Along time ago in a galaxy far away I was at Y&R, the, then, great ad agency. The creative brief asked you to complete 6 boxes. The most important box was "Consumer Benefit" (and iit prompted by asking what need is this brand uniquely filling?). At Ffrees I constantly ask myself this (and the other 5 questions)....Duena Blomstrom is getting right at this in her provocative letter to challenger banks. What is the point of them, apart from neat GUI's and data usage (which are not a sustainable difference)? The banks will get this right at some point and soon anyhow. She also queries the targeting. To my mind the challenger banks are all after some part of the Top 20% of well-off banking customers with strong cashflows. Offering these a "cooler more mobile friendly data-enabled experience" seems short-termist to me.
At Ffrees we have targeted the underbanked, those with average to less than average income. Not exciting to those in banking. And we have promised to give then stuff to help them save up and manage their bills, Ffreedom from the banks' debt and overdraft spiral. And that is I think a Target Audience with a clear need, and our service is going to answer that need.
Here's one for you - you can prove me wrong. Of the 26 Challengers I must be the segment for at least half or more. Give me ONE example of how you'll utterly change one of my Money Moments in ways my Metro or my Santander can't and I'll be happy to publicly eat my grumpy, jaded, old FinTech-er hat. ONE. I dare you. No, I plead with you. Please, prove me wrong, I need a banking experience to blow me away and I'm too old to be a student again.