In the past decade, there has been a significant advancement in computer and mobile technology which had had drastic effects in almost all sectors, especially in business.
- This development has dramatically changed the way in which consumers as well as the entrepreneurs think about a problem and its solution.
- In addition to that it has also changed the way the consumers think about accessibility to different websites, products and services.
- It has affected the daily transactions of any business wherein most of these transactions are now happening more frequently and mostly online using a plethora of mobile applications.
When it comes to the Financial Technology or Fin-Tech as it is commonly known, it is one of the most significant categories that have been impacted the most due to these continual developments in computer and mobile technologies.
- This is the latest in the financial industry which usually applies a lot of innovative and useful technology to improve financial services and all its activities.
- It is also the new technologywhich effectively aims to and successfully competes with the existing traditional financial money market and methods as far as delivering financial services are concerned.
It is all due this notable and useful transformation of the traditional financial services and methods provided by different banks and financial institutions, online money lending sources and even debt relief providers and others to Fin-Tech companies that the startups cannot and should not neglect its effect and impact to make their ideas live.
Given the present market scenario, Fin-Tech is the most important player that has changed the entire game and is responsible to transformall the different areas involved in it such as:
- Money lending
- Making investments and
- Collecting payments.
Focusing on these three specific areas all startups can reap the maximum benefits and profits from their Fin-Tech startup ideas.
One thing is very clear here and that is Fin-tech will redefine mobile banking and payments radically. This is because it has got huge potential to leave the traditional financial institutions way behind it.
Therefore, if you are a fin-tech startup and want to give shape to your fintech idea, then it is high time you focus on the bigger part and picture of mobile payments that is expected in the next couple of years.
Over delivering is not an optimal solution
Experts believe that a fin-tech service is an optimal solution to the problems of people looking for a suitable financial product. They are even of the view that a large number of the large traditional banks could probably disappear within the next ten or twelve years.
However, this probable extinction of the traditional banks and financial institutions can be prevented if and only if there are a few specific alterations made in their business models as well as economics, financial products and its structures.
Yes, act of kindness goes a long way as far as business success is concerned due to several good reasons such as:
- It acts as a free and most effective PR. Ideally, going out of the way to help the customers is the most powerful customer service than an amazing one.
- When you overdeliver your products and services you will actually follow the best of the techniques which ensures that when you do good to others you will do well in your business.
However, when it comes to financial services over delivering or being over friendly can both affect your business in a negative manner resulting in more unpaid loan accounts. Therefore, over delivering in financial services may not necessarily or always replicate the success stories of other type of businesses that are of service nature.
Compare an airline service for that matter and you will know the difference. Over delivering here is great and mostly required but in here these are appreciated only during life altering events as well, which no one has control of.
The inference that you can arrive at is that in reality, whether it is a financial service or hospitality, it is better to over deliver but:
- In the right manner
- In a small amount and
- In more meaningful ways.
There are several different yet powerful ways to over deliver to your customers to increase their experience while doing business with you. Though all such ideas may not be suitable and applicable for you, you can surely choose the best ones among these according to your liking, need and suitability.
- For example, if you even send a thank you note to any of your new customer taking on your service is a sort of over deliverance but it will create a huge impact in the mind of the customer.
- You can even give a small gift to your loyal customer since you know their birthday to create a significant impact.
These small yet powerful ways to over deliver will not only help you to build a strong and long lasting relationship with your customers but it will help you in several other ways to add to the success of your business. These are:
- It will raise the level of trust and reliability of the customer.
- This will in turn increase the chances of making not only a repeat business but referral businesses as well.
- It will create a better brand awareness among your customers.
- You will be able to showcase your positive company culture effectively to the customers which will in turn encourage more sharing and promotion of your brand.
With such small acts of kindness yourcustomer centric approach will become the talking point thereby ensuring free advertisement.All these will take your business a long way forward towards success.
However, make sure that you consider the negativity during company chat and go over and above the call of duty. This will bring in a breath of fresh air as these conversations will be different from the standard ones. This will ensure people pay attention to the things that you, their friends or colleagues recommend. These are the most basic form of organic fin-tech marketing.
Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA. She helps clients both personal and professional in long-term wealth building plans. During her spare time, she loves to write on Business, Finance-Technology, Marketing, Social Media. She loves to share her knowledge and Experts tips with her readers.