How Customization & Hyper-personalization are Fueling the Four Tenets of Future-Facing Fintech

One of the most common tropes we hear is "invest in people." Hiring the right people will always get the job done. However, in this transformative time where artificial intelligence and machine learning are revolutionizing job markets, we have to pay attention to future disruptors that fintech is currently facing.

The Four Tenets

Merchants and clients prioritize several key factors when it comes to payments: revenue, conversion, speed, and user experience. The primary goal for companies offering products or services is to drive sales and generate revenue. Conversions play a crucial role in this, as they transform website visitors into paying customers. It prompts action from visitors rather than passive engagement, focusing on maximizing the potential of existing visitors rather than solely attracting new ones.

Speed is another critical aspect that shapes the future of fintech. In today's fast-paced world, efficiency and speed are paramount. Fintech companies must prioritize speed to stay competitive and deliver prompt solutions to merchants and clients.

Lastly, user experience holds significant importance and continues to evolve. It is about enabling customers to effortlessly interact with a product and tailor it to their preferences. While the term "user experience" is often used casually, companies need to ensure they provide a comprehensive range of customization options to meet customer expectations.

Be in Control

To deliver an optimal user experience, fintech companies must use the power of appropriate technologies that suit the needs of their clients. The most effective approach is to develop these technologies in-house rather than relying on third-party providers. By maintaining control over the technology stack, companies can offer the highest level of customization to meet their users' needs as well as provide excellent customer service, maintenance, and optimal pricing fees.

The focus should not solely be on having the most advanced technology but rather on possessing the most adaptable technology that can be tailored to suit user preferences. This level of control reduces the potential challenges that may arise from relying on external providers who may not always be up-to-date or aligned with the company's objectives. By having control over the technology, fintech companies can minimize errors, mishaps, and communication strains, resulting in a seamless user experience.

Redefining the Customer Journey

The customer journey has traditionally followed a structured process when individuals engage with a business or brand. It covers various stages and segues from initial awareness of a product or service to making a purchase and ultimately becoming a loyal customer.

To begin, generating awareness is crucial, whether through advertising or other means, to inform potential customers about what the business offers. During this stage, it is important to highlight the customization options available to users, as this feature should stand out and differentiate the business from competitors. Users should be familiarized with the level of customization offered, allowing them to consider it, compare it with other options, and ultimately make an informed decision to choose your product or service.

By focusing on customization, businesses can not only attract customers but also foster client retention and cultivate loyalty. Providing tailored experiences and personalized solutions will contribute to building long-term relationships with customers.

In fintech, this is especially important for a generation of customers who have never even set foot in a bank before. Having everything accessible online and with a fast user experience in fintech companies is important for young millennials and Generation Z, who have become accustomed to instant services that resonate with them and are convenient for them.

Final Thoughts

Achieving success and generating revenue requires more than just having the right individuals on board to make decisions and get the job done. Fintech companies need to adopt a broader business mindset and prioritize certain aspects. These include developing the right technology, customizing it to meet the diverse needs of its users, and creating awareness right from the first impression.

By emphasizing on creating and controlling the appropriate technology, companies can ensure a seamless workflow that enhances efficiency and user experience. Customizability becomes a key factor in catering to the unique preferences and requirements of their users, allowing for a more tailored and personalized approach.

It is essential to create awareness among potential users from the very beginning. By effectively communicating the benefits and features of the technology, companies can capture the attention and interest of their target audience, setting a positive foundation for user engagement.