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FinData creates new pricing for customer groups
The Challenge
We spoke to Leon van Vliet, CEO of FinData and customer of Stay Future Proof. FinData aims to be the platform for financial product data. The target? A more efficient chain in the financial sector, through digitization. FinData approached us with the question: “What are our customers willing to pay for our services on the platform, and why?” At the end of 2021, we included FinData in their own process, gathered customer insights, and guided them towards a proposition and pricing that is in line with what customers expect from them.
Stay Future Proof's approach
Stay Future Proof is driven by the power of co-creation and Design Thinking. Based on the conviction that solutions for customers are only a solution if they are not created for them, but with them.
FinData has a customer-centric issue, and that is where the basis for an answer lies. Therefore we started by identifying the target groups and researching their needs. Strategy DCustomer Discovery. From these insights into the customer needs, we started looking at which propositions are already a fit, and where there are gaps.
We then looked at which Unique Selling Points can already be linked to customer needs, and what they would be willing to pay for it. We did an experiment to test the insights and came to a surprising result. Jordy: “FinData has four strategic pillars, we helped them to get started with each one. It turned out that a lot of things were already going well, but they weren’t always so sure about them. And of the aspects they were sure of, the customer thought otherwise. These were good building blocks for correct pricing! During such a project, we are part of the project team. We work closely with the customer and provide them with insights and skills with which they can continue the process themselves. We like making ourselves redundant, because that means making a lasting impact, which is what we are always looking for in our projects.”
Results
FinData’s Platform provides many benefits for customers. Nevertheless, customers were not always able to find FinData, why? Leon: “FinData has many advantages for customers, certainly. But what we found with some USP’s was that customers were saying, ‘Gee, that’s not the most important feature for us. For us, the fact that it’s completely digital is what matters most.’ But we didn’t use it as a USP at all.”
Now that FinData knows its customers better, there are grounds for some adjustments. Leon: “We saw banks as our customer. But behind that bank are people at different levels of thinking: strategic, operational and tactical. It turned out that they all require a different type of communication. So you can’t put all the information in one mailshot and expect it to reach everyone the way you intended. We are now in the process of adjusting the website and the mailings accordingly.”
Leon: “The collaboration with you was intensive and positive. We did everything digitally, which worked well, but of course you miss the non-verbal. Stay Future Proof remained enthusiastic, time and again. We were a bit impatient, wanted to move forward a bit faster because we had been looking for a solution for some time. But our patience was rewarded. Towards the end of the process, we actually accelerated, and ended up getting more than we expected. That was great.”
Stay Future Proof thinks out-of-the-box, preferably without a “box”. This time, too, that resulted in a surprising outcome. One of the recommendations is a completely new approach to current regulations. Stay Future Proof showed FinData that innovation is inhibited by the frameworks as they were outlined.
Leon: “We are going to have another talk with the AFM and see if we can adjust our pricing within the guidelines. We have rethought the problem. We were in a straitjacket, from which you released us. Stay Future Proof also taught us that it is good to challenge yourself and the organization. There was a lot of pressure on this project; we were really looking for handles. And preferably as soon as possible. Stay Future Proof continued to challenge us. Sometimes you just need to get that outside push to move forward.”
Leon van Vliet
–– CEO | FinData
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