5 triggers that will make your financial product successful
The world of finance is changing rapidly. With the rise of fintech and increasing competition, people have many more choices on how to manage their finances and investments. Moreover, since the blockchain services entered the space, new possibilities but also critical questions have arisen. We recently run a survey to understand what are the main topics customers of financial (not only blockchain-backed) products are concerned about when choosing a financial service. We believe there are five most critical triggers that are of particular importance:
1. Cost and Transparency
How much does it cost to open and close a bank account?
What about cost of transactions and additional services?
Do I pay a flat fee, or a proportional one?
Costs and prices are often hidden in long contracts and hard to understand. Ambiguity usually creates negative feeling among potential customers.
Transparency on costs is a fundamental factor in order to build trust and healthier relationship between customers and service providers.
Our priority will be to give transparent and easy to understand informations about costs while maintaining consistently fair prices. Thanks to our protocol users will be able to exchange crypto getting the best equal or lower prices than their own bet.
2. Security
In the last years we assisted to many financial scandals with professional brokers suggesting toxic investments to their customers. This created a diffused sense of suspicion towards any financial institution.
Fintech and crypto companies are maybe perceived slightly better but with recent history of ICO scams or worse, major banks and crypto accounts being hacked and billion of dollars being stolen, it is understandable that people is scared to risk their savings in the hands of bankers and financial advisors.
The main keyword is again trust. Customers have to know that companies take care of their assets with transparency and adopt every possible security measure.
This point surely deserves a whole article. We’re currently exploring solutions like this one.
3. Access
According to the The Global Findex Database (World Bank Group), only 69 percent of adults worldwide have a bank account and the rate can go as low as 14 percent in the Middle East. The percentage decreases significantly when talking about more advanced services like loans and insurances, for which people need to provide work contracts, payrolls or previous financial credit score. In the worst situation, access to financial services is limited or denied to some discriminated groups based on their gender, sexual orientation, religion, social class, etnies.
Being borderless and outside of institutional control, crypto can guarantee the highest standard of openness, from which can benefit mainly those who are, for whatever reason, underbanked.
Dexlab will remain true to blockchain and decentralization values, woking on making our services open for everyone.
4. Perceived Need and Opportunity
Most likely a 20 years old man doesn’t perceive a life insurance or a saving account as something of a paramount importance. What about a 40 years old woman pursuing her career? What about a broke 50 years old single dad?
People have to recognise long term value of their financial choices, simulate different outcomes and be guided among different options.
Access to wealth is also about educating people about the right choices and opportunities.
5. Simplicity
Can users lock / unlock their credit card through a mobile app or should they involve a bank customer assistant available from 9 to 17? Can they easily change the pin or review their spending? How many documents are they required to provide in order to open an account? How long does it take?
Fast registration and authentication processes as well as overall seamless ux are of fundamental importance for adoption.
Furthermore there are specific blockchain-related issues and limitations (waiting time, contract signatures, transaction feedbacks etc.) that need to be addressed in order to create a consistent and delightful experience for our customers.
You can read more about how we’re working on this here.
You can also help us building the best features for our wallet and exchange with our first Community Survey.
