Chief Digital Officer at Novo Banco, João Dias, chats with Strands’ EMEA Business Development Manager, Brian Stewart, on what customer engagement will look like by the end of the decade
Strands takes part in the Fintech Finance’s Virtual Arena, where Strands’ Brian Stewart, Novo Banco’s João Dias, and host Douglas Mackenzie were talking about what customer engagement will look like in the next few years. With banks becoming increasingly customer focused, they also discussed what exciting upcoming innovations we will see implemented by traditional institutions. These and many other questions were answered in this exciting masterclass.
Brian started the conversation introducing Strands and he wanted to highlight that what banks are looking for is to increase customer engagement and identify new revenue streams through digital channels. This can be a reality thanks to solutions such as Strands’ Personal Financial Management PFM (retail), the Business Financial Management BFM (SMEs), and Engager (a solution that gives banks the opportunity of personalisation). In fact, these Strands’ solutions were implemented by Novo Banco to digitally transform their bank.
An important starting point for the conversation was to first consider all the user demographics, since nowadays the target audience is almost totally digital. “If banks want to be relevant to its target audience, they will need to personalize the experience”, Stewart claimed. Mr. Dias agreed and also wanted to explain that one of the angles that Novo Banco has for personalization is precisely making their omnichannel experience more adaptable to a wider range of users, with the aim of providing them with personalized insights, advice, offers and more, so that users return and utilize these channels to their full potential.
Related precisely to the insights Mr. Dias wanted to emphasize that “since we know so much about our customers, if we put the right technology at work, we get to give them a lot of insights on all sorts of levels of their lives. We can also be very relevant on their consumptions and their lifestyle because we see how and where they spend their money. We can provide them with much more human experiences”.
The panel were also chatting specifically about the SME segment, of which they said that there are surveys that reveal that they feel underserved for traditional banking. “It’s all about consolidating the financial administration for the SMEs, which becomes very complicated because they need to do invoices manually and so on and this makes them lose focus of their core business. With Strands’ Business Financial Management this is completely automated“, explained Brian. From his side, João explained that SMEs is their main segment at Novo Banco and pointed out that “Strands BFM is really at the core of that”.
Summarizing, the key is that banks really need to partner with FinTechs like Strands. “The whole experience rather than the financial needs is where engagement is going to be in the next few years. Customer engagement is the core”, they concluded.
You can watch the webinar in full here:
Strands’ software has been implemented in more than 700 financial institutions in 30 countries, as one of the world’s largest providers of innovative banking solutions.