How banks can stay relevant to people and benefit from Open Banking

Georg Ludviksson, CEO & co-founder of Meniga was interviewed by Christophe Langlois, The Fintech Power 50’s CMO as a part the interview…

Georg Ludviksson, CEO and Co-Founder of Meniga interviewed by Christophe Langlois, The Fintech Power 50’s CMO

Georg Ludviksson, CEO & co-founder of Meniga was interviewed by Christophe Langlois, The Fintech Power 50’s CMO as a part of the interview series ‘Money 20/20 Europe 2019: Fintech Interviews.’ These featured some of the most inspirational fintech leaders and organisations which contributed to the recent Money 20/20 conference.

Staying close to the roots

In the interview, Georg focused on what banks need to get right to stay relevant to today’s customers. He emphasizes that although Meniga and banking have evolved in the decade since was founded, Meniga’s core message remains the same.

“That message has never been more relevant. Banks have to move beyond traditional banking into a more financial coach type application and new services and help people in a broader sense with their finances”

Watch the full interview

Seeking inspiration from the best apps

Georg points out that Meniga’s solutions and methodology are all about engaging people and help them to get value from their banking relationships. As he points out, Meniga has sought inspiration from fitness apps such as Fitbit and Strava. The focus is on steadily improve people’s finances and financial habits, just like is done in a smart fitness app.

Focus on people rather than technology

In the interview, Georg advises banks looking to win with digital banking to focus primarily on what people want.

“The applications we promote now have a net promoter score around 50 which is way beyond what we had some years ago, this is the result of constant iteration, of making sure we are actually listening to people on what they want to use.”

Take the opportunity of open banking

Georg discussed the open banking movement and what opportunity it gives banks. As he points out, cashback rewards represent a promising way for banks to use data to both increase customer engagement and create new revenue streams

“Banks were a little slow to adopt it but now they are realizing that if they do not create value from their customer data , somebody else will.”

Want to learn more about Open Banking Opportunities?

Learn more about the innovation opportunities presented by Open Banking and download the new Meniga Insight Paper: Innovating with open banking

About Fintech Power 50

The Fintech Power 50 is an annual guide to the most influential, innovative and powerful figures in the Fintech industry. It acts as a much-needed reminder of all the great things we are achieving in the world of financial technology and shines a spotlight on those who are transforming financial services for the better.