Fintech Insider Podcast by 11:FS

930. Insights: How do fintechs build loyalty? With Monzo and Yonder

15 snips
Jan 23, 2025
Guest
Vuokko Aro
Guest
Tim Chong
Vuokko Aro, Chief Design Officer at Monzo, and Tim Chong, Co-founder and CEO of Yonder, discuss the evolving landscape of customer loyalty in fintech. They explore how emotional connections and referrals drive user advocacy, particularly among younger generations. The conversation highlights the shift from traditional banks' cash bonuses to fintech's focus on meaningful engagement and personalized experiences. Aro and Chong emphasize the need for genuine relationships and tailored strategies to build lasting loyalty in an increasingly competitive market.
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INSIGHT

Loyalty as Emotion

  • Loyalty is more about feelings than transactions.
  • It's an emotional connection, like wanting to "fight for" a brand.
ADVICE

Target Younger Demographics

  • Target younger demographics for greater impact on loyalty.
  • Their banking habits are less established, making them receptive to new institutions.
INSIGHT

Balancing Organic Growth and Scaling

  • Fintechs face a challenge: balancing organic growth with the need for rapid scaling.
  • Content marketing and social strategies can drive considered purchases and brand awareness.
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