Technological advancement holds the promise of better financial products – with full inclusion. Digitalization will allow financial products to reach unserved and underserved demographics, which will be a win-win situation for the clients and financial institutions. However, it takes more than just disruptive technology to build a successful digital financial product. Here are five tips on how a provider can build the best digital financial product.
1. Optimize the Customer Interface
A complex or confusing user interface will only send customers away – or pose the risk of losing their money. Therefore, providers need to ensure that the interface is as friendly as possible.
An excellent place to start would be offering menus in the local language.
For example, M-PESA, a mobile money service whose origin is Kenya, is available in India in several local languages. These include Hindi, Gujarati, and Bengali, with plans to introduce more regional languages underway.
It’s also important for providers to reduce USSD timeouts and have features to prevent users from making mistakes.
2. Meet New User Needs
One can easily say that technology has changed almost every aspect of their lives. Besides changing the conventional workflows, culture is also evolving. For instance, customers want their experience with financial institutions to be fast and have a range of options.
Furthermore, it’s important to understand that different groups in the demographic have different needs. Some want a saving plan for retirement. Others want to invest their money, while others make huge purchases, like buying a family home. Therefore, an ideal digital finance product has to be versatile. Otherwise, some people might feel left out.
Wondering how one can tailor customer needs? Data never lies. Analyzing clients’ personal information using technologies like artificial intelligence can help providers understand what users are looking for.
3. Prepare for Change
When creating a digital financial product, innovation should be a constant. Providers need to understand that technology is standard across the world. The only thing that will make them stand out is how innovative they are. How best they can use the technology to create a unique experience for users.
Before releasing a product, providers have to go through the diagnostic phase – which entails examining customer input. Consequently, the providers need to respond swiftly to any changes that could improve customer experience.
Providers also need to be open to the possibility of pivoting. If a new financial solution becomes available, they should grab the opportunity before competitors take over.
4. Guarantee Continuity
Digital finance is still gaining traction – and some people are still in the transitioning phase from traditional banking. Therefore, they still have expectations that digital financial products will give them the best online banking experience.
Customers need to feel connected for a financial product to be outstanding. For instance, providers should ensure that their customer service representatives are adequately trained to provide answers that customers might have. Otherwise, they might feel frustrated and eventually lose their hope in the product.
And since digital services are available round the clock, help should also be available at all times.
5. Ensure Reliability and Robustness
The most distinct feature of digital finance is convenience. So customers will bolt as soon as they notice the product has so many challenges. Therefore, an ideal digital finance product should have very little, if any, downtime.
That means regular network system testing, monitoring, and investing in the best infrastructure.
While going above and beyond to create the best fintech product, it’s important not to give up compliance. Digital products are still subject to rules and regulations. Hiring the right team also goes a long way in delivering the right product.