The bank sets service-level timing expectations and shifts focus between email, phone, and chat channels depending on client demand. "Voice differentiates us and allows us to serve different types of customers, even those who aren't digitally savvy and even though we are a digital bank," Tamara Lewis, head of customer operations at US-based neobank Varo, told American Banker. In addition to email and secure online messaging, a customer service phone line and a live-person chat function go a long way. What can they do? The digital approach to banking may be convenient and efficient, but taking a digital approach to problem resolution isn't always the best choice.
Neobanks must recognize when to shift their strategy from customer acquisition to investing in customer service to satisfy these more profitable relationships. But more customers and more offerings add complexity to customer relationships. Neobanks are flush with customers and new products. Canada-based Neo Financial will add mortgages this year, and UK-based Starling added lending. US-based Step added crypto and stock investing for teens. New products: Neobanks are adding more products to pique new customers' interest. For example, Bunq recently acquired TriCount to become the second-largest neobank in Europe, and Greenwood Bank acquired social club The Gathering Spot to foster community in addition to banking services. They are approaching the task in a few ways.Īcquisitions: Neobanks are acquiring customers through mergers of other firms or clubs. Neobank users reported the most points of pain when seeking problem resolution services via email or secure online messaging.Īcquiring customers is easier than keeping them: Well-funded after a generous 2021, neobanks are now pushing hard to attain profitability by attracting more customers.
Power felt it was convenient to reach a customer service representative, as opposed to 61% of 6,500 direct bank customers. It's hard to get human help: With approximately 400 neobanks at the start of 2022 serving more than one billion customers, the digital challengers must become fluent in customer service.īut less than half (47%) of 3,400 neobank customers surveyed by J.D.
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