最有看点的互联网金融门户

最有看点的互联网金融门户
国际资讯基于互联网平台的金融业务

说来说去,金融科技创企到底有多少用户?

国际资讯基于互联网平台的金融业务

说来说去,金融科技创企到底有多少用户?

金融科技公司会定期公布最新客户数量,背后的动机多种多样——抢占新闻头条、证明怀疑论调的正误、维持投资者信心等等。更有趣的是,这些金融科技公司对"客户"的定义也是五花八门,糊里糊涂。

在客户数量方面,新晋纯数字银行最吸引人眼球。英国的新银行Starling最近宣布其活期账户数量已经从去年11月的4.3万增长到21万。竞争对手Monzo主页则显示,截至发稿已拥有92.0608万名客户,而美国同行Chime开户人数为100万。欧洲新银行N26的账户数量高达100万,同时Revolut声称用户数量超过200万。其他金融科技公司也热衷于宣传使用服务的用户数。汇款服务TransferWise用户数量超过300万,加密货币交易商Coinbase据称用户数量高达2000多万,支付应用Square Cash拥有约700万活跃客户。

用户数量:各有说法

金融科技公司各有各的亮点,吸引客户的数量自然也不一样。在可预见的未来,纯数字银行和替代银行服务的客户数量将少于加密货币交易机构,因为大多数人已经拥有银行账户,而加密货币交易对大多数人来说都需要新开账户。也就是说,有必要深入研究一些公司使用的术语,因为即使产品具有可比性,客户数量通常也没有什么可比性。

Starling的术语非常具体,指的是那些在银行开设活期账户而不是"客户"的人,这可能会导致人们对用户总数中商业和支付服务人数产生疑问。同样,Monzo和N26的"用户数"指的是持有账户并存入一定金额钱财的人, Chime也是这样。而Revolut的用户指的是拥有账户的人,但他们是否使用该账户进行汇款、交易加密货币或作为虚拟银行账户就不一定了。

数据有用吗?

是否有用取决于你的角度,孤立地看肯定是"没用"的。虽然Starling和Monzo都把活期账户作为客户数量的依据,而作为衡量标准,这个数字本身没什么意义。在什么样的语境下使用数据有利于我们理解这一点,Monzo首席执行官Tom Blomfield最近在接受采访时表示,"超过45%的客户每月至少将500英镑存入账户"。而在Starling,60%的客户每月至少使用一次账户,平均存款900英镑。(值得注意的是,大多数大型英国高街银行将"活跃"客户定义为在过去三个月内使用过账户的客户。)这些补充语境表明,新银行客户的活跃度与传统银行的客户无异。与此同时,Monzo不提供存款利息,所选择的指标证明客户使用其账户进行日常交易。同样,Square Cash的用户数是"活跃客户"的数量,定义为当月使用Cash应用程序接受或汇出货币的用户数量,也就是说,如果客户拥有帐户但不使用,这样的客户数量将不计算在内。在Coinbase的案例中,众所周知,尽管与投资巨头Fidelity拥有的账户数量差不多,但管理的资产数量要少得多。然而,即使有这些额外信息,也无法了解到关客户与这些金融科技公司互动、使用其产品的时间以及方式的详细信息。

那用户数据有什么用?

同样,这取决于看问题的角度。从最基本的角度来看,这些数字表明金融科技正在吸引客户注册。新银行需要潜在客户花费时间和精力来提交身份证明文件和完成其他KYC检查,例如录制自拍视频或通过视频链接与客户服务代理人交谈,正是这些步骤让用户数量这一数据引人瞩目。但总的来说,这些指标只对媒体来说有价值、有意义。

对于这些公司的投资者及其传统竞争对手而言,更关注的是争取单个客户的成本(即营销支出、现金激励)、维护每个账户的成本以及每个客户能产生多少收入等财务指标。投资者乐于看到公司的运营方式能够在时机成熟时实现健康的退出估值。老牌的、规模较大的机构则正在观望,新银行机构是否能够依赖全新技术堆栈的允诺、无分支机构以及新的工作方式获得成功。

最重要的是,这些公司的商业模式是否可持续?目前,我们只能依靠推测。那些提供大量其财务信息的公司,其未来仍然是不确定的。他们可能会将注意力转移到应对市场变化或关注收集到的已有客户的数据。作为外部人士,我们所能做的只有关注能够获取到的指标,对数据进行分析和预测。

Fintechs regularly provide updates on how many customers they have. Motivations for doing so are varied — garnering headlines, proving naysayers wrong, or right, keeping investors happy and so on. More interestingly, they also have a variety of definitions of “customer” that are not always clear.

