intelligent

systems , this opportunity truly falls to the cloud-native , agile neobank .

To create a data-driven personalised experience , challengers can serve notifications and recommended actions where and when appropriate . For instance , delivering an in-app push notification about progress toward a financial goal . Pairing this with a recommended next-best action can be a game-changer for retention – and trust . If a FinTech understands its users ’ goals and why they take the journeys they do , then it can tailor communications to improve the product experience . Establishing this type of trust will increase retention and present opportunities to cross-sell into more areas of financial portfolios .

Taking on legacy institutions is no easy feat , especially for an industry heavily affected by economic instability and consumer distrust . But , by focusing on understanding their customers ’ goals and ensuring their product is easy to use , challenger banks can come out on top and set themselves up for long-term growth . �

BANK BRANCHES ARE SHUTTERING , BUT THE DESIRE FOR PERSONALISATION REMAINS . IT ’ S DOWN TO CHALLENGERS TO RECREATE THESE PERSONAL , SMALL BANK EXPERIENCES DIGITALLY .

Jeremy Grinbaum , VP EMEA , Amplitude which retention metrics should be monitored and what good retention looks like for a financial product .

Understand the importance of consumer trust

Trust is central to the finserv industry . With recent market instability and economic uncertainty , consumer trust is starting to erode . But challengers can regain it . For FinTechs and challenger banks where the longstanding credibility may not be there yet , they must show why they are deserving of users ’ trust .

Customers have remained loyal to their local legacy bank branches for the same reason they remain loyal to other local amenities : the trust built through personal relationships . Now , bank branches are shuttering , but the desire for personalisation remains . It ’ s down to challengers to recreate these personal , small bank experiences digitally . With longestablished banks encumbered by legacy