How to Build Trust with Radical Transparency
True disruption stems from bravery; and what’s braver than a strategy of radical transparency in an industry where the finer details are often kept far from the public eye? When disruptor bank, Monzo, managed to crowdfund over £20m, the industry was abuzz with news about the new kid on the block, which could potentially take on some of the UK’s biggest banks. And, take them on it did, beating out financial stalwarts in the race for customer favour and taking the top spot as Britain’s best bank for customer service, according to a Which? annual survey.
So, how did they do it? Through a combination of innovation, product development, authentic marketing, customer engagement - and, most famously, their signature approach to radical transparency. In an industry where discussing things openly is considered a taboo, and consumers are kept at an arm’s length from the inner workings of banks and financial institutions, Monzo stood out as an authentic and trustworthy financial partner. Today, it continues to reap the benefits of this despite the challenges of breaking into the industry in full view of its stakeholders. In Meltwater's February webinar, Monzo’s VP of Marketing, Tristan Thomas, revealed how one of the world's most exciting fintech start-ups managed to build a brand that won consumer trust. Listen on-demand now!
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