New digital-only banks are among the most scrutinised companies when it comes to customer numbers, which is probably why many are willing to comply with expectations. UK neobank Starling recently announced 210,000 people have opened current accounts, up from 43,000 last November. Competitor Monzo has a counter on its home page which says it has 920,608 customers at the time of writing, while US peer Chime has provided 1 million people with accounts. European neobank N26 is up to 1 million accounts, meanwhile bank-wannabe Revolut claims it has 2 million+ users.

Other fintechs are also keen to shout about how many people are using their services. Money transfer service TransferWise has 3 million+ users, cryptocurrency exchange Coinbase reports a whopping 20 million+ accounts and payments app Square SQ +1.54% Cash has around 7 million active customers.

Each of these firms is reporting a different number

It’s clear that different fintech propositions will attract different customer numbers. For the foreseeable future, new digital-only banks and bank-replacement services will have fewer customers than cryptocurrency exchanges purely because most people already have a bank account, while the buying and selling of cryptocurrency is a new activity for most.

That said, it’s worth digging into the terminology used by some of these firms because it shows that even when products are comparable, customer numbers often aren’t.

Starling’s terminology is quite specific, it refers to people that have opened current accounts with the bank rather than “customers” which could result in questions over how many of the total number are users of its merchant and payment services. Similarly, Monzo and N26 are referring to people who hold accounts in which they store at least some money, the same goes for Chime. Revolut on the other hand is referring to people that have accounts, but whether they are using that account for money transfer, cryptocurrency services or as a pseudo bank account remains somewhat unclear.

Are they helpful?

That depends on your perspective, taken in isolation the answer is pretty conclusively no. The same is true of “like for like” comparisons. While both Starling and Monzo provide the number of customers with current accounts, as a measure of which is doing better the number alone is not useful. Context helps, at Monzo ”more than 45% of customers [are] putting at least £500 a month into their accounts” CEO Tom Blomfield recently said in an interview with the FT. At Starling, 60% of customers are using their accounts at least once a month with an average of £900 in deposits. (As a point of note, most large UK high street banks define an “active” customer as one who has used their account in the last three months.)

This added context indicates that these neobanks’ customers are at least as active as those of legacy players. Meanwhile, Monzo’s choice of metric, along with the knowledge it doesn’t offer interest on deposits, offers evidence that customers are using their accounts for day-to-day transactions.

Similarly, Square Cash’s figure is the number of “active customers”, defined as those that either received or sent money using Cash app that month, meaning customers who have accounts but do not use them are not counted. In Coinbase’s case, it’s known that despite having a similar number of accounts to investment powerhouse Fidelity, it manages a much, much smaller volume of assets.

However, even this additional information doesn’t really provide a great deal of insight into how and when customers are engaging with these fintechs and using their products.

Why does it matter?

Again, that depends on your perspective. At their most basic, these numbers show that fintechs are getting customers to sign up. For the neobanks, that’s more impressive as it requires a would-be customer to dedicate some time and effort to submitting ID documents and completing other KYC checks such as recording a video selfie or chatting to a customer service agent via videolink. But by and large, the only people who find such metrics useful are the media.

For these firms’ investors and their legacy competitors, financial metrics such as how much it costs to acquire each customer (i.e. marketing spend, cash incentives), to maintain each account, and how much revenue each customer generates are much more interesting. Investors are looking to see that companies are operating in a way that will lead to healthy exit valuations when the time comes. Older, bigger institutions are looking to see if the promise of entirely new tech stacks, a complete lack of branches, and new ways of working are paying off for the newcomers.

What really matters is, are these companies’ business models sustainable? For now, we can only speculate. Even for those firms that offer a great deal of information on their financials the future is still not certain. They may yet shift their focus to react to changes in the market or data gleaned from the customers they already have. All those of us on the outside can do is seize what metrics we can, analyse the data, and gaze into our crystal balls.

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