Partnerships @ TapiX | 💳 Enabling banks to build smart solutions and features with transaction data | 🏦 50+ banks and 73+ million end users globally 📊
Year in review: Banks are using wraps to provide insights from spend and enhance brand trust. At the end of every year, Spotify gifts users an encore that has become a modern tradition: Spotify Wrapped. This isn’t just any year in review. It’s a curated collection that tells a story. Banks are jumping on board too. e.g. Monzo Bank showcases the totals for spending, and a breakdown of where users are spending by categories or even merchant level. Why we're hooked on wraps? The key driver of the feature’s success isn’t coding—it’s psychology. 1. Quantitative Fixation People love quantitative comparisons. Seeing total money spent or most shopped categories makes our financial journey quantifiable and comparable. 2. Social Comparison Many human actions are shaped by our comparative status with others. Sharing captivating statistics prompts people to talk about your app, directly boosting installations. 3. Curiosity Who can resist finding out how much they spent at McDonald's this year? The story becomes shareable, and users get an overview of their spending patterns. 4. Nostalgia effect Nostalgia is a powerful emotional conductor. Reliving our spending locations makes us more likely to share our Wrapped. Resulting in stronger bond between the brand and the user. It’s great to see banks utilizing data to provide clarity into spending! Provide your users with the story of how they spent money in 2023 #fintech #banking #data #digitalbanking
Payments Expert - Product Development, Business Strategy - Agile methodologies
7moVery interesting. I would add that the availability of this information in a clear and visually appealing way creates a sense of control in the customer.