience and meet expectations.

7. A Focus on Experience and Engagement

Many digital bank marketing trends revolve around embracing and utilizing new technologies, but customers also increasingly expect more from banks. With 24/7 service, the ability to easily change banks, and the ability to easily compare what banks are offering at a granular level, banks have to offer more. That “more” should be customer experience. Here, automation, AI, and machine learning can play an important role, offering consumers better rates, ensuring they don’t miss anything, creating added value, and otherwise working to improve the total experience of the consumer.

Digital marketing trends in banking are always changing, but many elements remain the same from year to year. For example, all banks should be focusing on offering a strong digital presence and app to meet the needs of younger consumers while offering convenience to everyone. Most should also focus on offering improved customer experience, with more personalization and more adaptable services to increase user satisfaction. Tying these elements into digital ads will also help with the increased online competition.

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Consumers expect seamless digital experiences everywhere—including with their bank or credit union. Are you keeping up with these digital demands?

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TymeBank Case Study: The Customer Impact of Inclusive Digital Banking

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Executive Summary

This case study presents insights from customer research with TymeBank clients that bolsters CGAP’s hypotheses around how digital banks can support the mission of financial inclusion. As a fully digital South African bank that disproportionately serves low-income rural customers, TymeBank has created a suite of basic products that cater to the essential financial needs of those customers, namely a low-cost transactional account and a high-yield savings account. Judging from product uptake and client testimonials, these products add to a compelling value proposition that not only resonates with customers but improves their lives.

TymeBank’s distribution network, which is based on its partnerships with the nationwide Boxer and Pick n Pay (PnP) grocery store chains, helps to keep operational costs low and passes cost savings onto customers in the form of more affordable services. A clear majority of the bank’s customers cite affordability as a key source of value and the reason they opened a TymeBank account. The distribution network also extends the bank’s reach to areas that are underserved by traditional players. The affordability and accessibility likely explain why underserved segments, such as low-income women and rural customers, are over-represented in TymeBank’s (active) customer base as compared to the overall banked population in South Africa.

Despite having access to other banking options, TymeBank customers overwhelmingly see no compelling alternatives in the market. Crucially, the value customers see in the bank appears to be inversely related to income, with poorer customers reporting higher levels of satisfaction.   

In today’s high-tech financial services landscape, which is often dominated by headlines about fintech startups and tech giants, it is easy to overlook the role banks can play in advancing financial inclusion. The high cost of running brick-and-mortar branch networks has traditionally inhibited banks from serving less profitable client segments, including the low-income groups that are the focus of financial inclusion. Banks have also been slow to adapt the digital innovations that have helped some newcomers reach these segments at lower cost. It is no surprise that some observers have questioned whether banks are even relevant to financial inclusion.

However, there are reasons to believe that banks can play an important role in financial inclusion if they overcome the challenges of their legacy systems and processes and digitize operations. In fact, banks have advantages over other types of financial services providers (FSPs) that may allow them to have an outsized impact on financial inclusion – if they are willing to expand down- market. Most importantly, banks do not face the same regulatory constraints as other providers. Whereas mobile money providers and fintechs generally cannot provide a wide array of financial products (ranging from savings to credit), banks can. License to intermediate retail deposits further plays to a bank’s advantage in the arena of digital credit. Banks can fund their lending portfolios with retail deposits that are typically cheaper than the other funding sources pure lenders use, which further reduces the cost of reaching low-income customers with credit.

CGAP previously presented three emerging business models in banking that we consider to be particularly promising for financial inclusion (Jeník and Zetterli 2020). These models are fully digital retail banks, marketplace banks, and Banking-as-a-Service (BaaS) (see Box 1). We conclude that they have the potential to deepen financial inclusion by:

  • Lowering the cost of financial services; 
  • Improving access to a greater variety of services;
  • Creating services that better meet the needs of various customer segments; and 
  • Improving the customer experience. 1

We analyzed several fully digital retail banks in a series of detailed case studies (Jeník, Flaming, and Salman 2020). One of these cases focused on TymeBank in South Africa. TymeBank is a fully digital retail bank founded with financial inclusion as a core business objective. Since its 2018 launch, the bank has onboarded over 4 million customers.

TymeBank offers low-income customers simple products at low prices, such as checking accounts, savings accounts, and debit cards – all through a distribution network that combines online and offline customer interaction based on partnerships with grocery store chains Boxer and PnP. In the area of credit products, TymeBank only offers a “buy now, pay later” option called MoreTyme. This case study provides a compelling example of how challenger banks can leverage digital technology to reach excluded customer segments with more affordable and useful products.

This paper builds on the TymeBank case study by examining the impact the bank’s services have had on low-income customers. By combining a quantitative analysis of TymeBank customer data with a phone-based survey of a randomly selected sample of low-income customers, the paper addresses the following questions:

  • Does TymeBank serve low-income customers?
  • Are its products relevant to low-income customers?
  • What impact do the bank’s products have on low-income customers’ lives, in their own words?

