Every day brings fresh headlines about the cost-of-living crisis. Inflation, market volatility and rising costs for everything from fuel to weekly groceries are making consumers more aware than ever of their finances. This is an opportunity for banks to deliver excellent value, sharing their experience and expertise at scale via digital banking channels.
Here are our top three features that customers expect when it comes to help with money management:
- Budgeting tools
Tools that allow customers to highlight which costs are fixed and which is discretionary spend would be valued in an era when people are checking every penny. - Education
The current economic situation is an opportunity to educate customers on a range of ideas from creating and managing a budget to different savings, investment and pension products available from the bank. - Savings pots
Banks can add value to savings solutions by offering simple tools – such as a “save the change” feature or setting aside an amount that aligns with income and spending each week or month – that automate savings and allow for multiple pots.
Banks can have the facility to offer all of these tools and more to all customers but may segment customers and promote according to needs. Digital banking allows banks to deliver personalised, value-added features and services at scale. At a time when many customers are becoming aware of their finances, offering support now may pay considerable dividends in the future. The matter is urgent, for banks and their customers, and that’s why we created the NeoApp to ensure that banks can get started very quickly, offering personalised digital banking tools for our times. Learn more in the latest issue of Insights.
Our trends report on retail banking could be of interest to you as well: "To lead in retail banking, incorporate these key drivers in your strategy" - download the report here.
