fbpx

5 Powerful Fintech Lessons for Every Entrepreneur

Financial technology has radically changed how we do business. We now have access to all sorts of invaluable business building applications.


Financial technology, or fintech for those in-the-know, has radically changed how we do business, whether you realize it or not. Thanks to the fintech boom of the 21st century, you now have access to all sorts of invaluable applications and services that make building a business that much easier.

However, there is a difference between using fintech and understanding it. If you want to get the most from the fintech resources available to you, then you should consider pursuing a fintech certificate online to bolster your entrepreneurial skills. Even if you don’t want to launch a business in the fintech field, you are likely to learn invaluable lessons, such as:

 

1. User-friendliness begets success

Most people are not financially savvy; in fact, most people are not even financially literate. Thus, most fintech strives to be as easy to use as possible, to ensure that users feel confident enough to continue using such digital tools.

Likewise, in business, successful companies are able to make their products as easy as possible for consumers to understand, access and use. You should consider the design of your business, especially from your customer’s perspective. You might even interview customers to better understand how user-friendly they find your services to be. You should always strive to convey information as simply and clearly as possible to reach success.

 

2. Interactivity builds engagement

Fintech often relies on interactive content to attract and retain users. Games, contests and other elements can improve user-friendliness, helping users better understand the resources they are working with — but they also serve to keep users engaged with fintech applications for a longer period of time. This engagement tends to lead to happier customers who are more reliant on the tool.

Though many business leaders have interpreted this lesson as “you need to build a dedicated app for your business,” the truth is that you don’t need an app to interact more with your customers. Using other tools, like social media, you should try to engage your target audience as much as possible, which will develop into lasting relationships between your business and its customers.

 

3. Solved problems create loyalty

It doesn’t matter how large or small a problem is; those experiencing the problem need a solution. Successful fintech companies are experts at identifying a widespread problem and developing a useful solution. As a result, customers continue to return to their tools time and again, grateful for the practical help.

Every business should work to address some consumer need, but if you can spin that need into a problem and your product into a solution, you are likely to attract more consumer attention and gain a greater number of repeat customers. You might look into common problems suffered by your target audience and strive to develop solutions for them. If you don’t have a clear problem-solution business model, you can at least devote budget to your customer service, so your consumers will always have answers to their questions about your business.

 

4. Customer service should entail 24/7 coverage

Speaking of customer service, it is worthwhile to point out that many fintech companies either provide or utilize an increasingly important customer service tool: automation. Voice assistants, chatbots and other automated customer service tools can operate all hours of the day, which is ideal for serving younger generations who are less respectful of traditional business hours. Additionally, automated customer service can easily address frequently asked questions, freeing your living, breathing CS staff to tackle the more unique and complex issues that arise.

 

5. Transparency builds trust

The finance industry is not well-known for transparency. Banks are notoriously opaque in how they do business, hiding information about how they handle their customers’ money to the extent that it can cause significant turmoil in the economy. Fintech, by and large, strives to reverse that behavior and make financial services easier to understand and observe. As a result, consumers tend to have positive associations with fintech companies, even as they continue to harbor negative feelings toward traditional financial firms.

Your customers don’t need to know every intimate detail of your business, but the more you can reveal about your business, the better. Transparency — or at least the appearance of it — gives consumers a sense of trust in the companies they interact with, which makes them more likely to recommend those products and services to the people they know.

 

You will find it incredibly difficult to operate your business without fintech tools — or without these lessons from the fintech sector. By devoting yourself to learning more about fintech, you can ensure greater success for your business.

 

© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.

   

In this article