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How Fintechs, Like Truevo, Are Using Customer Insights to Challenge the Traditional Banking Model

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Did you know that the global consumer adoption rate of fintech solutions has doubled every two years since 2015? More than 64% of consumers across 27 markets worldwide are using fintech in some way. This study was done by Ernst & Young for their 2019 Global Fintech Adoption Index. How are fintech companies managing to capture such a massive market share? At Truevo, we believe the difference lies in utilising customer insight.

Fintechs are using the power of technology to listen and learn from their customers. Customer insight leads them to optimise their products and services. By making a point of listening to customers, fintech companies enjoy an acute advantage over legacy businesses. These institutions are less apt to put customer insight programs into place. It is in a fintech’s DNA to use technology for this purpose. They are born as a hybrid of finance and technology after all.

Digital habits require digital solutions.

Businesses and consumers are adopting technology into all kinds of aspects of their lives. They desire a similar level of technological integration in their financial institutions. People expect to be able to manage their finances, or in our case, their payments, as easily and quickly as checking their email or posting a picture on Instagram.

Truevo’s Jon Barras, UK General Manager and  Rob Lemmen, Chief Commercial Officer, joined forces to develop an article for The Paypers which digs deep into this topic. In it, they break down the customer-insight-driven process that has led to the development of one of Truevo’s most exciting products to date, the Small Business Account.

Would you like to know more about the power of customer insights?

Then we recommend you visit The Paypers and take a look at the article “How fintechs, like Truevo, are using customer insight to challenge the traditional banking model. “ Have questions?  Reach out to us at sme@truevo.com to ask about how we’re creating products based on customer insights for businesses.

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