The aim of this research is to shed light on the potential of digital banks to deepen financial inclusion in a way that improves the lives of low-income customers. CGAP is conducting additional research with other providers to better understand the impact of new financial services business models on customers. 2

TymeBank’s main value proposition consists of (i) simple, affordable, and accessible products; (ii) fast and automated onboarding; and (iii) incentive programs that appeal to target segments (e.g., the SmartShopper loyalty program). These are the qualities we would expect customers to point out when talking about the benefits of using TymeBank.

They are also important features that respond to three frequently cited barriers to financial inclusion: (i) expensive services, (ii) limited access points, and (iii) prohibitive know-your-customer (KYC) requirements. 3

Product affordability relies on TymeBank’s ability to maintain low operational costs and proportionally reduce them further as the bank grows. Current cost efficiency is due to the bank’s technology and microservice architecture (Flaming and Jeník 2020), its branchless model, and digitally facilitated onboarding. TymeBank onboards approximately 110,000 customers per month: about 93,500 through kiosks at an estimated cost of US$3 per customer, and about 16,500 via web at approximately US$0.60 per customer. 4

FIGURE 1. Financial inclusion rates in South Africa

SOUTH AFRICA 5

South Africa enjoys relatively high levels of financial inclusion, including a banked adult population of approximately 85 percent in a market dominated by the country’s well-established commercial banks. However, many customers only use their bank account to receive government benefits; other use cases lag. There is little to no use of non-bank mobile money wallets.

Across demographic, socioeconomic, and geographic factors, financial inclusion levels positively corelate with higher age (people aged 18–29 are among those least included), urban areas, income level and regularity. Only 38 percent of individuals who reported having no income are banked, while 31 percent are entirely excluded.

METHODOLOGY

For the qualitative analysis based on customer interviews, 1,162 customers were screened from an overall sample of 10,000. The aim was to reach those TymeBank customers living in poverty (i.e., 70 percent or more likely to be living on less than US$5.50). Ultimately, 278 customers were identified for in-depth interviews. The screener surveys were conducted partly through interactive voice response (IVR) surveys and partly through live phone calls.

The quantitative analysis used customer data from TymeBank to assess the potential impact of the bank’s offering on its customer base, particularly individuals from groups that generally exhibit lower levels of financial inclusion. The data examined spanned a nine-month period from July 2020 to March 2021. The analyzed data correlated to active EveryDay account customers, defined as those who had performed a transaction within the past 30 days. Various sets of proxies were applied to estimate income level (e.g., onboarding location, outstanding balance, frequency of transactions, average size of transactions).

The analysis considered several important caveats:

a) We recognize that TymeBank is not representative of all fully digital retail banks in South Africa or elsewhere. The findings presented in this paper should not be interpreted as automatically applicable to other digital banks without careful consideration.

b) The research was conducted during the COVID-19 pandemic; some findings were or could be affected (e.g., as customer behavior changes in response to the pandemic).

c) Despite our best efforts to exclusively focus the analysis on low-income segments, we were unable to identify customers based on their stated income levels since TymeBank does not collect that information. Customer segmentation was performed through the previously mentioned set of proxies for the customer data analysis and through the screening questionnaire for the customer interviews. 6

d) The quantitative analysis focused on active customers with at least one transaction performed over the past 30 days, unless otherwise noted.

e) Where customers stated they had been financially excluded before opening a TymeBank account, we did not identify the underlying cause(s) of financial exclusion.

Key Findings

Does tymebank serve low-income customers.

FIGURE 2. Gender split (TymeBank)

Our research showed that TymeBank serves a higher proportion of low-income customers than the typical bank in South Africa, and a significantly higher portion of the most financially excluded segment.

Low-income customers in South Africa are relatively highly banked, although they are under-represented. South Africans earning US$200 per month or less constitute 47 percent of the population but only 41 percent of the banked population. 7 However, we estimate that this segment represents 48 percent of TymeBank’s active user base. 8

Among the three-quarters of TymeBank customers for whom data are available, 58 percent live in metropolitan areas and 42 percent in rural areas. This compares to South Africa’s rural population of 35 percent (as of 2016); we estimated this share to be even lower in 2021 (approximately 30 percent). 9 Hence, rural customers appeared to be noticeably overrepresented in the TymeBank user base.

Young, rural, low-income women comprise the most financially excluded and underserved segment in South Africa. This group forms 2.3 percent of South Africa’s banked population but 7 percent of TymeBank’s active base – nearly three times as much. 10 Finally, 13 percent of TymeBank’s active customers are first-time bank customers. 11

FIGURE 3. Motivation to sign up for TymeBank services

From a more general perspective, women in the low-income segment represent a higher-than- average share of the bank’s overall customer base sample (65 percent versus 57 percent),12 which suggests that low-income women particularly benefit from TymeBank’s services.

These findings lead us to conclude that TymeBank customers disproportionately seem to come from traditionally unbanked and underserved segments. In fact, the evidence suggests that the bank’s customer base may particularly skew toward the most underserved segments.

DOES TYMEBANK OFFER PRODUCTS THAT ARE RELEVANT TO LOW-INCOME CUSTOMERS?

Customers find TymeBank’s products useful and act upon features designed to promote certain behaviors.

