Image source: Carlos Muza via Unsplash
It’s only Tuesday and it already feels like one of those work weeks. You’ve been conflicted ever since you said ‘good morning’ to your colleagues and your boss has been hounding you. Deadlines hang over your head like a dark cloud, ready to bring down the end of the world at any moment. Somehow, you manage to get through the day, but you’re feeling as drained as canned tuna – if only a little treat could improve everything.
On the way home, you stop at the nearest chocolate shop. On days like these, there’s nothing like a double salted caramel millionaire cake to replenish your soul (and your calorie intake). When you pay with a credit card, you receive a notification from your bank that says “It looks like you are in treatment! I hope this dessert brings you joy 😊.”
Wow! The magic just happened. You feel a sense of familiarity and warmth, instantly forgetting your terrible day. It’s like someone you know wrapped their arms around you and said, “Go ahead, you deserve this.” Even more surprising is that that automated message came from your bank – the smallest of all institutions that would empathize with your emotional state at that moment. And in return, this creates a bond.
The example above is from Capital One’s chatbot called Eno. But Eno isn’t just your average virtual assistant; he is a friendly fellow who brings a touch of humanity to the often impersonal world of banking. From witty banter to empathetic responses, Eno is designed to feel less like a faceless algorithm and more like a trusted friend who’s always there to help. His personality shines through in every interaction, making even the most mundane banking tasks more enjoyable.
Its ethos of “bringing simplicity and humanity to credit cards” has paid off. Since the launch of Eno, the brand has been awarded by Forbes on Fast Company’s Fortune 100 list. In 2023 alone, net revenues increased 7.4% year-over-year to $36.8 billion, a notable feat that CEO Richard Fairbank attributes to “harnessing real-time machine learning to transform the way we serve our customers.”
This is a testament to how financial services brands have infused technology with human qualities to build stronger businesses and bridge the gap between automation and trust. And we all know that trust is the currency that underpins all transactions in the busy world of finance.
On a similar note, Moneyfarm, a digital wealth management platform, has been at the forefront of creating trust in investing since its heyday in 2011. However, over the years, the brand has been plagued by the rise of the so-called robo- advisors, generic investment brands powered by algorithm automation to achieve efficiency.
But unlike robo-advisors, Moneyfarm has the human dimension in its favor; Your financial coaches provide an added value partnership that automation simply cannot provide on its own. By humanizing its brand and presenting an enhanced customer experience, Moneyfarm has struck the right balance of how IRL-oriented technology can amplify its emotional appeal to customers. Here’s how they achieved it:
Personalized financial guidance: Through advanced algorithms and machine learning, Moneyfarm analyzes vast amounts of data to deliver investment recommendations that align with each client’s unique financial goals, risk tolerance, and investment horizon. This automation frees up human advisors to focus on layers of personalized guidance, making this approach feel less like a cold algorithm and more like a knowledgeable friend guiding you.
Risk management: An automated risk assessment tool continuously assesses market conditions and portfolio performance, allowing Moneyfarm to mitigate risks and optimize investment strategies accordingly. By keeping customers informed through personalized, real-time notifications, the brand instills confidence in its ability to protect and grow wealth over the long term.
Fortification: Easy access to educational resources, market insights and investment tools empowers clients and closes the financial literacy gap. By equipping customers with the knowledge and tools they need to make informed financial decisions, Moneyfarm reinforces its role as a trusted financial partner.
Capturing this delicate balance between man and machine was key to differentiating itself from digital competitors. In our branding work, we discovered that at the center of this narrative is a simple but powerful idea: by implementing technology in the service of a more transparent and personalized experience for customers, Moneyfarm does more than streamline processes; creates an investment partnership specific to people’s personal financial goals. And what is more personal for people than their relationship with money?
The new brand also aimed to bring more excitement. The digital investment landscape can be seen as too sterile, so it was crucial to cut through the clutter of financial jargon and images of firm handshakes. With its new arched graphic device that revolves around the customer in the photograph, the brand screams personalization. Every element has been carefully selected to signal the benefit of having the right people by your side throughout your investment journey. Something robo-advisors cannot offer.
Humanizing technology in financial services is not just a gimmick; it is a strategic imperative to bridge the gap between the digital world and the human experience. These forward-looking brands have demonstrated that infusing technology with empathy, transparency and personality can create deeper connections with customers and lay the foundation for a more trustworthy and resilient future.
