Scaling your services: how to offer your customers financial coaching
Consumers need banking services that help them manage their finances to meet the cost of living. Nearly half of British consumers would switch banks for a provider who makes saving recommendations, according to our research. Don’t lose customers based on lack of support. Here’s why building trust is essential.
Our research indicates that almost half of British consumers surveyed would switch banks for providers who make saving recommendations
Providing a bird’s eye view of finances, helping avoid extra charges, and assistance in managing subscriptions for starters all help to build customer loyalty
Financial coaching with tools like Tink Data Enrichment are a great way to keep services ahead of the game.
Helping your customers stay afloat has never been more timely than now – and in banking, a surefire way of doing this is to scale your digital banking services with intuitive features that keep your offering relevant in tough times. But getting started with tailored digital banking doesn’t have to involve reinventing the wheel. It could be as simple as exploring pattern recognition – and using it to build personalised experiences that coach your customers towards financial wellness.
Tip one: provide a better financial overview
When you empower your customers with the visibility of every expense in one place, they gain a holistic understanding of their finances. By categorising all your users’ spending and income, they can understand where their money goes at a glance.
Tip two: help people avoid extra charges
Show customers where their money goes – as in all their fixed costs, paid across different accounts. The benefit? Your customers avoid recurring costs they don’t need – wave goodbye to unused subscription services.
Tip three: help prevent overspending
From gym memberships to utility bills and credit card statements, you can give your users a prediction of all their upcoming fixed transactions for the next 30 days. How does this help? Your customers beat overspend by understanding when these payments will be deducted and be better positioned to budget.
Tip four: predict future account balance
Display the future account balance your customer can expect – based on their recurring fixed costs. What does this mean for building trust? Your customers can be better prepared to take action or adjust their spending if needed, thanks to the personalised service you’ve made available to them.
Accessing financial coaching can increase acquisition – just ask BBVA, who raised digital customer acquisition by 81% in 2022* with tailored services. Be consumers’ first choice from the get go – bring them in and keep them coming back, all thanks to creating personalised value adds that they can’t get in other banking apps. For your next step, why not show new customers that they’ve made the right choice? Get in touch today, and transform relationships from transactional to loyal.
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About the research
The research was conducted by Censuswide with 2,010 general consumers in the UK (nationally representative) between 17 January 2023 to 19 January 2023. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.
* 'BBVA sees 81% rise in digital customers' (FStech, 2022)
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