The bank’s customers particularly value the low cost of its services and the convenience of access and usage. The lower their income, the more value customers seem to derive from its services. While the vast majority of TymeBank customers have previously held bank accounts, 67 percent say they see no good alternative to TymeBank (Figure 4). This response is despite the fact that, as of the time the research was conducted, the bank still only had a relatively modest payments and savings offering and had yet to launch credit products. (TymeBank has since launched MoreTyme, a “buy now, pay later” consumer credit product.) Customer endorsement seems driven by the strength of the bank’s value proposition and the low cost of its services. When asked, customers specifically appreciate the low fees (48 percent) and the high-yield savings account (38 percent).

Importantly, women make up a larger share of the total number of GoalSave (savings account) users compared to their representation in the overall customer base (3 percentage points higher). This finding suggests that female customers find value in the product, although they had slightly lower savings per user than men (US$58 versus US$59). The number of their deposits exceeds the number of withdrawals.

We did not find any significant differences in usage and product lifecycle patterns across income groups (aside from the frequency and size of transactions that correlate with income level), which suggests that TymeBank covers its customers’ essential needs across segments. The similarities in lifecycle (behavior patterns across products, such as most frequently performed type of transaction and their change over time) indicate that customers across income levels increase their engagement as they grow confident with the products.

FIGURE 4. Perceived alternatives to TymeBank

However, important nuances do exist. For instance, the most excluded segment uses till machines for cash-in and cash-out transactions that are free-of-charge (and perhaps more accessible in certain areas), compared to the ATMs other segments prefer. This may be explained by price sensitivity that drives the preference for free till point withdrawals compared to ATM withdrawals, which are charged at US$0.61 per part of US$70.

The value generated for low(er) income customers will hopefully further expand as TymeBank expands its product offering (e.g., insurance and diverse credit products).

WHAT IMPACT DOES TYMEBANK HAVE ON CUSTOMERS’ LIVES?

Most customers report positive life changes due to their use of TymeBank. Importantly, levels of customer satisfaction increase as customer income decreases. This suggests that the TymeBank value proposition tailored to lower-income customers resonates well.

We relied on the actual voices of customers from the demand survey to gauge the impact the TymeBank offering had on its users. When asked, 73 percent of customers reported a positive change in quality of life attributable to TymeBank. The change could be associated with multiple factors. For instance, 80 percent of interviewed customers reported a decrease in the amount spent on bank fees, which is crucial for low-income segments that have historically experienced cost as one of the biggest barriers to financial inclusion. Nearly a third (31 percent) of customers who reported life improvement said that their access to financial services had expanded thanks to TymeBank. Customers also reported an improved ability to digitally transact and receive money (51 percent and 55 percent of all interviewees, respectively).

One of the most important findings concerned the ability to save. Seventy-three percent of interviewed customers reported an increase in their savings balance due to TymeBank. Savings likely drove customers’ ability to achieve their financial goals (68 percent) and improve financial resilience (32 percent).

FIGURE 5. Changes in stress levels of customers using TymeBank services

These findings support our overall hypothesis that digital banks are well placed to deepen financial inclusion with cheaper, better products that reach beyond payments and are relevant to improving the lives of low-income customers.

It is critical to note that the high-interest yield on the GoalSave savings account was among the reasons most prominently cited by customers as driving them toward TymeBank. Our finding that female and young TymeBank customers were more likely to save using the bank service compared to what nationwide averages suggest was also important. While the national numbers show a 9 percentage point gap in formal savings between men and women (35 percent versus 26 percent), the gap among TymeBank customers favored women by 10 percentage points (45 percent versus 55 percent).

Our findings also revealed areas for improvement. Perhaps not surprisingly, TymeBank customers have not been spared the surge of fraud in South Africa. Ten percent of customers reported challenges concerning security and protection of funds. Six percent of respondents mentioned delays in service delivery and nearly the same share complained of issues related to digital access. Complaints were related to system downtime, clearing time (TymeBank is planning to offer real-time clearing), and the general concerns first-time users may have about their funds.

When asked about potential improvements, the presence of physical branches scored the highest (11 percent), followed by improved security (9 percent) related to the challenges mentioned in the previous paragraph and improved digital services (5 percent).

While these findings are encouraging, more research is needed before conclusive statements can be made about the broader role of digital banks in advancing financial inclusion. We encourage other experts to undertake similar research and add to the emerging evidence on the impact of digital banks on financial inclusion.

Acknowledgments

This case study features insights from research commissioned by CGAP and conducted by 60 Decibels and Genesis Analytics under the leadership of Ivo Jeník.

The author thanks CGAP colleagues Gayatri Vikram Murthy and Mehmet Kerse for reviewing this paper, and Gcinisizwe Andrew Mdluli for contributions and insights. Peter Zetterli and Xavier Faz oversaw the effort. Andrew Johnson led the editorial work.

This paper would not have been possible without the time and dedication of the team from TymeBank and TymeGlobal.

Flaming, Mark, and Ivo Jeník. 2020. “ How Does Tech Make a Difference in Digital Banking ?” CGAP blog post, 11 November.

