The United States leads the World in developing technology solutions for industries across the board.
The leap into financial technology solutions happened in the 1990s with the needs of the financial institution as priority. Today, in a market full of competitors, the consumer needs to take priority. With dedicated internet access, the possibilities are growing daily.
Take Advantage of Social Media
Expanding service options to keep up with the competition means entering the pool of consumers who use social media channels for banking and other financial services will increase interest in the financial solutions you can offer. Many social media networks give an array of information about consumer preferences, habits and behaviors. The lifestyles of the digital generation reflect a preference for cash in hand with a need for electronic methods of payment. The way to the consumer’s heart lies in providing quick access to what they have available, with avenues for savings and investing. Make their options visually appealing and quickly accessible with easily assimilated instructions.
Building financial services around federal regulations that now exist or shortly will, gives you leverage in an industry still shell shocked by economic implosion. Customers have little faith in large financial organizations who they feel pushed the United States into a long recession. Consumers will do business with an entity they trust. Building trust means keeping processes transparent and easy to understand.
Financial services, whether for an individual or small business, need to maintain an environment people find comfortable. Easily navigable web pages and on topic content that informs instead of hard selling services may not take a lot of high tech skill but it will gain users. Following consumer habits and taking an interest in what motivates the decision making of the post-recession consumer will lead to success.
Banks and other lenders balk at lending to anyone without an almost perfect credit score. They rely too heavily on antiquated methods for determining the risks of nonpayment by a borrower. Also, with high overhead and federal regulation tightening lending regulations, most Americans cannot qualify for credit even at the highest interest rates. Innovators in technology and product development cannot qualify for the money they need to market products consumers need. Holding back the entrepreneurial vision represses product invention and advancement, which define American capitalism. Taking advantage of big data trends to find alternative lending sources for the development of new products drives technology and financial start-ups to market leadership.
Bridge the Monetary Gap
Competing in a market with bigger companies that have more resources than you can muster as a start-up can stop you before you try. Bridging the monetary gap with a partnership has proven profitable for both the small and large businesses. Combining your technological designs with their existing budgets creates gains for consumers searching for solutions to their online financial questions. You bring a user-friendly front-end experience with secure transaction technology to the company that lacks digital expertise.
Show Consumers Your Face
Your expertise also garners consumer trust. Build a website that gives a face to your online company. Whether they pay a bill or fill out a loan application, the website needs to offer helpful information and pages the visitor find relevant to their needs.
The majority of consumers learn by sight and companies who have video presentations on their landing page see more visitors than those without. Provide instructional videos, videos to introduce your services and videos that enhance your reputation without using hard sell tactics. Make sure to include contact information for 24/7 customer service and an email address. Excellent customer service and support still hold top priority in building a brand consumers trust.
Technology and financial services have gone online to bring consumers new ways to trade stocks, open bank accounts, pay bills and buy products. The future looks to easier transactions, faster service and outstanding customer care.