Spotlight on Serene
Date: 02 May 2024
Author: Carla Hindley, FINTECH Circle Intern & MSc Management student at Imperial College Business School
Serene: Transforming Fintech with Real-Time Support for Vulnerable Customers
In a world where financial vulnerability is an ever-present concern, Serene emerges as a source of innovation by creating a more compassionate and inclusive financial ecosystem. This fintech startup is catalysing progress with its end-to-end digital solution aimed at identifying and supporting vulnerable customers in real-time.
At a recent FINTECH Circle event attended by Swiss bankers, Serene’s novel approach turned heads, unveiling a vision for a future of financial inclusivity.
Their mission is to break the cycle of vulnerability by harnessing behavioural insights for early detection and future prevention of financial distress. Through a compelling keynote led by CEO Savannah Price, Serene demonstrated how their technology empowers firms to proactively identify, understand, and support vulnerable customers, marking a significant stride toward a more compassionate financial system.
Understanding Vulnerability in the Financial System:
Serene’s presentation illuminated the alarming statistics surrounding financial vulnerability: While 52% of adults display characteristics of vulnerability, a mere 3% are recognized by banks and lenders in time to prevent harm.
This gap in vulnerability detection not only poses a hidden default risk but also leads to significant operational burdens and missed market opportunities for financial institutions.
Serene’s solution? A vulnerability management platform powered by transaction data and deployed via APIs to offer proactive identification, predictive insights, and personalized support.
With 93% of people displaying erratic spending habits under stress, according to the Money & Mental Health Policy Institute (2022), Serene’s technology breaks the cycle of financial stress, erratic spending, and the ensuing mental health impacts.
A Closer Look at Serene’s Technology:
What makes Serene’s platform groundbreaking is its end-to-end applied intelligence, combining advanced analytics with actionable insights to drive proactive engagement. From identifying characteristics of vulnerability and segmenting customers according to risk, to understanding changing needs over time, Serene provides a framework for delivering timely and targeted support.
Their portfolio management strategies, encompassing pre-arrears and arrears, emphasize rehabilitation and debt recovery through compassionate contact strategies and loan engagement platforms.
The Impact of Serene’s Approach:
The reception from Swiss bankers attending the fintech tour was overwhelmingly positive, recognizing Serene’s potential to drive good outcomes for businesses and society. By enhancing cure rates, operational efficiency, regulatory compliance, and customer engagement and inclusion, Serene is not just advocating for vulnerable customers; it’s paving the way for a more ethical and sustainable financial ecosystem.
Serene’s Journey: Rapid Progress and Proven Traction
In just seven months, Serene has demonstrated remarkable progress and traction, achieving key milestones such as training algorithms with 2 million customer accounts, securing POCs with top financial institutions, and anticipating significant value from their 2024 pipeline. This rapid advancement is a testament to the urgent need for Serene’s solutions in the market.
Moving Forward Together
Serene’s presentation at the prestigious FINTECH Circle event was more than just a showcase of their technology; it urged action from the entire financial industry. By prioritizing the needs of vulnerable customers and leveraging technology for social impact, Serene is contributing to the evolving narrative of fintech —one where every transaction tells a story of empowerment.
As we look to the future, Serene demonstrates how fintech can be a force for positive change, making the financial system more accessible and supportive for everyone.
For those interested in learning more or joining Serene’s mission, visit Serene’s website and explore how every transaction can tell a better story, together.
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