FinTechs are enjoying a boom period right now, one that shows no sign of slowing down anytime soon. But experience has taught us that good times can turn bad very quickly. With that in mind, FinTechs would wise to learn from the experience of the retail sector if they want to better position themselves for long-term success. In particular, FinTechs need to start thinking about ways to “trim the fat”, especially when it comes to launches. Often FinTechs delay launches to make small adjustments in order to get things “just right”. This, however, leads to lost revenue and increased costs as a product must come to market first before it can turn a profit.
FinTechs also need to focus more on consumer needs and experiences. FinTechs, while adept at tapping into changing consumer moods and habits, sometimes love to innovate for the sake of innovation, forgetting about the consumer. A product must be useful and of an appropriate value for consumers. Finally, FinTechs are products of the modern age. As such, they are often hyper-focused on branding. Sometimes, however, they forget to also focus on values. Outlining and following a basic set of values can help any brand differentiate itself in a market that is becoming saturated with FinTech solutions.
Traditional retailers are sometimes scoffed at as being somewhat antiquated and out-of-touch. However, the ones that are still around and doing well are still with us for a reason. FinTechs can learn from them how to keep consumers happy, engaged and supportive of their brand.