November 3, 2022
Innovations in financial technology are revolutionising how people, banks, and businesses manage money. Even how individuals engage with their finances is dramatically different than it was five years ago. But as with any big disruption, the road isn’t completely smooth. In an industry built on trust and where people’s livelihoods are at stake, adoption can be slow and scepticism entrenched.
Spotcap recently identified three Cs as vital to overcoming the key challenges to FinTech innovators and startups. We think it’s even simpler than that. There’s really just one big C that all FinTechs must get right in order to win consumer trust grow: communication. Lacking face-to-face interactions, FinTech companies must find ways to communicate that meet all customer needs and build confidence. They must be clear without eliminating crucial information; transparent without seeming immature, and speedy without appearing perfunctory.
Consumers today are used to getting information and service electronically and on demand, but when it comes to financial matters, they still want to feel real people are in charge. FinTechs can create a customer experience that has the right feel by teaching, answering questions, and be available at every step of a customer’s banking journey. Read the article in more detail at Prolific London
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