Balancing control and flexibility a FinTech Startup would want to offer

18 दिसम्बर 2021

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Dear reader,

FinTech startups will have a very fine line between moving from the old school way and the trust factor. Banks are now moving towards the path of digital transformations and bringing in new technologies with the intent on building leaner, faster, cheaper products than traditional banks. Brands have been created to be approachable and emotionally engaging, differing from the more traditional bank’s approach that Indian customer base is used to.

Customers does not want opaque financial institutions, rather they like customized services, more transparency, more mobility, flexible banking, lower fees and faster transactions. And now customers are spoilt with choices in the market.

But the challenge as this evolves is how you stand out, while gaining people’s trust. People have to be able to remember your name and who you are, but also trust you with their money.

  1. Keep it simple and clean:

  2. Now that it’s a new change to adapt, it should not be jargon. People need to understand clearly who you are, what you offer and why they should care. You need to be quick and simple to understand

  3. Know Your Customer:

  4. Understanding your customer, designing and delivering the value that matters most to customers is the key for the success of your product. In case of a diverse mass customer base, you can quickly get a ‘map’ of your audience’s life and world, and make sure all product decisions, features and communications are guided towards fitting in easily there.

  5. Right attention to touch points: Small touches of delight you add, on top of the basics, make your experience more memorable and, thereby, more sticky. Building stickiness or virality into the design of your products and onboarding experience has more power than any amount of content marketing.

  6. Nurturing partnerships:

  7. As more technology companies spring up, covering a wide base of offers, becoming the preferred partner in your category is essential. This means cultivating a community and partnership strategy as soon as possible in your lifecycle As the competition for banking services intensifies, FinTech startups will have to take more bold steps to set themselves apart in the market. Agile, fast, and focused execution are quintessential for success.

With Regards,
Akhil Handa
Chief Digital Officer

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Technology is heavily influencing the value chain.

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Tastry, a sensory sciences company based in California, uses machine learning to teach artificial intelligence to “taste” – and this technology is shaking up the wine industry. Tastry’s technology decodes aroma and flavor profiles by chemically analyzing thousands of wines in their lab. Then Tastry identifies the unique consumer palate of each individual that takes a quiz in a store our on their app.
Modern technology is changing the way we consume our wine. Tech is at play at the back end for the production process and in the front helping us make better wine choices

Credit :Akhil Handa

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Credits : Akhil Handa

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