Presented by Envestnet | Yodlee
Financial services customers increasingly want personalized insights, superior experiences, and customer advocacy, especially in uncertain times. Join this VB Live event and our panel of experts to learn how to deliver, with hyper-personalized digital services, data, and more.
The gig economy worker represents some of the most underserved groups of people in the financial services sector, especially now in an uncertain economy and unsettled times. We’re all in this together right now, in this world, says Dustin Walsey, co-founder and CEO of Buckle, a fintech company that provides financial services to gig economy workers.
“If you asked three weeks ago about the company’s strategy when it comes to retaining customers, keeping customers happy, and ensuring they stick around, it might have been a bit of a different answer than it is today,” Walsey says.
In the U.S. right now, government programs are being launched to cover gig workers. But the instructions are hard to parse, the applications are complex, and some folks are struggling to understand how to access the services and protections they need. And this has turned Buckle into an advocate for their valued customer base, which Walsey believes will pay dividends in the future.
“Today we’re focused on loyalty, helping our driver partners navigate the SBA loans and the grants they need and helping them build a sense of control and safety,” he explains. “We want to work with them to get the services they need.”
That includes helping drivers apply for unemployment and finding ways to provide financial services in a way that the gig worker can understand and that they can afford.
The second piece is helping members protect their most important assets in affordable ways, especially when their employment is uncertain or demand is low. For Uber and Lyft drivers, that asset is their car, which is so critical to their success and their livelihood.
“Whether it’s helping them make money, pay the bills, or buy food, our products and services are designed to provide resources, and show that we’re all in this together,” says Walsey. “It’s not that we make money on this stuff, but we know they need it. If we can help them in a time of need, our brand, our company, and our society as a whole will do better.”
Data and analytics provide guidance for the company’s new digital strategies and efforts to offer new customized experiences and offerings. For example, the recent vast dropoff in the number of rides given quickly signaled that new financial needs were cropping up for their customers. Buckle was able to use that data to help members apply for the loans and grants they were eligible for, given their new income status.
Digital capabilities have massively disrupted the financial services industry, which has helped the company develop new offerings and adapt in smarter ways. More sophisticated digital platforms have reduced the friction around consumer applications approvals. New data sets give companies a better view of customer behavior, so that many customers now qualify for products or services they might not have had access to in the past.
“You’re seeing the evolution of new digital technologies that are able to underwrite better, cheaper, and faster,” Walsey says. “As humans get pulled out of the underwriting process, you’re going to see the costs of doing business drop, because there’s machine learning going on here that is benefiting these people as technology accelerates faster and faster.”
And now as the gig economy moves toward food and package delivery, Walsey sees that there will be additional insurance and financial services needs for these workers. They’re partnering with their customer base to get a deeper understanding — it used to be riding in the back of vehicles and talking to drivers, but now the focus is spending more time in Facebook groups and social media platforms trying to understand the trials and tribulations that they’re going through.
“As we continue to talk to our customers, to our members, in that fashion, it brings credibility,” Walsey says, “It brings respect. It brings lasting relationships.”
For more about creating deep relationships with customers, adapting as the economy evolves and new customer needs emerge, and how customer advocacy can deliver big competitive advantages, don’t miss this VB Live event.
Attend the webinar to discover:
- How advocating for customers drives a sustainable competitive advantage
- Why the wealth management sector scored highest for customer advocacy in a recent Forrester survey
- How customer advocacy is linked to increased future purchase intent
- How to improve customer engagement through hyper-personalized digital banking experiences
- Alyson Clarke, Principal Analyst, Forrester
- Dustin Walsey, Co-founder and CEO, Buckle
- Jim Del Favero, Chief Product Officer, Personal Capital
- Katy Gibson, VP, Application Products, Envestnet | Yodlee
- Evan Schuman, Moderator, VentureBeat