Growing Community to Build Trust
Managing Director, Fidor Americas
Banks lost a lot of trust and credibility during the financial crisis and now face challenges of rethinking customer experience as the customer is increasing online and on-phone. What’s more, research tells us that consumers would be quite willing to drop their bank if a trusted, digital-savvy brand offered banking services.
Be it from lost trust, a bank’s challenge in keeping up with mobile expectations, or all the noise from FinTechs, the power dynamic is shifting. Banks need to move beyond messaging at consumer and start developing true community.
A sense of belonging is a core need of humans and providing community is how banks can truly engage and develop trust with people. This is not about Facebook or Twitter or Instagram—those are platforms people use to develop their personal communities. This is about deploying and developing your own platform, your own network of people, that can ask questions, answer questions, provide input on product development and pricing, and also provide data that enables you to make better-informed risk decisions. Such a community can, and has in the case of Fidor, grow your acquisition and retention, drive your NPS and lower your operating costs.
Fidor Bank launched in Germany in 2009 and has hundreds of thousands of participants in its online community, and over 100,000 accounts in its branchless, digital-only bank. They launched the UK in 2015 and recently announced a venture to power a banking product from Telefonica’s O2 brands 30 million customers in Germany. These initiatives start with community first. Develop the community, empower the users and make it easy for them to do business with you.
The session will cover:
- How Fidor architected its community
- What Fidor does to manage the community
- Examples of how the community engages with the bank
- Statistics regarding growth, sell-through, costs and satisfaction levels
- Proposed way forward for existing banks