Customer Intimacy – A Fireside Chat

In March 2019, Bryan Carrol took on a mission. Build a profitable digital bank that truly served customers. TNEX was born. TNEX is among the fastest-growing and most successful digital banks in the world, due to its innovative products and services, loyal customer base, and commitment to inclusion and sustainability.

On May 16th 2023, Bryan and Moroku CEO, Colin Weir, discussed what success is in banking, how to measure it by moving the goal posts from Share of Wallet to Share of Attention and building a moat around loyalty, where the battle for the customer has moved to.

Watch the webinar recording below to hear how to build great results focussed on customer success.

Part I

Part 2 - The Happiness Index

Engagement should be the top priority of every single bank. But its not. What’s at the top are the people selling loans. This leads to many having to buy customers with cash backs and so on. Under this model, people come because they get paid to, not because they have any loyalty, or the service is particularly relevant to their lifestyle. Under this model banks compete on margin erosion or the cost of funds and are commoditised.

Yet there is another way. It is engagement and is achieved by moving away from NPS to Net Engagement Score, getting share of attention and the development of a happiness index. This involves measuring customer emotional and financial wellbeing and deriving a language they understand. Almost all customers use and enjoy game which provides a perfect metaphor. Game makes you relevant by creating compelling journeys. By linking these to societies as well as individuals, banks help people save and build value together inside of  social. 

At the heart of a modern digital bank is a Customer Data Platform. Within this, everything customers do is measured as more behavioural data is created. The CDP creates a data picture of the customer of where the customer is, where they have come from and where they are going to deliver relevance, targeting digital sense not just digital dollars. As the data builds, incorporating Open Banking data and more, the Segment of One becomes a reality. 

Finally a word on talent, especially early, promoting the use with external help particularly around engagement and infrastructure to drive cost of acqusition and service.


Welcome to Part 2