Photo credits: Meniga News Blog

The bank account becomes a marketing space

A data-driven transformation that creates stunning opportunities

Roberto Maggio
Sep 19, 2019 · 5 min read

This article, written together with Luca Troisi, Founding partner and Chief Digital Officer at Enhancers, is part of a series about the future of fintech and appeared originally on

1. Goodbye, marketing funnel

The so-called intent, as Google has codified it, is : the elusive intention, but strongly contextual, that guides the purchase paths, never being linear and predictable. Users don’t go from left to right or from the top down — from awareness to loyalty — as in traditional models anymore; they move instead, often going in circles, and in a way that’s very difficult to predict (we talked about that in a previous article).

A model to read non-linear customer journeys.

Some examples: . More than 350 for a headset. More than 500 for a trip. It’s a maze-like space where behaviors like webrooming (exploring on line to purchase off line) and showrooming (visiting physical stores to purchase on line) appear, extending the retail jargon with terms like (research on line, purchase off line) and (research on line, test off line, purchase on line). Behaviors that cannot be stopped with aggressive actions such as a “tax” for people who try shoes in a store without buying anything.

In this context is decisive for any brand to . Let’s call it . The will get more and more crucial.

Enter the bank account.

2. From bank statement to experience hub

The momentous transformation of the bank account into an active space, powerful management tool and operational dashboard, also opening to the outside with the EU directive PSD2, creates .

The bank’s knowledge about , , and shown by transactions, and also about customers’ set through personal financial management tools (PFMs), is certainly smaller than Facebook’s or Amazon’s, but it’s definitely .

Money spent and actual shopping patterns are the most reliable proxies for people’s real behaviors.

Enriching these data with the information collected on line by players outside of the finance industry could feed the most effective prediction engine.

Among thousands of intents, the bank knows exactly which ones actually turned into actions.

The bank account as a channel has been used so far by banks mostly to promote financial products and services from their own catalogue. But new models are appearing, — not just about credit cards or mortgages. With (such as promotions about flights, accommodations and activities for a trip I’m saving for) and suggestions embedded . Aimed at influencing people’s intent and put it into effect in real time.

Photo credits: Meniga News Blog

This is the field of action of , the Icelandic fintech whose mission is to bring retail marketing practices for to the banking space, including challenges and social media mechanics, like in the ecosystems they have already built with mBank, ING Direct, Santander. Providing to users is key, with tools that make money management easier and more effective and promoting behavioral change by using data and machine learning in a smart way. Enhancers is already working on solutions like these for groundbreaking projects in Italy.

Another example is , a credit card aggregator allowing users to generate when purchasing from their favorite brands. Current partners include Amazon, Carrefour, Apple, Just Eat, IKEA, easyJet and Netflix, and new ones are added to the list constantly.

3. Lifestyle banking

The potential is immense, and new business models include the integration with to boost “a-commerce” (purchases managed by AIs), data enrichment and monetization, and much, much more.

What’s at stake is creating and strengthening an , which can also help both incumbents and challengers in standing up to external challenges: some years ago the Millennial Disruption Index revealed that of people born between 1981 and 2000 would be more excited about a new offering in financial services from than from their own nationwide bank.

How much is emotional bond worth.

Numbers speak volumes: customers that have an emotional bond with their bank are less likely to try new solutions and generate of a “very satisfied” user (source: Net Promoter Score and Motista). A groundbreaking player like , that has already carved a space as the first conversational mobile bank in the Italian market, is also paving the road in this new direction, with new services and features that will hit the App Store anytime soon. The multiplier is huge; the challenge is open.

Roberto Maggio is Partner, Director of Content e Head of Verbal Design at Enhancers. He’s been teaching digital marketing and growth hacking at IED, at Università Cattolica in Milan and at the Interaction Design course of ITS ICT in Turin.

Nulla di personale

Le nostre esperienze quotidiane analizzate con gli occhi di uno user experience designer. Perché la UX è intorno a noi anche se non sappiamo di cosa si tratta.

Roberto Maggio

Written by

Partner, Director of Content, Head of Verbal Design at Enhancers, the digital product factory

Nulla di personale

Le nostre esperienze quotidiane analizzate con gli occhi di uno user experience designer. Perché la UX è intorno a noi anche se non sappiamo di cosa si tratta.

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