Digital startup Current taps into millennial banking mindset
It achieves this primarily through the ‘Current Core’ - bespoke technology that imparts greater speed, stability and cost efficiency to the fintech’s community of users. Benefits include:
- : delivers paychecks up to two days faster by liaising directly with the Federal Reserve
- : Current’s ‘Overdrive’ feature allows customers to withdraw up to $100 on its premium accounts
Challenging the sector
Current’s acceleration in the US neobank space is bringing it into close proximity with longstanding favourites such as . Speaking with , Sopp expressed optimism regarding the company’s future and satisfaction with the quality of recent investment.
“We have exceptional investors who have looked at Current deeply and believe that we’re one of the winners in this neobank space.
“We’re here to challenge the existing bank fraternity. Over the next 10 or 20 years, most young adults won’t see branches as a viable alternative to banking — it will be digital only, and they will have to catch up with us.”
Banking on younger customers
Notably, Current’s objective has been to target individuals earning less than $45k per year, with the average customer age being approximately 27.
- 53% of millennials don’t consider their bank distinctive from others
- c.30% believe holding a bank account may be unnecessary in the near future
- 73% would be more excited about a new offering from Google, Paypal, or Square than a release from their own bank
Clearly the alienation exists, and it’s a problem that incumbent banks all over the world must contend with. While they might have longevity and reputation on their side, these things alone won’t be enough to save traditional banking from the more innovative and youthful offerings of , , , and other challenger banks.
Image source: Current
Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”