EXCLUSIVE: The Mambu Meet-up
– Bobby Suman, Fintech Finance
On Thursday 7th April, Mambu hosted a unique event experience in Shoreditch, the first of a series of Mambu Meet-ups, where we were treated with an extremely insightful panel discussion on how digital transformation is driving future profitability (as well as some mimosas to start the day!) Hosted by Claer Barrett, Consumer Editor of the financial times, let’s take a look at some of the most interesting talking points from the discussion!
Ashish Kashyap, CEO and Founder of Scroll Finance
Abadesi Osunsade, VP Global Community & Belonging at Brandwatch, CEO & Founder at Hustle Crew
James Morgan, Partner at PwC
Richard Morgans, General Manager UKI for Mambu
What have we learned from the journey so far?
Everybody is trying to innovate. Everybody is trying to become first to market. Everybody is trying to give consumers what they want and to do it all in the scope of existing regulation.
“The future is bright”, said Richard Morgans. “What was a commoditized relationship between consumer lending is changing” as financial institutions and big banks are beginning to wake up and really focus on hyper personalisation and consumer centricity and now big banks are waking up to that. “Going forward, we are definitely going to see more investment and engagement with customers.”
This focus on customer experiences was echoed by James Morgan, as he cited how challenger banks have pushed the boundaries. “Starling is the benchmark. Opening an account is extremely slick and the bar has been set to a high standard” as fintechs play a crucial part in the evolution of the ecosystem banking model.
Financial inclusion and responsibility in finance
Abadesi Osunsade gave tremendously valuable insights into the role that financial systems play in changing the world, noting how millennial and Gen-Z consumers are increasingly conscious of whether their banks align with their own values, whether that be tackling climate change or supporting Ukraine amid their conflict. “Whether it’s an idea or a mortgage, they want to know it’s an organisation not doing bad things.”
Abedesi also expanded on the nature of our industry, one that is no doubt male dominated with homogenous experiences in mind. The result is that when our industry designs products, we are more likely operating in these lenses. For that reason, it is crucial that we instigate change. It’s positive to see technology being used to help us narrow these gaps, whether that be in product experience, the gender pay gap or the pension gap. But we are not all the way there yet. “There is a fear of challenging the status quo. Nobody wants to be the first person to try and experiment. A lot of people in leadership are people pleasers. When you’ve built a career on this and then you have to be the person to now create change, people will FREAK OUT.” Breaking this cycle is imperative.
Consumer demands are changing
Richard Morgans highlighted the importance of choice in this new age for the consumer. “What we’re seeing is that consumers are spending more time trying to get insights about the institutions and make informed decisions. This inquisitive nature will continue for consumers. If it’s easy for consumers to get access to various data via the social media realm, then consumers will ask why can’t they easily obtain data from their banks. The customers want their questions answered immediately to see if it’s relevant for them.” Through the implementation of the right technology, banks can provide that value back.
Not only is there this point of choice, but there’s also the notion of time. Challenger banks can create beautiful user interfaces that traditional banks don’t do and, as a result, have set a high standard when it comes to seamless usability. Thus, consumers truly want an easy-to-access app, where they can open their bank in seconds and have the ability to invest in minutes. This will drive both financial inclusions and financial literacy, but ultimately maximise consumer convenience which is so clearly being craved at the minute. It’s important that personalisation is still adhered to though. James Morgan thinks the one-size-fits-all approach merely excludes people in reality, whether it’s lending or saving etc. “If the experience is poor then the consumer will leave. Technology can solve this issue through Open Banking. Ashish Kashyap shared this pain point that consumers experience today. “Consumers get bored uploading the same documents over and over. Sending proof and providing information that is in the public domain is frustrating.” Traditional legacy systems are outdated and consumers want a frictionless, real-time journey made as convenient and as efficient as possible. And this begins at the application process and continues throughout the entire lifecycle of the customer, ensuring a single view of the customer journey.
After a nice bit of networking for the morning, I’m certain everybody left the Mambu Meet-up with high spirits, full bellies and much to think about from the hugely valuable insights provided!
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