The FinTech revolution has become a global phenomenon in only a few years. What is FinTech? It is an umbrella term covering several companies that employ a blend of technology and software to offer top-notch financial services. You will see its prevalence in insurance, banking, wealth management, and many other sectors. There is no sign of it slowing down anytime shortly.
Many FinTech solutions have revolutionized the world so much that many businesses now seek valuable lessons from the FinTech startups. Irrespective of geography, almost every FinTech startup has learned valuable lessons in the last few years.
Adopting these lessons made several successful FinTech companies, and those that ignored them vanished from the market in no time. So, let us address a few FinTech lessons that you can learn.
User-friendliness is the recipe for success.
Several people love doing finances. But, most people find it boring, complex, and confusing. Going by the standard, top financial tool development companies like Robinhood and PayPal stress offering top-notch user experience. They take design to a new dimension and believe it is not merely what it looks like but also how it works and feels.
All of it together makes a potent design. It is why a clean consumer understanding and simplicity are the backbones of every FinTech app. You can take any FinTech tool and will know that each of these apps has a navigable and uncluttered display. They give the users what they seek.
In addition, to ensure a seamless conveyance of information, FinTechs present it vividly. For this, they employ several animations and keep it minimalist.
Know the client’s needs and sought outcome
Before you design any tech solution, know your client and acquire an in-depth understanding of them. Customize the designs to match their needs. Consider their pain point.
Is there anything that can simplify their lives?
Can you do anything to make it better?
When you invest time and effort into understanding your customer, you give them what you need. It paves way for your success and can save you a lot of time and effort in the future. If you want to learn in detail about FinTech companies, you can check out some of the best FinTech courses.
Focus on a single solution
These days companies tend to provide a host of services – management, payments, billing, investment banking, etc. But, startup financial institutions do not have excessive resources at their disposal. Hence, they focus on one service and try to master it.
But, by designing targeted products, they can still earn a high return on investment. Hence, as an enterprise, every company must start by focusing on the core value and keep its reach narrow. You can expand later, but do not try to spread your wings when you enter the business.
Use of interactive elements
These days, Gen Z and millennials comprise a large portion of the FinTech users, and FinTech companies know how to keep their new-age users engaged. Hence, to ensure that the users spend a good amount of time in the application, the developers create apps with multiple unconventional in-app elements.
You will find games or contests within the app. The objective is to educate the user about their offerings, new additions, features, and launches. Contests and games bag users’ prizes – tangible and intangible.
Typical rewards include event tickets, gadgets, low-interest rates, discounts, or subscriptions.
Getting user feedback across the development phase
You want to offer a solution that meets the user’s expectations. So, for this, you need to be proactive right from the beginning and test the app often and early. Consider getting feedback on the program’s functionality and interface from the user at every stage. It can help you incorporate changes sooner, sans any delay.
Further, hearing and incorporating users’ feedback can enable the team to better the design. It also makes the customers feel important and gives them an impression that they can rely on you. In the financial sector, trust is quintessential because the industry is typically infamous for half-baked customer loyalty.
Sadly, a study suggests that financial service providers and banks hold the minimum consumer trust. In the same survey, about seventy-six percent of people regarded technology as their most trusted industry.
Therefore, it should not be challenging to regain consumer loyalties by adopting digital innovations.
Wish to know more about FinTech’s work? You can pick an online course here, and start learning.
Develop a culture of innovation
FinTech is a state of mind. Hence, try to invoke a sense of wise disruption amongst your teammates by motivating them to collaborate with unlikely partners, share ideas, and innovate from within the enterprise.
Challenging the status quo is the only way to lead in the industry. The surge in the popularity of FinTech, year after year, is a reason enough to believe that having a uni-directional focus on deliberate or minor changes can produce revolutionary outcomes.
So, by merely streamlining the simplest yet the most quintessential task like transferring money, the FinTech companies have drastically simplified the users’ lives and helped them save money and effort.
Switch to open banking
Back in the time, banks were not transparent. However, these days, there is a rising trend in open banking. Therefore, hiding data is no longer appreciated. Startups to understand this factor and the potential benefits it brings. Hence, they create offerings based on third-party and API connections. The revolutionary financial ecosystem allows the programmers to build apps and adjoin them to existing solutions without snatching the control more the users.
Inclusions of chatbots and voice assistants
Lastly, chatbots can write a company’s growth and success story. So, when you include chatbots and voice assistance, you open your enterprise to the night owls, the Gen Z. Its trend started to form the FinTechs. The bots are so well-designed that they can assist the users in multiple things – reviewing their transaction history, checking account balance, or paying bills.
In addition, the chatbots also send triggers and alerts to warn about low account balances and bill payment dues. Some even provide fundamental financial guidance. Hence, the customers get better and more convenient use.
So, these are the eight most valuable lessons to learn from FinTech. Have more such learnings to add? Please share with us in the comments below.
