This Aussie fintech creates a board of customers – not trustees

Teddy Cambosa - April 20, 2021

Melbourne, Australia – Thrive, an Australian fintech, has involved itself in a one-of-a-kind business management move with the creation of its Customer Advisory Board (CAB), a board comprising of customers and not trustees, to bestow customers rights and authority to contribute to its operations. 

Thrive is a single integrated banking, accounting, tax and lending platform, and unlike conventional advisory boards that are composed of industry leaders with long leadership experience, Thrive aims to create its own CAB by accepting applications from a variety of different business owners – its customers – ensuring a broad cross-section of feedback, suggestions, and needs are collected. 

Each board member will self-nominate through an application process, with successful applicants receiving shares in Thrive for a 12-month commitment. Meeting monthly, the CAB will be given the ability to help shape Thrive’s product roadmap, marketing strategy and customer service plans. 

According to Michael Nuciforo, CEO at Thrive, the concept was implemented to ensure customers were always front of mind, noting as well that they are the first fintech to do so that has implemented a customer-centric advisory board.

“Nothing is more important to us than our customers, so setting up a Customer Advisory Board that represented the interest of members was the best way for us to hold ourselves accountable to our mission,” Nuciforo stated.

Thrive is currently accepting nominations for the CAB and is looking for business owners who are passionate about helping other businesses improve their financial wellbeing. 

“We expect to get many applications and we can’t wait to select our CAB Members and get this started,” said Ben Winford, co-founder and COO at Thrive.

The application process will conclude on 30 April this year.