Grow Advisors FinTech Minute: 5 customer engagement principles fintech shouldn’t forget

Grow Advisors (a Grow VC Group company) publishes its daily insight into the world of alternative finance and fintech. Here are some highlights:

Fintech & the challenge of changing innovation models

Proof that fintech facilitates business and generates value can be found in the fast growing alternative finance sector. Digital technology has given financial service innovators tools that connect investors with those seeking funds. Constant improvements in user experience coupled with initiatives to create trust and security will provide future growth. Today, customers rely on mobile devices to manage their lives, and traditional financial service providers look to adapt or risk losing profit pools.

5 customer engagement principles fintech shouldn’t forget

Fintech has become part of everyday lexicon of many in the financial services industry. Yet, while we let the technology consume our thinking, few discuss how it all started – customer needs. Far too frequently, we see how in the pursuit of technological advantage, clients leave customer engagement as an afterthought. For our team, it’s the starting point and the beginning of all discussions. ​Let’s address the imbalance. Read 5 core principles.

In Fintech, the battle for customers’ hearts must go beyond competitive pricing

The success and growth of online lending platforms has traditional banks concerned over the risk of market share erosion and profit losses to competitors. Goldman Sachs estimated the profit at risk to be US$11 billion out of a total US$150 billion in the next 5 years. ​We believe this was just the start, in an industry still in its infancy. Traditional banks are now busy developing differentiated propositions that will take the battle to a new level; the battle for the customer’s hearts and long term loyalty.
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Read more at Grow Advisors Blog.