How can you design a FinTech user experience that builds loyalty?

Loyalty is an emotional response but we often mix that up with money. For example, loyalty in FinTech is often mixed with cashbacks/ rewards - which is no different than DISCOunting - something that CPG business has learnt a long time ago. Kano Model is a useful reference when it comes to designing features for your users. It speaks about Must-Have features, Performance-Features (e.g. can I complete this business process in 2m as opposed to 2h or 2mo), Delighters (e.g. Fruit Basket in your Hotel room). I have been loyal to a <famous UK bank> because they supported me throughout a six day journey when someone stole my luggage and the travellers cheques (yes, those). And, more recently supported me with Investment Advice and privileges.

A good definition of "Real Problems" is (to borrow a line) that "Money can't Buy". If there's problem that can be solved by throwing money (i.e. discounts, people, resources), it would rarely encourage loyalty. Loyalty is found at difficult time/ key moments e.g. I help you when you were struggling OR I stepped forward when you wanted to form an impression but didn't have the means (e.g. access to a famous restaurant/ gig)

The first rule of building a fintech is to offer convenience to customers. However, financial processes might be lengthy and cumbersome considering the due diligence involved. Here are 3 must-haves for a simplified process on your platform: 1. Use effective visualisation techniques. For example, show the number of steps or % of the process completed to the user 2. Effective use of white spaces. Users can be overloaded with information on a fintech platform. Use white spaces to break the monotony. 3. Updated information. In order to retain your customers and build loyalty, it is imperative to consistently offer the best services and updated information that will add value to the customer’s needs.

In FinTech, trust hinges on service dependability and predictability. Critical moments like buying or selling in a volatile cryptocurrency market demand a rock-solid, uninterrupted service. The failure of a FinTech app at a pivotal moment can lead to significant financial losses. Similarly, banking apps must function flawlessly during crucial transactions (e.g. time-sensitive payments) to avoid severe consequences. Consistent service availability and having robust contingency plans are essential in maintaining user trust in FinTech. FinTech products are usually cost-incentivised, anticipating the $ value of a user over a significant 'lifetime'. You should expect that 'lifetime' to expire at the moment of the first critical failure.