Jeník, Ivo, Mark Flaming, and Arisha Salman. 2020. “ Inclusive Digital Banking: Emerging Markets Case Studies .” Working Paper. Washington, D.C.: CGAP.

Jeník, Ivo, and Peter Zetterli. 2020. “ Digital Banks: How Can They Deepen Financial Inclusion? ” Slide deck. Washington, D.C.: CGAP.

Download a PDF of this Case Study >>

1 To assess bank inclusivity, we developed and implemented a four-dimensional framework focused on cost, access, fit, and experience (CAFE). See Jeník and Zetterli (2020), page 42. In a business-to business (B2B) model, BaaS providers have other FSPs as their customers. Thus, their impact on end users is indirect.

2 see collection of cgap research on fintech and new financial services business models: www.cgap.org/fintech, 3 world bank global findex database (2017)., 4 atm-like machines placed in partner grocery stores – mainly pnp and boxer – allow for automated customer onboarding in less than five minutes., 5 this section is based on data from the finmark trust finscope (south africa) 2018 database., 6 the quantitative analysis used the average monthly inflows of customers originated at pnp value stores (us$271) and boxer stores (us$224) to estimate income level. the qualitative analysis estimated that 35 percent of tymebank’s customers live on less than us$5.50 per day, based on the screener survey findings., 7 the finmark trust finscope (south africa) 2018 database., 8 using place of origination (pnp value and boxer stores) as a proxy for low income., 9 south africa gateway .  , 10 the finmark trust finscope (south africa) 2018 database., 11 n = 1,162., 12 comparing screened customers (n = 1,162) and interviewed customers (n = 278)., related resources, inclusive digital banking: emerging markets case studies, digital banks: how can they deepen financial inclusion, related research, bolstering women’s climate resilience and adaptation through financial services, resilient rural women: applying personas and insights for climate-smart innovation, global landscape: data trails of digitally included poor (dip) people.

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Digital transformation in banking: A complete guide

bank digital marketing case study

August 02, 2023

Digital transformation is a challenge for the banking industry, but it is necessary to adapt to the modern world where customers expect fast, efficient, and convenient services. Traditional approaches no longer meet the needs of the modern consumer. So, banks that want to remain competitive must abandon conservative methods and fully immerse themselves in the process of digital transformation.

This article discusses what is digital transformation in banking, key factors driving digital transformation , and successful examples of digital transformation in the banking industry.

What is digital transformation in banking?

5 key factors driving digital transformation in banking, technologies that drive digital transformation in banking, successful examples of digital transformation in the banking industry, how can soloway tech help you digitally transform your business.

bank digital marketing case study

Digital transformation in banking refers to applying new digital technologies and strategies to change and improve banking operations. This includes various changes to increase efficiency, meet customer needs, improve operational effectiveness, and develop new digital products and services.

Mobile applications and personal cabinets on the website are vivid examples of banks’ digital transformation. It is enough to press the buttons on a smartphone or computer to open an account, take out a loan, or order a new plastic card. The services are available not only to individuals but also to legal entities. The accounting departments use client-bank programs to transfer salaries to employees, pay taxes, and receive money from customers.

When you call the hotline of your financial organization, you are answered not by a specialist but by a robot. Virtual assistants have replaced some employees. Moreover, some US banks operate without branches at all. There are employees only in the head office, and customer transactions are conducted exclusively through the Internet.

It is more convenient for people to work with banks remotely, so credit institutions invest a lot of money in digital transformation. It is important that the interface of applications is user-friendly and understandable and transactions are fast. This will attract more customers and, accordingly, increase the profits of the financial company.

Pros and cons of digital transformation in banking

Digital transformation in banking is developing at a rapid pace. It has objective advantages: 

  • Services of financial organizations are available from anywhere in the world
  • The cost of remote operations is cheaper
  • There are no queues
  • Improved customer service
  • Improved operational efficiency
  • Big Data and analytics
  • Innovation and new opportunities

But there are disadvantages too: 

  • Dependence on the Internet
  • Vulnerability of security systems and regular hacker attacks
  • Inaccessibility for some customers
  • Threat of job losses
  • Dependence on technology

Technology should become a tool that will give banks more flexibility in decision-making and reduce risks.

Fintech companies, which have recently created large-scale services with significantly more interaction points with the client than the classic banking business, are taking the lead. Given that over the last 10 years, the banking industry has experienced a serious tightening of regulatory requirements, fintech is becoming a severe competitor for banks. The solution that banks have found is to change their business model with a focus on digitalization, create their own ecosystems, and develop non-financial services.

Ecosystems are a new global standard for business development and a major stage in the development of the economy. They aggregate data on producers and consumers and help optimize the resources of both. There is no turning back. Creating ecosystems seems to be a common vertical integration strategy for banks when related businesses are pulled up to the core business.

