Customers are clear; they want personalisation when accessing their finances. Financial services should be simple, fair, and accessible. Regulators demand it now too.
Every month of 2024 saw over 100,000 people switch their main current account provider. There has never been a better time to offer an alternative to mainstream banks.
So what incentivises customers to switch?
What do customers want from their financial services?
Today’s consumers appreciate experience over product, with recent ClearScore research showing that short-term affordability is a bigger deciding factor than long-term cost.
According to MoneyHelper, the top five reasons customers switch banks is:
- Interest rates
- Cashback
- Rewards and benefits
- Overdrafts
- Customer service
The financial incentives may seem obvious, but the importance of customer service is often overlooked. We have a tendency to consider it secondary to literal products. But research increasingly shows that consumers consider customer service an integral part of the product experience.
Here are some clear messages from the latest UK Customer Satisfaction Index:
- 56% of UK consumers want their personal situation and needs to be understood
- They want to be able to talk to the organisation
- They want letters and emails that are clear and actionable
- They want to be proactively contacted about things that impact them
- They don’t want to keep re-explaining their situation to new agents
Customers want to feel like they matter. They want personalisation.
Bansk gives customers what they want
Diverse customer needs require a variety of options.
Most mainstream providers have a set selection of loans and credit products that require customers to adapt their expectations to make processes easier for the bank.
But that’s an inversion of what financial services should provide- a service.
Bansk takes this premise to heart, and our underwriting technology looks less at making customers fit our products, and more at how we can make products fit our customers.
Our technology analyses thousands of data points in milliseconds, 3D profiling applicants, and generating products and services that match the individual needs of every customer.
That means every customer has a different experience- one that matches their unique circumstances and helps them achieve their personal financial goals.
Taking the stress out of banking
Bansk doesn’t just make sure our products match individual customers’ needs. Our entire platform and service was built to meet the demands of modern life. We exist to make life easier for consumers, giving them a safe place to confidently save, spend, and borrow as they need.
How do we do it?
Speed
We understand that life today is stressful and hectic for most people. Consumers regularly report being time-poor, with work or care responsibilities taking centre stage.
Bansk gives them the freedom to check their account, apply for a loan, receive funds, make spending decisions and more- instantly. No waiting for business hours or idling on hold.
Clarity
Bansk customers know what they need to do and when they need to do it.
Financial communications are so often confusing and frightening, filled with contextless numbers and scary words.
Bansk respects the fact that 50% of UK adults have poor numerical literacy and reading skills.
That’s why our comms are tailored to be clear and actionable, meeting the needs of everyday consumers without shame or obfuscation.
Reliability
Bansk is always there when you need it.
While young people turn to Buy Now Pay Later and families dip into their overdrafts, Bansk offers a low-cost alternative that is instantly dispersed with achievable payment plans.
Plus, our quick and comprehensive underwriting means customers can trust that any loan they are offered is affordable in both the short and long term.
A full-service banking platform
From our technology to our communications, Bansk prioritises the successful triage of customers, understanding their needs, and delivering positive ongoing experiences.
No gimmicks. No jargon. Just a true dedication to personalised products and services.
