João Vitor Menin, CEO at Brazilian neobank Inter, discusses how their marketplace and its associated partnerships are at the heart of their offering.
The demographics of neobank users are often surprising; it is not only young people who are signing up, but also older age brackets. What is the standard profile of your target customer? What has been key to your customer acquisition success?
We usually say that Inter is agnostic, we have clients of all types, races, from different regions of the country and different social classes. Before the pandemic, we could say that young people between 18 and 36 years old were the main customers, but with social isolation and a scenario of closed bank branches, people who were still reticent regarding technology started to use the service and realized that it is more simple, easy, comfortable, and cheap than previously thought.
The success of our customer acquisition is based on our value proposition - a very simple offering that puts the customer at the center and is sustained by a broad range of financial and non-financial services. As a result, we benefit from “word of mouth” marketing, i.e. customers satisfied with our business model refer Inter spontaneously to family and friends. This is a very powerful weapon for us. Moreover, customers that used to come to us to open a free digital account, today look to us to take advantage of our virtual shopping mall - which has cashback on all purchases - or to invest in our investment platform, which is also free, among other services.
The demographics of neobank users are often surprising; it is not only young people who are signing up, but also older age brackets. What is the standard profile of your target customer? What has been key to your customer acquisition success?
We usually say that Inter is agnostic, we have clients of all types, races, from different regions of the country and different social classes. Before the pandemic, we could say that young people between 18 and 36 years old were the main customers, but with social isolation and a scenario of closed bank branches, people who were still reticent regarding technology started to use the service and realized that it is more simple, easy, comfortable, and cheap than previously thought.
The success of our customer acquisition is based on our value proposition - a very simple offering that puts the customer at the center and is sustained by a broad range of financial and non-financial services. As a result, we benefit from “word of mouth” marketing, i.e. customers satisfied with our business model refer Inter spontaneously to family and friends. This is a very powerful weapon for us. Moreover, customers that used to come to us to open a free digital account, today look to us to take advantage of our virtual shopping mall - which has cashback on all purchases - or to invest in our investment platform, which is also free, among other services.
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