Business

Opportunities for Black Banx in Emerging Markets

Published

2 years ago

May 5, 2024

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.

Business

Ipsos Helps Brands Understand How They Get Customer Experience Wrong & Why It’s Costing Them Millions

Published

4 weeks ago

June 26, 2026

Matthew Wiles

For brands looking to succeed in the modern business ecosystem, the customer experience (CX) is not something companies can afford to ignore. CX is a direct driver of revenue, loyalty, and growth for organizations.

Ipsos, one of the world’s leading market research firms, helps brands understand that failing to focus on the customer experience can lead to lost sales, which in turn can translate to not only millions in lost revenue but also lost trust and credibility in the market.

How brands still get CX wrong

“The customer decision and desire to do business with brands directly affect the bottom line,” says Brad Christian, Chief Commercial Officer at Ipsos – Experience Practice.

Customer experience may sound like a simple concept, but many brands still get it wrong. CX goes beyond surveys and feedback. Leaders who fail to connect feedback in a meaningful way to goals such as retention, repeat visits or purchases, advocacy, and operational performance fail to deliver on their service promises. The emotional and functional disconnect can spell trouble for brands. The most polished advertising campaigns cannot make up for a frustrating customer interaction or a promise that a business cannot fulfill.

According to Ipsos’s internal research, many customers today see service as too automated and impersonal. More than half report that their experience is worse than promised.

These findings don’t just result in disappointed buyers. They result in lost customers, negative feedback, and a long-term impact on the business as a whole.

“Brands have to manage the entire customer experience across each and every touchpoint,” explains Christian.

Poor CX can be expensive

Executives can often underestimate how expensive a history of poor CX can be. Global losses can reach into the billions while leaders wonder what went wrong. In an age of rapid social media communication, a single negative interaction can spell disaster for a company, leading to reduced customer spending or the entire loss of its most loyal customers.

Those losses are not just reflected in lost revenue, however. Customer acquisition and marketing dollars can also be lost as companies continue to spend money trying to retain their customer base, often skipping right over the experience part of retention.

Poor customer experience can be a deep operating problem that creates a domino effect, decimating businesses from the inside out. These poor experiences can impact not only present and future customer acquisition but also business leaders and employees.

CX matters more in today’s business landscape

The customer experience has always mattered, but it may matter more to brands trying to make it in a modern, ultra-competitive, digitally-driven business landscape. Good experiences encourage repeat purchases, boost loyalty, and increase the likelihood that customers will go online and recommend a brand to others.

“Customer experience isn’t an isolated function,” says Christian. “It’s ‌part of a larger system that ensures that brands measure and manage customer experience data and then act on that data to drive action where customer experience gaps exist.”

Brands also have to seek to understand today’s customers, who expect experiences that are seamless, authentic, and relevant. As more and more companies hop on the automation train, they will want to reassure their customers that the human element that many people consider important still exists.

At Ipsos, six drivers of strong customer relationships form the bedrock of the company’s CX platform, something that they refer to as the “Forces of CX”: certainty, fair treatment, control, status, belonging, and enjoyment.

Customers want to feel that if they have an issue with a brand, it will be handled and that their concerns will be understood. They don’t want the customer experience to feel like a battleground; they want it to feel fair and human.

“Customer experience isn’t just a nicer experience,” says Christian. “It ties directly to specific financial outcomes, whether that be increased sales, greater market share, or stronger brand loyalty.”

How Ipsos helps businesses deliver customer experiences that matter

Ipsos turns customer feedback into reliable, actionable, decision-ready information. The company goes beyond simple satisfaction metrics and implements voice-of-the-customer programs, journey analytics, relationship feedback, and quality research.

“Brands don’t just need data,” Christian says. “They need measurements as to how they are delivering on their brand promise and predictive modeling to tie financial performance measures to those measures to help them determine where to invest to maximize the customer experience and understand what financial impact those investments might deliver for the business.”

Ipsos measures the interactions that matter ‌most and shows brands how each interaction can affect retention, share of spend, and efficiency. For brands that are trying to reduce the guesswork behind CX, Ipsos helps them move beyond cosmetic fixes to achieve real, meaningful change.

Customer expectations can shift on a dime, influenced by society, social media, and even changing trends. Ipsos helps brands meet those rapidly changing customer expectations with hard evidence and comprehensive metrics.

Today’s brands need to understand how to get the customer experience right. Ipsos has the insights needed to drive home the deep importance of CX in today’s marketplace.