Ben Soppitt

What I'm Reading: "Do US Neobanks Spark Joy in their Users? AI Gives us the Answer"

It should come as no surprise that I clicked on an article by bestselling author and FinTech expert Richard Turrin. But it was more than the byline that caught my eye. The idea of a bank sparking joy is central to what we are doing with Unifimoney. So, seeing that Turrin had built a model to put the FinTech disruptors and old incumbents to the test was fascinating.

A lot of the pain points that Turrin found were in things like app design. But our goal with Unifimoney is to do something deeper than bringing good tech to a bad system; we want to fully change the member/bank experience. How? By being in close touch with our members and offering a transparent, 360-degree view of their financial situation. Our high-interest checking account means our members are earning top-performing interest rates on every dollar all the time, so why not tell them about it?

Big incumbent banks don’t often reach out with good news for a few reasons: the average 0.06% interest rate for checking accounts and 0.09% for “savings” means there isn’t much good passive income to update customers about and without an integrated system, it’s harder to offer a full picture of a customer’s financial situation like dividends and cash back. Unifimoney’s structure allows us to help our users track exactly how hard their money is working for them. With the integrated checking, cashback credit card and investment platform, we can tell you exactly where you stand at any time. And we’re committed to sharing that information regularly. It’s fun to send you an email showing how much interest you’ve earned this month. Good news from your bank. Imagine that?

This article was fascinating — I’d love to hear your thoughts!

https://www.linkedin.com/pulse/do-us-neobanks-spark-joy-users-ai-gives-answer-richard-turrin/?trackingId=ZDGyNBo4Rr28It9xoiek0w%3D%3D


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