BUILDING CONSUMER TRUST IN FINTECH SOLUTIONS RAZI SALIH
BUILDING CONSUMER TRUST IN FINTECH SOLUTIONS Security is one of the top concerns that any fintech company looking to attract consumers must address comprehensively. In the information age, customers value engaging with innovations that ensure the safety and security of their data and money, and will not hesitate to find alternatives where this care is not demonstrated.
As such, fintech companies have quickly learned that in the UK fintech sector, complying with regulatory requirements by putting robust security measures in place is non-negotiable.
The Social Contract Once fintech companies and start-ups meet the regulatory conditions needed to operate, they move to create a social contract with consumers that defines how they should expect service delivery. These social contracts define the interaction
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between the offering and the consumer – and in the case of neobanks in particular, they have been one of the biggest drivers of trust. Indeed, neobanks understood that gaining credibility came from meeting the regulatory fundamentals and having open communication with customers. They tapped into the modern consumer’s desire for human interaction with top leaders and founders, and engaged with them in a friendly way. These start-ups invited feedback and product improvement suggestions, and through social media, engaged with users on how to improve. This operating mode has reaped significant rewards for the UK fintech sector, which continues to grow in impact and revenue contribution to the economy.
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This operating mode has reaped significant rewards for the UK fintech sector, which continues to grow in impact and revenue contribution to the economy.
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