Michael Boevink
Head of Sales, FINTECH Circle Scale Up Program
Susanne Chishti
CEO, FINTECH Circle
Currently, the biggest fintech trend is to create the ultimate frictionless, coolest, fastest app and unregulated payment solution, but these are all wrong! Trust and getting the regulatory fundamentals rights are basic elements of success.
Although the regulations around fintech give the opportunity to move fast, you must get your fundamentals in place from day one. We see a lot of initiatives coming up with an instant application and they forget to include on their roadmap the impact when they reach a certain scale.
The loss of trust of your target audience will be insurmountable.
Fintech is centred around people’s money, which is a different hurdle from a generic product or service. People must trust you with their money. Trust is built on excellent customer service and credibility. If you are a new player in the industry, the credibility must come from your fundamentals, getting that regulatory part right.
There are plenty of examples in the industry who lost several clients in their growth path due to these mistakes.
In the world of digital payments, there is this belief that everyone is instantly tech savvy and is going to use your solution regularly; this is a misconception.
Understanding your audience
In the world of digital payments, there is this belief that everyone is instantly tech savvy and is going to use your solution regularly; this is a misconception. Most don’t like change and will often use your service as a secondary solution.
Often, when the customer is onboarded, they are left alone with the seamless usage and no effort is made to educate them on usage.For example, the user’s salary keeps flowing to their primary bank account, while they use your secondary solution for small transactions.
Similar to social media – you want an active user base instead of a high volume of ‘sleeping’ clients. Ideally when you onboard a customer, you want to make them a ‘raving fan’ and show them how they can use your service to increase the usage.
Changing human behaviour
Remember, human behaviour is to dislike change and the ultimate goal is to gain their trust. Do you trust anyone with your money? Ask yourself this question when you scale your solution.
At the FINTECH Circle Scale Up Program, we work with fintech firms to deeply understand their customer needs and psychological profiles. The indirect effect of this is that happy clients will talk about your service and others will embrace your solution.
Learn more about the FINTECH Circle Scale Up Program