“Data is the new oil” is a catch phrase that is increasingly bandied about. Whilst many are nerding out on ChatGPT, AI flavours and more data programs, the impacts are yet to be seen in customer sentiment.
Most consumers in Australia and the UK and probably further afield, find all banks to be the same with no difference between them. According to YouGov, 72% of people in the UK believe all banks are the same. In Australia, 60% of home buyers can’t tell one bank from the next. With 1.8 million Australians expected to buy their first home over the next 12 months, there appears work to be done and riches to be earned by lenders who want to stand out from the crowd and win.
The studies also uncovered some of the opportunity to differentiate with a lot of people finding being in debt stressful. This shows that helping people feel better about their money and feeling less anxious can be an area of competitive advantage.
How to stand out from the crowd
Given the persistence of this message none of this should come as much of a surprise. What comes as a surprise is the amount of data that banks are sitting on that is left untapped. As with many things in life, success is revealed, not in the answers being sought, but in the questions being asked. To stand out from the crowd and eliminate some of the anxiety around money and help people feel better about their money, banks must harness data to:
- Locate, by way of an algorithm, where customers are on their journey with money.
- Personalise the experience, based on that location.
- Reward effort across time, space and motion to get to that location
- Provide motivation and clarity as to the road ahead.
Such a framework is included in On Ramp, Moroku’s design sprint. Over 10 weeks, Moroku collaborates with its clients to define digital customer experiences that help them, and their customers compete. When you book your introduction, you’ll get a review of some of the success stories.
Odyssey, then providers the engagement engine to harness the data via the framework above. With incumbent providers having a serious advantage over digital only banks, its time to take that advantage and make it count in digital.
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