Brand Director, Client Service
not core accounts
Some of the B2C fintechs are able to create an almost cult-like level of engagement and advocacy by improving the user experience for their customers. But at the same time, a lot of these fintech customers are “multibanking” - they’re still having their salary paid into the bank account they set up when they first left school and then transferring money from that bank to the fintech app, which is essentially then just a payment card with an app attached. These business haven’t yet monetized the relationship. The current account has traditionally been the center of gravity of the banking relationship and the gateway to profitable products and so unlocking the intertia that keeps people from switching their main current account and salary payments is their goal. At the moment, the big banks have the central accounts and the fintechs are working on payments accounts. Everyone —not just millennials—would like to have a better front-end user experience, but by itself that front end experience doesn’t seem to be enough to drive profitable change.