Current events are causing anxiety across the world. Individuals and businesses are taking stock of a wide range of issues on how the pandemic affects both plans for the present and the future. Chief among those concerns is financial wellness during this ambiguous period.
With financial wellness top of mind, consumers will be examining creative solutions to assist with all facets of their financial priorities. FinTech’s will be called upon to aid consumers in this mission.
While FinTech entered 2020 on a wave of growth, few could have forecasted a massive swell in the need for their services prompted by these uncertain times. And while the roadmap is unprecedented, consumers needs will undoubtably shift from previous norms. Here are eight strategies to support your customers during uncertain economic times:
1. Have the scalability to keep up with the surge. Adaptability is key in order to survive, and thrive, in uncertain times. The ability to scale in an economically responsible way, without impacting the quality of service and security consumers deserve, matters now more than ever. Be ready to capitalize on today’s opportunities, and those on the horizon.
2. Get the word out. Consumers are looking for new solutions. Make yours simple to find. Apps with a marketing budget are reportingly enjoying a 70% market share boost. Let consumers know what you have to offer, and how it can help them meet their financial needs.
3. Make a good first impression. Don’t let potential customers be part of the 40% that abandon onboarding. Welcome new users with a frictionless, but secure, registration process. The longer onboarding takes, the less likely a customer is to complete it. In a market that values instant gratification, onboarding should take minutes, if not seconds.
To read the additional strategies that FinTech companies should use to support customers, make sure to check out our FinTech strategies landing page.
This is a potentially once-in-a-lifetime chance to showcase to customers that FinTech solutions are no longer the tools of the future, but the necessities of today. A careful, concerted effort now, and informed planning for tomorrow, will help FinTech companies ride this unprecedented wave to their advantage.
Envestnet l Yodlee Account Verification is the best fit for companies looking to reduce fraud, enable payments and on-board customers. With the industry’s best data coverage and highest accuracy at your fingertips, you’ll have the ability to scale securely while developing products quickly. To learn more visit yodlee.com/account-verification.
