DIGITAL DISRUPTION
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At Aldermore we did a number of things built on talking to our customers and understanding how they were using things and what they needed . We then developed a number of innovative new services and solutions . These included a customised fixed-rate account which was born of the recognition that , in the context of savings , SMEs were cyclical . They would save money for tax and pay it off every so often … Our product replaced the need for a fixed-rate account over one year so whenever a customer needed money back we ’ d return it to them on a specific date with a set rate for that time . This allowed customers to maximise their return – it enriched customer experience , and met a need that wasn ’ t previously ad dressed while increasing our product penetration . Using APIs we developed functionality which , together with a third-party data provider , allowed you to find out the rate being paid on your bank account more easily from Aldermore than your own provider . The widgets let you check your rate and see how much more you could earn from Aldermore . It drove customer engagement and allowed us to improve conversion on the back of it . We used technology and available solutions in a meaningful way .
We ’ re already seeing innovations from high street banks such as Metro who are offering in-app services that allow the blocking of lost
“Not innovating purely for innovation ’ s sake is key – it should be about finding ways you can use technology to find the sweet spot and add real value to your bottom line while delighting customers ”
DECEMBER 2018