Empowering Brands with Seamless BaaS (banking-as-a-Service)
Banking-as-a-Service (BaaS) has revolutionised the customer journey. BaaS-enabled embedded banking empowers brands to offer a seamless experience, driving engagement and, ultimately, conversion. BaaS services are key to unlocking greater loyalty and repeat visits by giving customers access to quality banking products directly from the brands they use everyday. As more brands recognise the potential of BaaS, the demand for reliable BaaS providers has increased. BaaS providers play a crucial role in enabling brands to leverage the benefits of BaaS and successfully integrate banking services into their offerings.
However, the process of successfully launching a financial product to market isn’t as simple as taking a ‘build it and they will come’ approach. BaaS adopters must be able to effectively communicate the products to their customers, so they understand their value and take advantage of the benefits. Here is where some stumble. Effective communication is crucial not only for driving initial customer adoption but also for fostering long-term customer loyalty. By clearly conveying the advantages and value proposition of their BaaS services, brands can establish trust, build strong customer relationships, and ultimately cultivate a loyal customer base.
At Vodeno, we understand that our clients are not financial experts, and as such, our service goes beyond the product delivery – we established a ‘Growth Team’ to act as strategic business partner to clients, providing Go-To-Market (GTM) support to ensure their market launch is as successful as possible.
Our Head of Growth, Tomasz Szerzad, explains the common pain points that brands often face when launching a BaaS solution, and how as a BaaS provider we help them navigate their embedded banking journey.
What is the main challenge partners face?
When it comes to communicating the value-add of new embedded banking products to customers, partners tend to rely on the same strategies and messaging used for product marketing – but financial services must be handled differently. Also, assuming that simply offering the solution will be enough to engage their existing user base is not a reliable strategy – it requires a more specialised approach.
Vodeno’s approach to BaaS activation
Our Growth Team works alongside partners to offer tailored consultancy, and we have four main tenets to help drive end-user uptake in our BaaS products:
The first is Blueprints:
Vodeno provides partners with customised blueprints that outline optimal strategies and actions for successfully launching and scaling embedded financial products; these are tailored to the specific needs of each client and leverage Vodeno’s extensive experience and understanding of banking products and BaaS solutions.
The second tenet is Proactive Proposals:
Beyond technology infrastructure, Vodeno actively proposes sales improvements and promotional activities to drive customer adoption. By identifying effective marketing and communication strategies, Vodeno helps clients effectively explain the value proposition with their customers.
Thirdly, Market Research:
Vodeno conducts internal research to gain insight into target markets and understand customer needs specific to each use-case; offering recommendations to ensure a product-market fit that drives engagement.
The final tenet is Data-driven Management:
Vodeno emphasises the importance of data-driven decision-making. Through data analytics and monitoring key performance indicators, we offer clients with valuable insights to optimise their embedded financial products. This data-driven management approach helps clients make informed decisions, identify growth opportunities and continuously enhance their offerings for long-term success.
Additionally, our Growth Team support goes beyond the market launch phase – we ensure that our clients are set up for success in the long-term by providing them with growth workshops and post-launch support, so that they continue to grow their business powered by embedded finance and digital transformation.
Complete End-to-End BaaS Offer
Vodeno’s end-to-end approach to BaaS platforms sets us apart from our competitors – we combine our technology, comprehensive suite of products serviced by an ECB licence and regulatory and compliance expertise, alongside bespoke BaaS consultancy in order to maximise end-user activation. Our dedicated team works collaboratively with you to understand your business objectives and tailor our BaaS work to maximise end-user activation. We help brands across multiple sectors to unlock new opportunities and create a seamless customer experience, powered by embedded banking. To learn more about how Vodeno can support your business objectives and drive BaaS success, contact us today.
