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Innovation Pace in Fintech.
06.11.2019
Benchmark your innovation pace
Benchmark your innovation pace
Innovation is a race toward customer relevance and the competition is racing at high speed. Benchmark your innovation pace with your competition.
37% of banks in Germany viewed fintech as a possible threat.
In the financial service industry, legacy organisations and emerging fintech disruptors are competing in the same environment, for the same customers.
With diverse competitors in the industries, different measures, methods, and strategies are taken, trying to compete.
Digitalization is still till this day the most critical transformation for the majority of legacy financial service organisations, in order to compete and stay relevant.
Open/ Multi- banking is a common strategy among smaller, fast- moving fintech companies, in order to disrupt the system and have a chance with the marketshare.
Partnership and Ecosystem leverages the diversity of competition in the market and aims to create more value for the customer to stay competitive.
No matter how much the starting points or strategies of the companies differ from one another, there is one similar goal for all companies… Customer relevance.
The competition is racing on high speed.
To better understand the benchmark and their effort on innovation towards customer relevance, we examined the features/ improvement roll-out plans of N26 and Revolut from the past 12 months.
Based on the customer value canvas, a holistic view for all consumer relevant proposition of the product, large and small customer-facing innovations of N26 and Revolut in the past 12 months can be quantified and categorized.
Customer value proposition
numbers
numbers
The current innovation pace benchmark of two fintech leaders.
Numbers shown below are based per month.*
Benchmark
Average number of consumer facing Innovations rolled out p/m
Average core product & added value improvements p/m
Average CX & Communication/
Content Improvements p/m
recent Innovations
recent Innovations
Fintech Innovation timeline
N26 & Revolut
To better understand the benchmark and their effort on innovation towards customer relevance, we examined the features/ improvement roll-out plans of N26 and Revolut from the past 12 months
Keys:
- Core Product + Added Value Services
- Customer Experience, Communication & Content
N26
Revolut
feb. 2020
New buttons for sending/receiving money
Open Banking
Jan. 2020
SEPA Real-time account transfers
Savings vault
Revolut Insider
Revolut Brexit guide
SmartDelat airport lounges Premium/Metal
Dec. 2019
Interface upgrade for Clarity
Rules for Spaces
3 Month free Youtube Premium
MoneyBeam Emojis
Trading platform updates
Nov. 2019
Partnership with Booking
Supports GBP direct debits
Partnership with Lime
Facilitated Universal Children’s Day donations
Returned Dynamic Balance feature
Added new analytics functionality
Enabled Back-up card requests
Added new Metal Colors
Partnership with The Future Ball
oct. 2019
Made N26 accessible through Google Pay
Hosted RevRally
Sep. 2019
Aug. 2019
Jul. 2019
jun. 2019
may. 2019
apr. 2019
mar. 2019
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Your current pace of innovation
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Where do you stand in the race? Calculate and examine your current innovation pace and innovation effort focus.
Assessment and acknowledge is the crucial first step for any effective strategy and organisational change.
Calculate the current innovation pace together with the product development team, and use the customer value canvas to examine where the innovation effort is focusing on.
As a marketing & innovation firm, we work primarily with legacy organizations to adapt their customer value proposition to meet emerging customer expectations.
Together with our clients we discover business opportunities and deliver integrated customer offers for products, services, experiences and communication.
If you have any questions whatsoever regarding the innovation pace or if you’re interested in working together, get in touch with Alex!
Alex Gillon
Analyst
