3 min read

Find out how to increase customer loyalty with Meaningful Banking

If you follow MJV’s publications and social network posts, you know we’ve been talking about Meaningful Banking for some time.

We believe that Meaningful Banking is the topic of the moment, after all, figuring out how to retain customers is what will differentiate your company from the competition — especially when we take into account that the customer is more demanding than ever.

Meaningful Banking is a mix of emotions and finance in order to transform, a normally traditional, bank’s business model.

The idea is to be immersed in the reality of the clientele in order to create a more empathetic and humane experiences. Therefore, the financial institution is no longer merely transactional and begins to be truly remembered by the client.

The time has come for us to show you how you can apply this concept in practice and win over your audience in the digital age. 

  1. Design Thinking: map needs

Design Thinking is a creative approach to innovation that uses its own methods for identifying and solving problems. Another aspect of this approach that deserves attention is the fact that DT has the human being in mind, generating solutions that align with the needs and desires of the user.

There is no more appropriate methodology for creating a meaningful bank. The common stages for DT immersion, conception and prototyping are critical for you to design strategies that can better please your customers.

The regard for entering the universe of stakeholders is one of the greatest differentials of Design Thinking.

  1. Business Plan: rethink your approach

As we have seen, DT  is indispensable for you to have true “immersion” into the customer’s universe. Now, with the information collected, you can develop a killer Business Plan—with a more humane approach that really focuses on the user’s needs.  

To create a bank with meaning, it is important to contemplate new values, positioning and strategies. Making a business plan focus on Meaningful Banking, is the key for you to completely transform your bank.

You need to define, above all, what the values and vision of your institution will be long term. Digitalization is completely transforming interaction with users—that’s exactly why you should get a head start!

  1. User Experience: Adjust your focus

To turn the corner towards Meaningful Banking, your company needs to adjust the focus and efforts to better serve the user. Every product, service, or process must be aligned with User Experience (UX). That’s how you stay competitive in the market. 

This adjustment is critical for banks to stop offering only one credit card or a simple bank account. Starting with the focus on UX, you offer a more memorable experiences, able to captivate your customer.

  1. Data Science: manage business intelligence

Data is working as a new branch of business for many companies. When worked well and dealt with, it turns into knowledge, that is to say, it turns into business intelligence.

Many organizations already use data to anticipate customer needs and behaviors. This is a way for them to proactively act and develop user-focused solutions.

As you can see, Data Science is indispensable in working with the concept of Meaningful Banking in your company. Data scientists help monitor customer behavior and can, therefore, offer solutions at the right time.

  1. Open Innovation: Open the way for innovation

Financial institutions still see fintechs as competitors. Are they wrong? In parts, no. It turns out that many traditional organizations are already rethinking their business models to incorporate these fintechs. Yes, it is possible to grow in partnership with startups.

Acceleration programs, incubators and even the direct acquisition of these startups are models that have been used by large banks to “Import”  innovation. Movement is fundamental, after all, we are in an extremely disruptive setting.

Developing the environment for innovation is one of the ways to create a Meaningful Bank. This is precisely how you will serve your client in the best possible way.

Meaningful Banking in the digital context

In the digital age, attention to your client should be redoubled. In a moment, they can search and compare services offered by competitors, completing their choice with the swipe of a finger. That’s why you should differentiate yourself by creating meaningful bank.

Working with good communication and creating personalized services are  difficult jobs, especially in the case of large banks, which have millions of customers. With Data Science and Artificial Intelligence, you can get around these problems and you can create services focused on the needs of each one of them. The most important thing is to develop a vision for your business and define values that are really in line with your customer’s expectations.

Are you ready to create meaningful banking? Contact us to find out how we can help you!