Welcoming Banks to the mobile-first instant gratification economy

Amrith G
VP, Marketing | February 13, 2020

Too late! That is how large enterprises traditionally have responded to disruptions.

If you look at historic data just from the last 60 years, the least critical way of answering this question would be ‘not quite effectively’ Richard N foster in his book, ‘Creative Destruction’ proves the same by quoting ‘The life span of a company back in 1958 was 61 years and in 2018 it reduced to 18 years.’ In the next 7 years 75% of companies in the S&P 500 index are expected to be replaced by new emerging challengers in each industry.

The category of companies in the crosshair of displacement are the large B2C enterprises who serve the millions of end consumers – the you and me of the world.

Focusing on the Banking industry. 47% of key banking transactions such as C2C and C2B payments, funds transfers and personal loans have been executed by fintechs and digital payment gateways. The wedge that the Apple and Google Pays of the world have pegged between the banks and their millions of end customers is a sizeable one and if not addressed it is only bound to grow exponentially en-route to erode a bank’s profit margins, 1 micro percentile at a time.

In the era of fintechs and the shift towards digital and virtual banks, the one who holds the key to last-mile customer data becomes the victor by default. Last-mile customer data is the new oil, and the trick to master and acquire it is in how closely you position yourself as an enterprise to your consumer – This translates to how much of the customer’s mobile mindshare does your brand, products and services enjoy? With over $100B invested in existing and new mobile-first fintechs globally every year, the wedge between traditional banks and their customers will turn into a larger crevasse.

So how can banks respond to these disruptions? The customer engagement and loyalty platform from Perx enables large B2C enterprises across Banking and other core verticals to reduce this wedge. With the majority of Perx customers represented by Banking & FSI, Perx facilitates them to get back in the driver’s seat by intelligently incentivising its customers for every action and interaction they have with their bank. Let’s face it, in this instant gratification mobile-first economy, the one who conquers your smartphone has the map to succeed.

By arming marketers in the banking industry with a platform that drives not just vanity metrics such as likes and shares but ‘true top-line growth’ through revenue generating customer actions, Perx enables banks to conquer last-mile customer data and interactions – reversing the growing wedge into a disappearing crack.

The Perx-Oracle partnership delivers the sharpest tool in the marketing armoury that banks have long needed.

Leandro Bark, Head of Partnerships, Perx

Perx’s partnership with Oracle and its Open banking APIs initiative helps address and solve this problem at lightning speed. With over 1200+ global banks trusting Oracle Core banking systems, they now get a chance to take the fight back to disruptions such as the mobile-first customer, fintechs and the rest of the herd.

The Perx platform integrated with Oracle open banking APIs allows banks to instantly drive customer transactions, increase credit card spend, reduce loyalty debt and drive meaningful customer engagement all with instantly rewarding customers for doing so.

Our partnership with Perx enables banks to conquer the elusive last-mile in customer engagement.

Sanjay Mathew, Senior Director, Oracle Financial Services

Singapore’s largest bank drove S$ 24 Million in net new credit card spend on a single customer engagement onboard the Perx platform in a matter of 14 days. The largest bank in Philippines drove $64 Million in net new transactions over a week through a dynamic, gamified customer engagement campaign, and one of Singapore’s largest telco increased its daily engaged customers by 110x in the first 60 days of onboarding Perx.

Learn more about Perx. Connect with us to find out how Perx + Oracle can help you drive top-line growth for your company.

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