![]() The EIU saw opportunity in the fact that only 18% of financial discussions mentioned banks. “Our approach to creating new digital services is to talk to customers about the issues in their daily life and then look at how you can deliver against that.” We never ask customers, ‘what would you like us to build?’ because they are experts at talking about their problems and experience, not product development,” he said. “Innovators are those who understand the ‘brutal realities’ of customers’ daily lives. They expect, or at least want, banks or other financial providers to figure out the solutions for their problems. People talk about the problems they face with finance, not banking features and applications. That didn’t surprise Jason Bates, co-founder of app-based banks Monzo and Starling, as well as 11:FS, a fintech consultancy. “Financial conversations were around weekly shopping and house budgeting, car purchasing and financing and understanding a good deal, education and paying back student debt and property law, divorce and prenuptial agreements.” “Discussion topics in personal finance forums we analyzed ranged widely, with most conversations not mentioning banks or their services at all,” reported the EIU. Mostly the people the EIU eavesdropped on through its software didn’t talk directly about finance or mention banks - instead they talked about the issues they faced and left it to the software engine to understand that those issues related to finance. The report didn’t suggest that bankers start providing divorce counseling - it just showed that people often get to financial questions through issues in their lives, while banks often start with the product and then apply it to customers.Īnalyzing individual comments in personal finance forums changed the dynamics of the report - rather than seeing how people responded to questions defined by Temenos, banks, or finance professionals, the software looked for how ordinary people talk about financial concerns. ![]() However, as Temenos noted in commenting on the study: “The report also notes that the field of ‘financial services’ is far bigger than before with open banking allowing third-parties to build innovative financial products…The analysis shows incumbents and challengers are only associated with 18% of total personal finance discussions, with the rest covering everything from divorces and wills to car buying.” “We see digital technology as a once-in-a-generation opportunity to deliver satisfying and secure customer experiences and generate growth for banks.”
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