There is a big discussion right now about the new Fintech banks. The like of Starling, Monzo, and N26 are all gaining customers at such a huge rate at the cost of the high street banks. But why is this happening?

On the face of this, it is somewhat counter-intuitive. Don’t people want to be able to go into the branch and talk to someone? What about cash? What about when things go wrong?

For myself, things have moved on. Whilst I recognise that the high street is important, and we need to do something to support it, customer service and efficiency are so key to the way I live my life.

We also need to understand just how often we want to speak to our bank and when. I don’t actually recall the last time that I wanted to, but I am totally sure it wasn’t on a weekday! I have so much power and control on my phone or browser so it is rare I need to. I do recall how easy it was to just chat via the app.

The way we live our lives has changed. The high street banks haven’t. It is as simple as that. Most people now work and can’t get to a branch. Why would you need to go to a branch anyway when you can do it online?

The way the new banks embrace technology, the way they challenge the status quo and make things so much quicker and easier is incredible. Who thought 3-4 years ago that you could open a new account in 5 minutes whilst sitting in the garden!

I find customer service so utterly important. It determines if I use an organisation or not. It also determines if I promote or detract amongst those that I influence. It seems that in this endeavour the fintech’s  also have the answer. Latest Surveys put them in 2nd and 3rd place. Which? also recognises this ability and has started recommending some of them. Impressive indeed.

There is a saying that says, “The only constant in life is change”. I believe this is true. Admittedly, the pace of change can sometimes be slightly bewildering, but change will always be present. I believe those that both embrace change but remember the service and values are the ones that will both survive and flourish. Those that resist change will fall by the wayside. This is the new way of life and we must adapt to this change.

 

 

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