Gigabit December 2018

DIGITAL DISRUPTION
58
At Aldermore we did a number of things built
on talking to our customers and understanding
how they were using things and what they
needed. We then developed a number of
innovative new services and solutions. These
included a customised fixed-rate account
which was born of the recognition that, in the
context of savings, SMEs were cyclical. They
would save money for tax and pay it off every
so often… Our product replaced the need for
a fixed-rate account over one year so whenever
a customer needed money back we’d return
it to them on a specific date with a set rate for
that time. This allowed customers to maximise
their return – it enriched customer experience,
and met a need that wasn’t previously ad
dressed while increasing our product penetration.
Using APIs we developed functionality
which, together with a third-party data provider,
allowed you to find out the rate being
paid on your bank account more easily from
Aldermore than your own provider. The widgets
let you check your rate and see how much
more you could earn from Aldermore. It drove
customer engagement and allowed us to
improve conversion on the back of it. We
used technology and available solutions in
a meaningful way.
We’re already seeing innovations from high
street banks such as Metro who are offering
in-app services that allow the blocking of lost
“Not innovating
purely for
innovation’s sake
is key – it should be
about finding ways
you can use
technology to find
the sweet spot and
add real value to
your bottom line
while delighting
customers”
DECEMBER 2018