What Is Fintech?
Financial Technology, shortly called Fintech, refers to any form of digital technology that facilitates financial transactions. Financial institutions such as banks and insurance companies are embracing new technologies periodically to improve the customer experience and stay competitive in the marketplace.
Earlier, the tools and technology were used only by financial companies to maintain customer data. But today, every customer uses an app to check their balance, do transactions, and much more from their smartphones.
Reports show that 96% of consumers know at least one alternative financial technology service they can use for making payments or transferring money! Let’s discuss in detail the future fintech landscape and the evolution of fintech sales.
Exploring Fintech Sales
Fintech sales is considered to be a tough one to crack through as most of the banks and other financial institutions have a complex hierarchy and organizational structure. Finding the decision-makers and approaching them with a customized and informative pitch about your product or service is the best way to get a fintech opportunity.
In the case of B2C, great customer experience is the key as most people go for simple yet convenient software tools rather than complicated ones. Here are a few tips that will help you in the process.
5 Tips To Boost Fintech Sales
- Recognize the business challenges early
A thumb rule for selling your product, be it any industry is to find out the possible challenges early. Build a solution for tomorrow, educate people about it, and make it your unique selling point (USP). Trending technologies, such as machine learning or artificial intelligence (AI) will play an important role in making financial decisions as people are moving towards simple solutions day by day.
- Get the support of email marketing
Email marketing plays an important role in B2B lead creation and nurturing customer relationships. Focus on creating personalized email campaigns highlighting the product features, new updates and offers, client testimonials, etc to make your customers stay aware of what’s happening with your business.
- Be a specialist
For example, if you are selling credit cards, know the benefits and uses, terms and conditions inside out. Including the tiny details about the product you sell will elevate your pitch and give an impression that you are a specialist, not a generalist. Be specific, and be clear when it comes to selling your products. Consumers expect trust and transparency especially when it comes to the fintech landscape.
- Embrace the power of AI
In a survey, 75% of people said that they are expecting generative AI to have a significant impact on banking. Yes, it’s just the beginning of an AI era and there will be many advancements in the future involving this technology. Already many bank applications have features like chatbots for addressing user queries and customer support.
- Understand the market
Understand the market conditions and user requirements as they keep changing every day. It is the only way to have sustainable growth in the industry. To navigate the changes in the finance industry, it is important to do in-depth data analysis and read buyer behavior.
Fintech Trends Of 2024 & Beyond
Since 2010, the fintech industry has been booming with new trends emerging now and then. Let’s have a look at the emerging financial trends of 2024:
- Digital currencies (Cryptocurrency) may get adopted into the mainstream to attract people who don’t have bank accounts, make payments easier, and reduce transaction costs.
- Cybersecurity to overcome all the security risks associated with financial transactions.
- Decentralized Finance (DeFi)
- Regulatory technologies make sure financial firms meet industry compliance rules.
- Generative AI tools to give a personalized banking experience.
Summing Up
The financial trends keep changing but people always look for user-friendly and secure fintech apps. While closely navigating the fintech landscape, one thing is for sure. Consumers are moving towards faster and more innovative technologies.