We highlight 5 key factors driving digital transformation in banking:

  • Customer experience. Providing convenience and personalization for customers is a crucial factor in digital transformation. Banks should develop and implement innovative digital channels, such as mobile apps, online banking, chatbots, and others, to facilitate access to financial services and improve customer satisfaction.
  • Automation and process optimization. The use of automation technologies, such as robo-advisors, machine learning, and artificial intelligence, helps reduce routine operations, lower costs, and improve efficiency. This can include automating lending, foreign exchange, internal audit, and more.
  • Evolving regulatory landscape. Regulatory changes and initiatives have pushed banks to adopt digital transformation. Open banking regulations, data protection regulations (such as GDPR), and initiatives promoting competition and innovation have compelled banks to invest in technology to comply with regulations, foster innovation, and enhance transparency.
  • Competitive pressure. Fintech startups and tech giants have disrupted the traditional banking landscape. These non-traditional players offer innovative and agile financial services, posing a competitive threat to traditional banks. To remain competitive, banks invest in digital technologies to improve their offerings, provide unique value propositions, and stay ahead of the competition.
  • Enhanced customer insights. Digital transformation enables banks to gain deeper insights into customer behavior, preferences, and needs. By analyzing customer data, banks can offer personalized services, targeted marketing campaigns, and customized product recommendations, leading to higher customer satisfaction and loyalty.

These factors interact with each other and require a comprehensive approach for successful digital transformation in the banking industry.

An important point is cybercrime. The emergence of new technologies has left hackers with many loopholes for hacking into networks and devices. At the current growth rate, cyberattack damage will amount to about $10.5 trillion annually by 2025 —a 300% increase from 2015.

However, cyber threats are not slowing down digital transformation. On the contrary, they drive it (this applies to banks and other organizations). The search for vulnerabilities is a never-ending process that contributes to developing security systems. 

The main principle of the fight against cybercrime in many banks is that the fight should be at all levels. It means from the protection of external perimeters to specific systems at specific addresses and ports. This includes protection against DoS attacks, firewalls, full control of the bank’s systems, control of viruses to avoid data leakage, etc.

Technologies are evolving at an incredible pace. Artificial Intelligence (AI), Big Data, Blockchain, and other innovations transform how we live, work, and do business.

For example, artificial intelligence allows banks to automate processes and make customer interaction more personalized and efficient. Machine learning can analyze large amounts of data, identify patterns and trends that help make better decisions and predict risks. Machine learning and neural networks also greatly help in document recognition and remote customer verification. 

Big Data analysis is becoming a valuable tool in the banking sector, allowing banks to identify patterns, trends, and useful insights hidden in huge amounts of data. It can be used to develop personalized products and services, improve decision-making, detect fraud , and understand and predict customer behavior.

Blockchain is another innovative technology that can tremendously change the banking industry. Most of the current problems in the banking sector are related to the human factor. In particular, they include high commission costs and time spent on money transfers and transactions, internal and external fraud, human error, leakage of personal data, and much more. There are several main areas where blockchain technology can be used in the banking industry:

  • Smart contracts
  • International payments, settlements for foreign trade transactions, and internal payments
  • Transactions with securities
  • National digital currency

Other technologies that drive digital transformation in banking include Cloud Computing, Internet of Things (IoT), Robotic Process Automation (RPA), Biometrics, and Open Banking APIs.

bank digital marketing case study

Many success stories of digital transformation in banking demonstrate how digitalization improves customer banking experience and operational efficiency. For example:

  • DBS Bank (Singapore). DBS Bank is considered one of the leaders in digital transformation. They have developed a digital platform, DBS Digibank, which provides customers with a wide range of banking services through mobile apps and online banking. They actively use artificial intelligence and analytics to provide personalized recommendations and improve customer experience.
  • JPMorgan Chase (USA). JPMorgan Chase has embraced digital transformation to improve operational efficiency and customer service. They have developed their proprietary digital platform, Chase Mobile Banking, which allows customers to perform various banking transactions through mobile devices. They also actively apply machine learning and analytics to better analyze data and deliver services.
  • ING Bank (Netherlands). ING Bank has moved from a traditional bank to a digital organization. They provide customers convenient online services and mobile apps and actively use data analytics to provide personalized offers and improve customer experience. They have also implemented digital tools within the bank to streamline processes and improve efficiency.
  • BBVA (Spain). BBVA focused on digital transformation and innovation to improve customer experience and banking processes. They developed the BBVA Digital Banking platform, which provides customers with a wide range of services through mobile apps and online banking. They have also implemented blockchain technology to improve the security and efficiency of financial transactions.
  • Ally Bank (USA). Ally Bank is an example of a successful digital transformation. They provide a full range of banking services through an online platform, including account opening, lending, investments, and mortgages. Ally Bank actively utilizes digital channels and tools to provide convenience and accessibility to customers.

These examples demonstrate how banks use digital technologies to increase the availability of services, improve customer experience, and optimize their operations.

bank digital marketing case study

At SoloWay Tech, we specialize in providing comprehensive digital transformation and consulting services to help businesses thrive in the digital age. With our expertise and industry knowledge, we can guide your organization through the complex digital transformation process, enabling you to unlock new opportunities and achieve sustainable growth. We can:

  • Consult regarding the digital transformation of your business
  • Develop a digital transformation strategy
  • Design digital customer experience
  • Optimize business processes
  • Automate business processes
  • Re-engineer legacy apps
  • Develop innovative products and services
  • Implement end-to-end ML and AI engines
  • Engineer IoT
  • Build Big Data infrastructure
  • Consult regarding the best implementation of IT infrastructure in your business.

