2x Digital Banks 🇻🇳🇸🇦 2x FinTech 🇪🇺🇮🇳 | Fractional executive | Helping banks define and implement digital strategies using CX, behavioral data & technology | Global leader in digital banking & financial inclusion
Traditional banks sell products. #Digitalbanks sell solutions. In the world of #banking, the way products are communicated to customers often defines the relationship between the bank and its users. One great example is #savings account. A very simple product usually wrapped into banking terms, long onboarding flow and a lot of conditions to get the interest rate announced. Most of the times the banks use the #finserv language, not the customer's. In the other hand, #digital banks have put customers' problem or goal front and center. Instead of explaining the characteristics of the product, they emphasize the benefits—saving for goals like a dream vacation or rainy day fund. "Sell the benefits, not the features." By focusing on outcomes, digital banks create deeper connections. They tap into emotions, address pain points, and show how their offerings improve lives. It's a shift from transactional to transformational banking. Traditional banks have much to learn here. After working with some of them lately, they have tendency to forget this and to go back to all "habits" start telling what they think it matters to customers. #CX #FirstPrinciples #Innovation #Technology #Culture #Strategy #FinTech
Dominique Colin
3mo
Thanks David Jimenez Maireles Talking about “preparing for retirement”, “protecting yourself in the event of an accident”, “financing your vacations” all help to awaken customers to their NEEDS and PROJECTS. Digital banks have no face-to-face relationship, the customer is ALONE to decide, to compare and to imagine his future, so banks cannot avoid these important stages. So it's not just a question of "mindset" compaired to traditionnal network banks, but a consequence linked to the digital-only channel. However, once awareness of this stage has been raised, they have to quickly switch to the FEATURES (fees, interest amounts, insurance coverage rates, annuity calculations, etc.) for several reasons: information obligations, advice and legal obligations.
Jay. Adil
3mo
I agree
Dastan S.
3mo
This catchy phrase, 'Traditional banks sell products, digital banks sell solutions,' misses the point. Traditional banks overwhelm with complexity, assuming trust from confusion. Digital banks think a new look equals progress. But renaming accounts doesn't solve issues; it's just storytelling. People want to be understood, not just sold to. Both miss the mark one stuck in old ways, the other in appearances. Banking's future isn't about words or design; it's about rethinking our relationship. We need a shift towards genuine connection. Still waiting for that real change.
Yes, I agree! Digital banking is more customer-centric; it solves users' problems in a way of saving and making financial planning. It is a sign to traditional banks to improve their digital apps if they want to still compete.
Anita K.
2mo
Creating customer first journeys requires clear segmentation of your customer base and Digibanks offer what Gen-Z's actually want - convenience!
Nitin Gupta
3mo
David Jimenez Maireles That’s a good explanation. “Sell the benefits, not the features.” New-age fintech products should adhere to this mantra.
Demystifying Fintech | CEO at WhiteSight
3moThe biggest fintech innovation wasn't the tech - it was remembering customers are humans with dreams, not walking account numbers.