Transforming the world of open banking
“With the right level of data and intelligence, you can understand what your customer is trying to achieve.”
Sam is working with Bud on an ambitious project, to transform banking as we know it. “With the right level of data and intelligence, you can understand what your customer is trying to achieve. You can align your revenue models to helping your customer do the things they’re trying to do.” Bud breaks away from other banks through the way it deals with the intelligence layer and the distribution. By accessing and understanding transactional data, Sam suggests that banks can give something of inherent value back to the customer.
“A lot of what we try to do is to understand, how can we really be unashamedly consumer first in the way we think? So, we invest quite heavily in building and maintaining, and engaging with the users of our own app.”
How can agencies add value?
“If you come to me and say, “We’ve got this original piece of insight, and here is how we can turn that into a campaign,” that’s obviously going to get my attention pretty quick.”
For an agency to impress Sam, he claims that they need to tell him something he doesn’t already know about his audience. “If you come to me and say, ‘We’ve got this original piece of insight, and here is how we can turn that into a campaign,’ that’s obviously going to get my attention pretty quick.” In Sam’s opinion, all agencies can complete cursory research on a company, but the most successful agencies offer a unique solution.
Through his experience of working with agencies, Sam highlights the need for agencies to become more savvy in the way they handle their own campaign data. “I think a lot of agencies don’t do a particularly good job of the data architecture within the business. Agencies should understand how data from the data that they’ve harvested from one campaign, can and should inform both planning and the expectation levels of another campaign.”
The future of FinTech
“It’s got a really bright future.”
Sam notes that the FinTech sector is becoming more diverse and the focus is shifting to providing good outcomes for a broader variety of customers. “FinTech is brilliant at delivering specific good outcomes for a specific group of people. If we could find a way of making that mass market and delivering it in a way that more people can get access to, then I think it’s got a really bright future.”
Listen to Sam’s episode on iTunes, Spotify, Stitcher, or on the ClientSide website, here.