While most neobanks are struggling on their path to profitability, Current is successfully building inroads with its core consumer segment and has reported significant growth.
Current's CEO Stuart Sopp joins us on the podcast to discuss how the company has been finetuning its business model and building out a product ecosystem that leads with new products like the credit builder card and Paycheck Advance.
FIs and merchants need to work on improving post-purchase interactions to build consumer loyalty and save on costs like chargebacks.
Digital receipts and subscription management are tools merchants and banks can offer their customers to help them stay on top of their finances and also save on operational costs.
It’s become harder to stay competitive with a one-size-fits-all approach to customer experience. Banks can use advanced analytics to understand their customers on a deeper level and identify the right products based on life stage and lifestyle.
The key to delivering personalized services lies in fostering transparency and trust with cardholders about their data usage, along with banks obtaining clear consent and employing robust data governance to oversee these services.