At SoloWay Tech, we understand that each business has unique challenges and requirements. Our collaborative approach, deep industry expertise, and proven methodologies empower us to tailor our services to your specific needs, enabling you to achieve sustainable growth and competitive advantage through digital transformation.

Embark on your digital transformation journey with SoloWay Tech and unlock the full potential of your business in the digital era. Contact us today to learn more about our services and how we can help you drive innovation, efficiency, and success.

Digital transformation has become imperative for the banking industry to adapt to the evolving needs and expectations of customers in the modern world. The shift towards digitalization offers numerous advantages, such as enhanced customer experiences, improved operational efficiency, access to Big Data analytics, and new opportunities for innovation. However, there are also challenges to consider, including cybersecurity risks, potential job losses, and dependence on technology.

To embark on a successful digital transformation journey, businesses may seek the expertise of companies like SoloWay Tech that specialize in assisting organizations in their digitalization efforts. With the right guidance and implementation strategies, banks can harness the power of digital technologies to stay competitive, meet customer expectations, and drive innovation in the ever-evolving banking landscape.

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5 successful Digital Marketing case studies of fintech brands to become multiple $$$ companies

We all can agree accomplishing Digital Marketing for fintech brands can be tricky. But instead of reinvesting all by yourself. 

We’ll help you analyze some of the proven strategies from prominent fintech players and their plan of action that achieved remarkable results in their success.

It’s shocking: how clarity is still a confidential term in fintech brands.  

The prominent brands we will mention are getting transparent with their methodologies, as no one wants anything to be hidden! 

They are inventing new terms and innovations via their marketing tactics. Examples would be influencer marketing, referrals marketing, gamification marketing, etc. Moreover, rewarding their customer to let them share data with other companies – as we said, no more hiding and mysterious games.

The new definition of marketing – Share with them, let them know, and they’ll trust you!  All conclude to: do the advertising but be transparent and clear as much as possible. 

Without further ado. Let’s jump on the blog!

5 case studies of successful brands- How they become multiple $$$ companies !

Venmo is an integrated app for fast, safe, social payments between friends and colleagues – and claims to eliminate cash with their secured and easy-to-use Venmo Mastercard® or Debit Card, which you can carry everywhere – let’s break down their favorable strategies!

Marketing strategy – Venmo’s mission statement- change people’s relationships with money and each other . So, advertising strategy rests on the idea that they want people to share special moments, memories, and funny stories through the conduit of sending money over the cloud, said Kasia Leyden , senior group Marketing Director at Venmo & Braintree.

Things to learn from Venmo’s strategy- 

  • Employing communities for friends and peers to spread Venmo as their friendly solution. 
  • Embracing mobile-first marketing is topmost priority. 
  • Bestow the product or service as a habit for the users.

USP – Unique from its competitors, Venmo doesn’t charge users to send or receive more money. Instead, it charges 3% on credit card-based payments.

Target market –  Most Venmo customers are under 34 years old (Millenials).

2. Stripe 

Stripe is a financial service and software as a service company. Their primary offering includes payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications. 

Marketing strategy – Their strategy follows the concept that “customer is king.”

Combined with powerful word of mouth, they started making headlines in 2012.

Things to learn from Stripe’s strategy

  • Super targeted solution for a specific group- developers. Thus, curating offers accordingly. 
  • Delighted audience along with well-versed research- 
  • Developers’ pain points : less time, speedy integration of payment solutions, quick and, on top of that, secure payment processing.
  • Stripe’s solution: APIs and documentation allow developers to integrate payment processing into their websites and apps like nothing. 
  • Solid referrals base- its target is developers, so while selling them payment solutions, it sells the dream of working at dream companies (clue: stripe). This way, stripe corners the best talent with itself and put its competitors behind.

USP – Stripe developed the “Stripe Connect” capabilities which enabled them to embed everything a platform needed in a Software as a Service API- curating itself as a “developer-first” brand. 

Target group – Stripe’s target market includes developers, small startups, and Fortune 500 giants looking for payment services.

3. Square 

After realising the pain points of sellers stymied by outmoded products and tools, they introduced their integrated, omnichannel solutions – so sellers and merchants can easily manage inventory, run busy operations, book appointments, and proactively engage with loyal users.

Marketing strategies – Its Cash App freebie model for subscribers is its core marketing strategy, along with referral via peer-to-peer transactions.

Things to learn from Square’s strategy:

  • Customer-centric minimalistic design for the products.  
  • Rely on Referrals as a marketing strategy- The company makes money based on transactions via its payment products and subscription services.
  • Educates audience through aggressive content marketing, which many fintech brands take lightly.

USP – Challenging the status quo in finance and simplifying financial transactions is the core business strategy for Square. 

Moreover, with a two-sided network (businesses and consumers), Square has dynamic data that no other company has- which proves extremely valuable for them in marketing and gives them a competitive advantage.

