Spire Ingage, the Next-Gen digital banking customer experience and engagement platform for the Saudi market
In an industry that is rapidly changing, offering digital banking services has become a baseline for the survival and prosperity of Financial Institutions. The Kingdom has a predominantly young population who are also amongst the quickest to adopt new customer experiences and technology, they have become the dominant force that shapes the products and services we consume around us. It is evident that Financial Service providers need to start thinking about creating value propositions that go beyond the basic digital banking services like account opening, bill payments and money transfers. They need to think about the different ways of competing with neobanks and other fintech platforms and to better engage with their young and tech-savvy customers.
According to the National Fintech Adoption Survey (2021) done by Fintech Saudi, only 2 out of 10 customers visit their bank’s branch in a month, and 93% primarily conduct their banking activities online. Consumers’ shift toward digital banking paved the way for many neo-banks to open up and compete with traditional banks by offering their customers quicker onboarding experiences, intuitive and easy-to-use financial products, and seamless digital experiences.
Engaging customers is more important now than it has ever been, so what are some of the products and features that they are looking for? . It is noted that 80%* of consumers say they would prefer a banking app that helps them better manage their personal finances, such as budgets, savings, and investments ’and that’s where Spire Ingage, a hyper-personalized customer engagement platform, comes into play. The platform is AI-driven and Open Banking enabled, going way beyond the standard Personal Finance Management solution. Spire Ingage helps financial institutions offer advanced personalized financial experiences and insights to their customers while driving better retention and lifetime value. Features such as smart savings, smart budgeting, and data categorization and enrichment give a better view of customers’ spend and empower them with meaningful financial insights and saving opportunities.
Spire Ingage comes as a white labelled SDK, so that banks can create a deeper and more personalized experience for their customers. A holistic and engaging customer experience will bring that missing X factor in the customer relationship, drive brand loyalty and boost the Net Promotor Score (NPS).
*(Spire Tech’s VOC survey)