You might be prepared for open banking. But is your brand?

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A clear lesson from Lendit: in this new era of open banking, don’t forget one of the keys to delivering the great customer experiences of the future – a clear marketing strategy.

If you were playing buzzword bingo these past two days at the Lendit Fintech conference, you would very quickly put a cross in the box marked “customer experience” – a refreshing turn for the kind of event that so often focuses solely on business and technology. But of the many hundreds of people here, it seems their discussions have centred on what open banking will mean for their business and customer experience – but not at all on what open banking will mean for their brand.

Many here at Lendit confidently stated they will be giving their customers control – offering transparency, flexibility and the benefits of products that better serve their needs. But have they thought about how this kind of promise will impact their branding and marketing strategies?

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If a bank app essentially becomes a marketplace for various products – their own and those of competitors – conversations need to be not only about aggregation and payment initiation, but also about co-branding strategies. Is Bank A really ready to expose Brand B in it’s own channels?

A brand bold and confident enough to recognise that their customers are going to shop around for the best services – and even be a part of that, recommending other companies’ products and services – can be truly customer-centric and will gain valuable trust as a result. All within their own platform.

Conversations abound about how incumbents need to start looking to the Monzos and Starlings of the fintech world to learn how to craft great customer experiences. But few are dissecting how companies so young became well-established brands so quickly. The answer: successful start-ups have a clear brand strategy from the get-go.

So, if your Chief Digital Officer was here at Lendit – embracing this new world of open banking and planning for the customer experiences of the future – let’s hope they’re planning on bringing their marketing team into this world with them.

 

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Helena Månsson