Freddie Achom on the four things Fintech start-ups must do to get noticed

Freddie Achom

Competition is fierce in the world of Fintech as the sector continues to expand far beyond simple blockchain. With a constant stream of new talent and growing investor interest, there is a constantly increasing competition to land interest, attention and investment.

The kinds of Fintech companies that are successful in gaining customer, investor and talent traction are getting things right. These are the kinds of things that will help you stand out from the crowd and help your Fintech start-up gain success.

  1. Build a seamless CX

The digital customer experience (CX) must be seamless. It should be adaptable, flexible and customisable so that every set of customer eyes feels like the first. All platforms must integrate seamlessly and financial services easy to access.

It should be simple to implement a successful and workable UI (user interface), with no lengthy sign-up and enrollment needed. Each potential customer must be responded to intelligently and thoroughly. This should start with the very first encounter and reach right through beyond the point of sale.

The Chinese market excels in providing paperless, seamless contracts, dashboards making it easy to invest at the click of a button and a frictionless way of integrating finances into the newsfeed we all use daily. In China, financial services are already everywhere on social networks such as WeChat, making them easy to access and use.

  1. Streamline lead generation

Using machine learning and artificial intelligence (AI), Fintech companies should streamline lead generation and nurture those leads seamlessly. This will ensure more accurate and faster processes, such as mortgage underwriting and credit application decisions

In a similar way to Netflix learning the user’s movie preferences, Fintech companies can segment customers by everything from location and generation to assets and tech device. This will allow them to create financial services that will seamlessly integrate into the customer’s life.

  1. Embrace regulation

It’s easy to see the increased amount of regulation n the world of Fintech as a threat to innovation. But it can be seen as a driver. Large firms take a long time to respond to any new regulations and often find it much easier to simply work with a small start-up that is already on the case.

This means that banks don’t have to race to catch up and Fintech start-ups can get the backing they need.

  1. Turn tradition on its head

The old-school business model in the financial world has always been high fees and slow performance. Successful start-ups flip this by undercutting fees and over-delivering straight away.

Easy sign up, simple, well-crafted content and lower fees pretty much guarantee millennial sign up. Eventually, the industry giants will have to do the same or go under, but until then there are plenty of customers to scoop up.

Think of it like this: within the world of Fintech, the customer is number one. Anticipating the needs and wants of your target demographic means turning reactivity into proactive measures. Values matter as much as money and ease of use trumps everything. Follow these tips and your Fintech start-up could be the next big thing.

Tags

top