The Huffington Post recently highlighted Meniga’s strategy on how to engage people with their finances in an article about best practices in developing financial technology and working with banks.
In a recent article published by the Huffington Post, the American news publication outlined the necessary strategies that Fintech companies must keep in mind while developing financial technology and working with banks. In light of bank spending on new technologies projected to reach 19.9 billion US dollars in 2017, the Huffington Post lays down 10 best practices for companies working in Fintech.
The article explains that most financial services companies (retail banks) focus on simply providing their clients with accounts to meet their day-to-day needs instead of thinking about the core of what retail users want in the simplest of financial terms. However, the Huffington Post seems to like Meniga’s take on how to engage people with their finances and states:
“Meniga does this in an exceptional easy way. This fintech startup has partnered with Santander — Europe’s largest bank — to offer their services to retail banks on a subscription basis.
What’s the buzz surrounding this fintech? They simply provide a money management software for the banks’ clients. That’s it. What makes the old fashioned service so successful is that it utilizes the demand that clients of the old-fashioned banks have, while utilizing the familiarity of an app akin to the familiarity of a Facebook feed for users.
This could have major implications for a more healthy relationship between people and their financial activities.”
One of Meniga’s strategies for transforming the digital customer experience and getting people more engaged with their finances has been to use Meniga’s Personalized Engagement Platform, which enables banks to send automatically generated personalized insights, offers, and advice on people’s personal finances and life events through Meniga’s Financial Activity Feed — a social-media like digital environment that facilitates continuous dialog between the bank and its customers. The strategy is already showing excellent results in terms of engagement, new revenue opportunities, cutting costs and could potentially transform traditional banking as we know it.