Innovating customer experience for long-term financial contracts
Building societies offer their customers long-term financial services such as Home-loan-savings or mortgage contracts. However, the relationship with customers often weakens over time. BHW is therefore looking for solutions to build more resilient structures and create closer, lasting relationships with customers so that they can remain a reliable partner throughout many years.
#InnovateFinance #CustomerEngagement #FinancialRelationships
✅ Completed 🏁 Winner Congratulations to Modulr Design & Unicorn Makers!
🏆 Prize EUR 5,000 prize pool + collaboration after the challenge
🌎 Scope 🇩🇪 The solutions should be explicitly tailored to the special requirements of the german market.
🪙 Future Finance This challenge is part of the Future Finance Innovation Program
Did we spark your interest? Read more about the challenge here.
Customer experience for long-term financial contracts
Building societies are financial institutions that offer special home savings and loan contracts, enabling individuals to buy or build a property in the future.
In this Challenge, we want to focus on two products in particular:
Home-loan-savings contracts allow individuals to save money over a 7-10 year saving phase, with the goal of using the savings to secure a loan for a future home purchase.
Mortgage contracts allow customers to take out a loan with favourable interest rates that needs to be repaid over a period of up to 10-30 years in order to realize their dream of owning their own property.
However, there is often an unfortunate problem with long-term offers: Over time, the relationship between customers and financial institutions strongly decreases.
That’s where you come in play: join forces with BHW to establish strengthened structures to enable a closer, unique and inspiring relationship with its customers.
Challenge and Key-Question
To meet the given challenges, BHW wants to adapt their communications and offerings accordingly and respond to the needs and expectations of their customers. Transparent and reliable communication as well as high service quality can help to strengthen customer trust and increase customer loyalty. The main questions are the following:
- How can BHW engage and inspire their customers throughout the entire period of long-term saving and financing contracts?
- What unique offers and services can be developed that meet the needs and expectations of their customers?
- Which innovative technologies and digital channels can be used to increase customer loyalty?
BHW is looking for different types and creative solutions - you have an idea that needs to be developed and implemented internally or you already have a ready-to-apply solution - the challenge is open to the different maturity levels.
More inspiring input and the three most promising opportunity areas can be found in the tab “Opportunity areas”. More background knowledge can be found in the tab “Knowledge Base”.
Goal and target group
The desired goal is to jointly design a solution that can be launched as an actual offering of BHW. If the Proof-of-Concept is successfully developed, there is the opportunity for a joint pilot project or different forms of cooperation or hiring depending on the team and the solution, in addition to the prize money.
Participation is therefore open to startups, companies, students, or researchers.