Target group – Individuals in developed countries who engage in financial transactions with other individuals and businesses with an annualised gross payment volume of less than $125,000.

Klarna is a leading global payment and shopping service, providing smarter and flexible shopping experiences to 150 million active consumers across more than 450,000 merchants in 45 countries. Klarna offers direct payments, pay after delivery options and instalment plans in a one-click purchase experience.

Marketing strategy – B2B Strategic Partnerships to reach the end customers.

Klarna’s list of partners has been growing exponentially and involves over 200,000 merchants worldwide. Prominent names like Zara, Nike, ASOS, Missguided, and Sephora chose Klarna for its customer-centric and extraordinary approach to engaging users and scale.

Things to learn from Klarna’s strategy:

  • Ditching serious nazi vibes from a financial aspect and making it approachable. 
  • Robust influencer marketing. 
  • More competent and more flexible shopping and purchase experiences.

USP – Klarna has been famous worldwide due to its ‘no interest’ feature. Unlike most buy now pay later services, Klarna is unique in that no interest or late payment fees are applied to purchases – again embodying their mission to create financial wellness.

Target audience – with its why-so-boring!? vibes. Klarna’s target is the Genz population with bold-vibrant branding, especially young-edgy women and shoppers.

 5. Robinhood 

The main objective Robinhood always strives for is building a financial system for everyone. They believe in creating products that let customers start investing at their own pace and on their own terms. Facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrencies via a mobile app.

Marketing strategy – In order to widen its funnel in the market, Robinhood set itself up to make investing friendly, approachable, and understandable for newcomers and experts alike. 

Things to learn from Robinhood’s strategy: 

  • Immersive Illustration & Video makes engaging and learning easy for the audience. 
  • Creating the illusion of exclusivity by gamification and leveraging waiting lists to nudge customers to be a community-driven approach.
  • Furthermore, incentivise retainers with referral programs. 

USP –  “Democratize finance for all” is its vision. Robinhood’s uniqueness lies in transparent messaging and offers throughout its website, copies, and landing pages. 

Target group –  Young investors who want to get skin in the game.

  • What is the best marketing strategy for payment Apps?

Combining two or more strategies will always yield greater results—such as collaborations with stabilised brands for broader services to offer your customers.

  • Should Fintech companies utilise paid media?

Yes, absolutely! After some organic growth, PPC or paid media, with a variety of text, image, and video-based advertising, ranks top on the SERP— it can also be utilized on various platforms to ensure you reach the most relevant audience.

  • How to know if your current marketing strategy for FinTech needs help?

If you are receiving low web traffic, no new leads or poor quality leads, have limited or zero data to analyse, and are facing diminishing returns on ROI. Your current digital marketing strategy for fintech needs help. 

How we can help!

The above fintechs leverage digital marketing according to their users’ changing tastes and, thus, become what they are today. Robust marketing should never be rigid, yet must hop on trends with wide open eyes!

Need help with the same? We help early-revenue startups in the overall digital marketing along with funding. Our CMO team closely works with the startup as a founding team so we can craft a best-in-class strategy for customer acquisition– brand story, designing, streamlined campaigns, and execution along with PR, Web, and SEO.

With iHQ studio, audience connection is a no-brainer!

Send us an email today- at [email protected] .

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bank digital marketing case study

IHQ is an MIT spin-off digital lab. We invented an efficient model to help some of the best innovations reach the world – a guild of seasoned entrepreneurs, investment bankers. We are expert in nurturing startups via funding and marketing.

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Chatgpt prompts: use social proof in your marketing (make more sales).

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5 ChatGPT prompts to utilize social proof in your marketing (and make more sales)

“We view a behavior as more correct in a given situation to the degree that we see others performing it,” said psychologist Robert Cialdini, who studied (and coined) social proof, and shared his findings in his 1984 book Influence: The Psychology of Persuasion. If someone doesn’t know how to act, they replicate what other people have done. You see it everywhere. Dress codes, networking etiquette, even how people show up on social media is often based on what other people are doing. Social proof means setting the standard for others to copy without thinking.

Using social proof in your marketing is a smart move, and you can never do too much. Get ChatGPT’s help to make more sales. Copy, paste and edit the square brackets in ChatGPT, and keep the same chat window open so the context carries through.

Your business needs social proof: ChatGPT prompts to make it happen

Ask for testimonials.

The stats don’t lie. 69% of consumers would feel positive about using a business with reviews describing a positive experience, but 74% of people did not indicate a lengthy or detailed review as important in their decision-making. Testimonials don’t need to be long, but they do need to be present. Every time a customer tells you something good about your product: make a note. Collect them and use them on your website, social media, and even packaging. If you don’t have any or want more, email them to ask. Use this prompt to make your emails stand out.

