Singapore, 15 November 2023 – Moneythor, the leading provider of personalisation and digital engagement solutions for financial institutions today at Singapore FinTech Festival, announced the launch of its innovative suite of activation products to address the crucial challenges faced by banks and fintech firms in cultivating long-running profitable customer relationships.
In a recent study conducted in collaboration with Fintech Futures, Moneythor uncovered a global challenge among banks: the struggle to implement successful acquisition strategies and to nurture post-acquisition engagement. According to the survey, only 23% of financial institutions deem their acquisition methods effective. Furthermore, the research disclosed a concerning 15% drop-off rate among newly acquired customers within three months, with 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), which proposes a systematic process that encompasses customer acquisition, engagement, and motivation, all aimed at encouraging active and effective usage of financial products and services while addressing customers’ financial wellbeing ambitions.
Bringing the concept to life, Moneythor has launched its Customer Activation Management platform, a set of features designed to seamlessly integrate with any core banking systems. This platform enables financial institutions to effectively acquire and activate customers simultaneously, leading 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.
Speaking on the launch, Moneythor’s CEO, Olivier Berthier, commented “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 resulting 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, and we firmly believe that Customer Activation Management, along with our platform, present the definitive solution to these challenges.”
Moneythor are displaying their Customer Activation Management platform at Singapore FinTech Festival on 15-17 November.