Personalisation and digital engagement solutions provider, Moneythor, has launched a suite of activation products. Moneythor says that the platform will assist banks and fintech firms to cultivate long-running profitable customer relationships.
Moneythor research uncovered a global challenge among banks: the struggle to implement successful acquisition strategies and to nurture post-acquisition engagement. According to its survey, only 23% of financial institutions deem their acquisition methods effective.
Moneythor platform incorporates customer acquisition, engagement and motivation
Furthermore, the research disclosed a concerning 15% drop-off rate among newly acquired customers within three months. Specifically, there is a lengthy 12-month average timeline required for a customer to become profitable. In response to these challenges, Moneythor has pioneered the concept of Customer Activation Management (CAM). This proposes a systematic process that encompasses customer acquisition, engagement, and motivation. It is all aimed to encourage active and effective usage of financial products and services while addressing customers’ financial wellbeing ambitions.
The Moneythor platform is designed to seamlessly integrate with any core banking systems. This platform enables financial institutions to effectively acquire and activate customers simultaneously. In turn, this leads to increased product adoption and usage. The platform offers a range of features including advanced referral management, points, vouchers and gift cards, cashback, challenges, and gamification techniques.
Moneythor CEO, Olivier Berthier, said: “We are excited to bring our suite of modern activation features to the market. We firmly believe that banks and fintech firms are being underserved with the legacy techniques and products available to them. This results in missed opportunities to enhance adoption and utilisation of their services.
“Our recent research underscores the struggles banks face in ensuring long-term customer profitability. We firmly believe that Customer Activation Management, along with our platform, present the definitive solution to these challenges.”
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