Connecting the Consumer: What we took away from Money20/20
It seems that every year at Money20/20 is bigger than the last, and 2019 was no exception– we heard major announcements from industry players, built bridges with a wide range of organizations, and collectively tackled some of the most challenging questions of our trade. The Bumped team is excited to move forward with some powerful new connections made at the Bumped Garden Bar. We hope you enjoyed the refreshments and atmosphere throughout the conference!
Much of the content and conversations at Money20/20 was centered upon the concept of the “Future Consumer.” Financial education tools are becoming more accessible than ever, and are shifting the ways people engage with their banking institutions. Subsequently, it is in the best interests of all that banks and fintechs strategically partner together in order to lead the way for the next generation.
1. Give Your Customers Convenience, Context, and Control
Carol Juel of Synchrony and Rodger Desai of Payfone spoke to this extensively in Monday’s “Dawn of the Connected Consumer” session. They emphasized “Convenience, Context, and Control” as the priorities customers are looking for in their financial products.
Consumers want to engage with their tools in a contextual commerce experience, exhibiting the relevancy to their individual lives. Products and services should be easy and intuitive to use, ultimately eliminating any friction points and advancing sense of convenience. Offerings should be controlled extremely well, backed by top-level security and privacy measures. All of these aspects strengthen trust and loyalty between consumers and their financial institutions, and build the foundation of long-term relationships.
2. Trust Begins at First Sight
On Tuesday, Harold Klaje of Pinterest and Tim Chen of NerdWallet spoke to the importance of building trust with audiences further. They explained that the context around a potential customer’s first impression of a company can be indicative of the organization’s motives. Upon initial engagement, consumers intend to decipher whether they can trust an institution. They want to promptly know that their interests are aligned with the companies and banks they work with.
When audiences are spending typically less than a minute evaluating a company’s homepage for the first time, ensuring clarity of purpose and service is essential. Any gaps in their understanding of what the company’s motives are will quickly deflect any potential relationship development. By landing the first impression through clear, concise and inspiring messaging, organizations can establish loyal relationships from the beginning.
3. Customer Relationships are a Journey, Not a Product
Once a relationship is established, supporting the customer throughout their life’s milestones becomes the focus. At each part of the journey, it’s essential to ask: “What is this individual’s primary objective?”
Now more than ever, consumers are demanding the ultimate frictionless experience. By understanding the individual in detail, organizations can streamline engagement in a way that quickly and simply serves all involved. Personalizing content helps consumers utilize services and products intuitively, easily following suggestions that the company recognizes as valuable to the individual.
Klaje and Chen emphasize the importance of sharing inspiring messages throughout each touch point of a user’s journey, rather than interrupting their day-to-day. Prioritizing a sense of serving the consumers, rather than just selling to them, strengthens the foundation of truly loyal relationships. By playing a long relationship-building game through small moments, intimate connections are fortified over-time.
Why These Takeaways Matter
Setting the foundation of lasting, loyal relationships with consumers is our mission here at Bumped. Introducing people to the stock market early and easily empowers customers to become owners in the companies they love—and gives banks a meaningful new loyalty mechanism. The Bumped platform provides the opportunity for folks of all financial backgrounds to begin investing for the future, alongside the banks and brands that love them back.
Our technology offers a unique method to build personal relationships with your customers, truly grounded in loyalty and trust. Learn how it can advance your company’s loyalty program by connecting with our team.
Cheers to a powerful conference, and we’ll see you all at next year’s Money20/20!