Digital Marketing

How Black Banx Prioritizes Purpose Before Profit

As technology continues to evolve in an unprecedented space, digital banking continues to gain momentum, with an increasing number of consumers now preferring to make transactions online. 

As such, many businesses are jumping on the trend to establish a presence in the space. For some, this means operating like a traditional bank, with a focus on generating profits and returns for shareholders. 

But for others, such as London-headquartered Black Banx, there continue to be significant reasons why the purpose of digital banking comes far ahead of profit.

Social mission

Granted, Black Banx is far from lacking when it comes to revenue. As of the end of 2022, it had earned as much as $1.1 billion in revenue, backed by the growth of its now over 20 million retail customers and over 1.5 million business customers.

However, these numbers were earned because Black Banx continued to prioritize its mission of unlocking a borderless financial system for everyone where money  can flow freely.

Established in 2014 by German billionaire Michael Gastauer, Black Banx’s foundation is the understanding that globalization offers immense opportunities for work, travel, and business, and an increasing number of customers now require an easy way to do global transactions in real-time with low fees–that of which established banks simply fall short in providing.

In addition to the global consumer is the underserved consumer, or those who have been excluded by the traditional banking system, which Black Banx also continues to work on ensuring that they have the same opportunities to save, earn, and manage their finances conveniently and from anywhere in the world.

Customer experience

As previously mentioned, Black Banx’s priority is developing a borderless financial system where customers can complete transactions with as little fees and fuss as possible.

To reach this goal is to understand that focusing on customer experience ultimately drives better business results over the long term. It is for this reason that Black Banx places a great deal of importance on continuing to make well thought of investments in technology and user interface design to maintain a seamless, user-friendly experience for customers. 

With this focus on evolving its scalable and cost-efficient infrastructure that is centered around efficient IT systems and a virtual branch architecture, Black Banx maintains an ability to make developments in-house and ultimately make immediate responses to customer feedback which leads to higher customer satisfaction, increased loyalty, and ultimately, more business in the future.

Brand building

Like any other digital bank or company, Black Banx aspires to build a strong brand that resonates with consumers. 

While working significantly on marketing, community engagement, and other initiatives designed to build brand awareness may not have a direct impact on profits in the short term, Black Banx continues with such efforts as it aims for as many customers to be aware of the financial transaction and management options they can enjoy with Black Banx.

These include making international payments in 28 FIAT and 2 crypto currencies, multi currency debit or virtual cards, real time 24/7 currency exchange and crypto trading services, and interest bearing savings accounts in the world’s most powerful currencies, to name a few.

By ensuring these and other upcoming options are out in the open, Black Banx aims for customers to be able to get the most out of their transactions and savings, whilst challenging the rest of the banking industry to be more customer centric.

Long-Term Value Creation

As customers’ lives and their surrounding economy evolves, so will their banking needs, and it is for this reason that Black Banx is willing to have profit take the backseat to long-term view of value creation. 

In order to best be ready to meet what customers want and need from their digital baking experience, Black Banx takes the long term apporach of prioritizing research and development, talent acquisition, and other informed initiatives that it believes will be to the benefit of its customers and overall business now and in the future. 

A significant example of this in the present is Black Banx recognizing the continued emergence of cryptocurrencies, and as a result offering customers the benefit of being able to connect to a fully fledged banking platform with the features of a crypto exchange and being able to use crypto balances to pay third parties directly.

Digital banking has indeed come a long way, and while its development has been driven by the premise of making transactions as secure and convenient as possible for consumers, the continued lure of profiting as much as possible has hindered some institutions to be more innovative and has even led to some continuing to operate as a traditional bank.

Black Banx finds itself fortunate to presently be in the position that sticking to its mission has resulted in successfully earning revenue, and with the runway it has created for itself now aims to further prioritize its purpose with the faith the doing so will lead to deserved profit.

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