Meet Sally Maycroft
Sally appears to be ordinary, at least that is how her banking provider sees her.
She lives in an ordinary town and has an ordinary degree from an ordinary university. She rents an ordinary flat and has an ordinary job.
So, her banking provider gives her an ordinary banking service, just like everybody else.
Sally had a good student bank account whilst at university, but now she is working there is little about her accounts that do anything to help with her growing financial anxiety and slowly diminishing aspirations for the future.
Nearly 70% of Gen Z do not feel financially secure, and over half are very worried about not having enough money.
Two in five Gen Z are stressed and worried about making the wrong choices with their finances.
Sally is one of these Gen Z.
Economics, banking and finances are not her strong point. She budgets carefully but didn’t maximise her savings. She didn’t know where to go to get solid, reliable financial help.
But Sally has just become a member of a building society. They spoke to her anxiety as a Gen Z, showing they understand and can be trusted to help.
Rather than saving monthly like traditional savers, Sally puts money into her new savings account ad-hoc, at least once a week if she can, but smaller amounts that she is more comfortable with. She is given immediate, reassuring feedback of the progress being made.
Sally uses their digital channel to save and see progress, but their branch to talk through her plans. She monitors savings goals in her app, and IMs about a new regular saver product promoted to her that may help grow a deposit for the future.
The Society stays in regular contact through the digital channel, speaking her language, referencing her lifestyle and offering solutions for her financial wellbeing that resonate with her needs.
It turns out that Sally is an individual with her own specific financial needs.
Just like everybody else.
Everyone is an individual, with specific needs, lifestyle choices and life ambitions. Financial anxiety is on the rise, particularly within the younger generation.
To counter this and adapt, building societies need to empathise with their members. A society that still relies on a one-size-fits-all approach is setting themselves up to fail in today’s digital age.
Digital empathy, as it has become to be known, is the ability to comprehend and share sentiment in a digital setting, and to use these capabilities to enhance the user experience.
Using data-driven insights collected, analysed, micro-segmented and processed by Fintilect’s personalisation engine, building societies can create digital empathy with their members and engage digitally in ways that speak to their specific needs.
Communicating in this way, societies are more likely to trigger a positive response from their members, increasing loyalty and generating new relationships with the next generation of savers.
You can adopt our data insights personalisation engine to work seamlessly with your own digital banking platform, or we can implement our cloud-based digital banking engagement platform to deliver end-to-end, hyper-personalised customer experiences.
Help your members achieve better financial wellness and prosperity, with Fintilect.
We’ve been teaming up with building societies for 20 years, delivering and supporting digital channels that enhance their members’ experience.
How personalization will make us a nation of savers again
Three key similarities between US Credit Unions and UK Building Societies
Who on earth would use core banking for their digital transformation?
The influence of digital authentication in the mortgage switching process
We are intensely proud of our work. We partner with some of the best financial services names across building societies and retail banks.
Cambridge and Counties Bank success story
Darlington Building Society continues digital investment
Suffolk Building Society partners with Fintilect for its new eSavings platform
Lindsay is an accomplished C-level executive with 25+ years of experience in banking and fintech, e-commerce, and data-driven marketing. Known for transforming brands through new growth businesses and innovative solutions, Lindsay builds teams, relationships, and cultures that deliver value, reward performance, and transform the way things get done.
Her diverse experience includes Product, Service Delivery, Customer Operations, and Marketing roles at Kasisto, NCR, SunTrust (now Truist) and PNC Banks, and General Management at Headspace, Deluxe and Equifax. Lindsay’s professional passion is creating solutions that give people greater agency and influence over their financial, physical and mental wellbeing.
Kevin Phillips has over 25 years’ experience gained within the financial services market. Kevin is a champion of excellence, quality, integrity and bringing the best out of others to be as successful as they can be.
Duncan Beatty is Head of Client Management at Fintilect. With a career spanning more than 25 years with global technology and payment providers Fiserv, First Data and NCR, Duncan builds lasting relationships, helping clients realize their business objectives by placing them firmly at the core of everything we do.
