A key differentiator for brands is the customer experience – how your customers experience the brand and how your brand makes them feel- Ingrid Purcell, CXO, ME Bank
About Bank
| Chief Executive Officer | Adam Crane |
| Year of launch | 1994 |
| Headquarters | Australia |
| Customer reach | 517868 |
Product stack analysis
Table 1: Unique value propositions offered by ME Bank
| Payments | – Recurring payments – Wearable banking – Colour-coded debit cards |
| Accounts | – Colour-coded accounts – Shared accounts |
| Rewards and offers | – Rewards on referral – Other rewards: Discount on home loans |
Payments and expense management:
Colour-coded accounts and cards: ME Bank launched its colour-coded accounts and cards in 2019 to simplify expense management for its customers. With this colour-coding system, customers can ‘bucket budget’ their finances. Customers can open different everyday transaction account or savings account for a different purpose. For example, a customer can open three separate accounts to manage and track all expenses related to rental, groceries, and shopping. In addition to colour-coded accounts, customers can also get colour-coded cards to pay for different expenses.
How can you match up with ME Bank:
Create hyper-personalised accounts that allow customers to craft their banking journey and simplify financial asset management.
Top priorities for ME Bank:
As a leader from ME Bank, you should focus on the following key areas to compete with growing neobanks in Australia:
- You should capitalise on the vast opportunity that the Australian open banking ecosystem offers to cross-sell embedded financial services such as wealth management services, credit services, and insurances. By operating as a BaaS (Banking-as-a-Service) platform that facilitates an end-to-end journey, you can increase your market share and engagement on the platform.
- You should leverage the technological advancements to enhance the existing banking services digitally to include unique and millennial-friendly offerings such as numberless cards, disposable virtual cards, spare-up change, and gamified accounts.
Endnotes:
CXO profile: Customer experience as the key to brand survival – CMO Australia