“Generate a short and engaging email to a satisfied customer asking for a testimonial. The email should express appreciation for their support, highlight the value of their feedback, and ask them to share their positive experience with our product/service. Keep it concise and personal, ensuring it reflects our brand's voice, [describe voice]. Include a subject line that grabs attention and a closing that conveys warmth and gratitude. The request for a testimonial should be straightforward, mentioning how their testimonial could help others make informed decisions. Ensure the tone is friendly and appreciative throughout.”

iOS 17 4 Release Date Awesome iPhone Update Just Days Away

A 30 second skull and bones video that negates 11 years of development, helldivers 2 announces surprise automaton invasion patriots help required, highlight business credentials.

Humans are suckers for authority. An official uniform or title, a stamp of approval from a recognised name or even that blue tick on Twitter can signal to buyers that you know your stuff. Make use of your creds to add trust in your business. Find every stat you can, and make use of every association. Information such as how many customers you have, which well-known businesses are your customers, or the awards and certifications you have secured. Maybe even your degree or qualifications if you’re delivering a service. Get ChatGPT to help you find information you already hold that can be framed in a useful and compelling way for potential customers. When you have it, display it on your site and wherever you are active online for all to see.

“I'm looking to highlight my business's credentials to attract and reassure potential customers. My business is [describe your business]. Act as a marketing consultant and ask questions, one by one, to find out my business’ strengths including credentials, customer numbers, notable clients, awards or accolades, memberships in professional associations, and relevant qualifications. After I have told you about these, craft a list of catchy and compelling phrases that showcase these aspects of our work. I aim to convey our authority, trustworthiness, and excellence in a way that resonates with our audience, making them more inclined to engage with us, by putting these phrases on our website.”

Write review responses

According to Brightlocal , 88% of consumers are likely to use a business if they can see the business owner responds to all reviews it receives, whether positive or negative. If you’re active on Google, YouTube (with your own channel or people mentioning you), or anywhere people leave reviews, it makes sense to respond. Your future customers are watching. Every review is the chance to demonstrate expertise, show you care, and handle any objections. It’s also an opportunity to diffuse any negativity aimed at your brand.

“Based on the customer review included, craft a personalized response that reflects my business's style and values. The response should acknowledge the customer's feedback, express gratitude or address concerns, and if applicable, offer a solution or invite further discussion offline. Aim to demonstrate our commitment to customer satisfaction, our expertise, and our dedication to quality service. Please ensure the response is professional, empathetic, and aligns with the positive image we strive to maintain. Include a call to action if the review is positive, or a polite invitation to resolve the issue if the review is negative. [Include review here].”

Proudly exclude people

Contrary to what you might think, you don’t want every review of your business to be super complimentary. Also according to Bright Local, 40% of consumers said that over-the-top positivity would make them suspicious of a fake review, while 32% said over-the-top negativity would make them suspicious that the review content was fake. Don’t let gushing praise ruin your chances with a potential client. Instead, use reviews in a clever way, to help you exclude those you don’t want. A review such as, “Not the cheapest option, but the quality is always there,” for example, will exclude anyone looking for a bargain bucket service. Never be afraid to say, “It’s not for you.” Get ideas from ChatGPT with this simple prompt, then ask specific customers for similar sentences you can display online.

“My business specializes in [describe your services/products] and caters to customers looking for [describe the qualities or outcomes your ideal customer values]. We aim to provide exceptional value and quality, focusing on [specific aspects, such as personalized service, high-end products, etc.]. However, our offerings may not be the best fit for individuals seeking [describe characteristics or expectations of non-ideal customers, such as the lowest price, a different service model, etc.]. Could you generate 5 customer review examples that positively reflect our commitment to quality and value, and also subtly indicate to potential customers what we stand for? These reviews should help ensure that our marketing efforts resonate with our ideal clientele while politely suggesting to others that they might prefer different options. The goal is to naturally filter our audience, attracting those who appreciate what we offer and guiding others to find what they're looking for elsewhere.”

Create case studies

Customers need different things before they buy. Some need information, some need stats, others just need to vibe. For the best chance of appealing to all three, include case studies on your site. Describe how other people just like them have used and benefited from what you have on offer. Share the problem your company helped them solve, exactly how they did it, and help future customers imagine you doing the same for them. Use this prompt to design some questions for happy customers, and turn them into published case studies that help sign new clients.

“To craft compelling case studies for our website, I need a set of survey questions that can draw out detailed and impactful testimonials from our satisfied customers. These questions should explore the challenges they faced before finding [outline your main product/service], the decision-making process leading to choosing us, the specific ways our solution addressed their needs, any quantifiable improvements they've observed, their overall satisfaction, and any other comments they wish to share. The aim is to use these insights to build case studies that not only highlight the value and effectiveness of our offerings but also resonate with potential customers, helping them see the tangible benefits we can bring to their own situations.”

ChatGPT prompts for social proof messaging (and more conversions)

Make it easy for people to decide to buy. Show them examples of happy customers, just like them, who have chosen to buy from you and been pleased with their decision. If you do this in the right way, this social proof will attract more and more people, and your business will take off as if by magic. Ask for testimonials in a friendly way, and highlight your business credentials so people know you’re the real deal. Respond to positive and negative reviews online, proudly exclude anyone except your dream customer, and make extended case studies based on comprehensive surveys. Don’t make social proof your downfall, sort it out and see what happens.

Jodie Cook

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