Was the last offer you got from your bank relevant to your life, or was it another offer for an unneeded car loan? Did your banks app give you very personalized advice or throw random messages at you about buying a cup of coffee or the price of an Uber at 2AM? Does it feel like your financial services are real services, or a misnomer for financial products that you might be able to use someday?
Certain financial institutions are striving to change that and provide useful contextualized information and service to help you make the best choices for living your life. These institutions are are looking at business models that fundamentally change the sense of value and the profit motive for banks. Instead of increasing profits by "upselling" their customers, they are getting rid of fees and product silos, and relying on increasing their customer base.
Rather than charging everyone per product, they are using a subscription model, like Netflix or Amazon Prime. They can use their subscribers collective data to provide improved services, real-time contextualized financial advice, and give the extra emergency help when it is most needed.
Data analytics points out inefficiencies and bottlenecks in workflows as well in the customer relationship. The latest generation of CRM systems offer a comprehensive view of the customer, using analytics to recognize patterns that actually make a difference in customers' lives.
The Buzz about The Netflix of Banking is hosted by Sanjib Kalita, Editor in Chief and Scarlett Sieber, Senior Editor at Money2020. This week, they talk to Dee Choubey, the CEO of Moneylion about the philosophy of this new model, how it ends silos, and why it has sparked so much interest by more traditional banks, financial institutions, and other fintechs.
Produced by Roland Bodenham and Rachel Morrissey. Executive producers are Kisha Allison and Monique Ruff-Bell.
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